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Clear Skies Residential Program Breaks Ground
2011-04-07 06:00 ET - News Release
MINEOLA, N.Y., April 7, 2011 (GLOBE NEWSWIRE) -- Clear Skies Solar, Inc (CSS) (OTCBB:CSKH), a full-service renewable energy provider to commercial, industrial, agricultural and residential clients, today announces the first twenty two sub-50 kw projects are underway.
Ezra Green, CEO of Clear Skies, said: "We have started pulling the permits on 18 residential installations totaling 210 kw or $1.2 million, as well as 4 small sub-50 kw commercial jobs totaling 310 kw or $340,000. These smaller projects have been developed as the result of our movement into the high volume market since January 2011 and are in addition the projects previously announced. The results have been very successful and we have been exceeding our own expectations."
Shareholder discussion:
In response to the many shareholder requests for updates and clarity on CSS moving forward, we will be discussing the business aspect more frequently in order to keep our shareholders informed. Some of the internal events in the Company as far as products, strategies and niche markets we will need to keep internal and as low key as possible for competitive reasons.
We also want to address concerned emails regarding our performance for 2010 and, needless to say, we are also disappointed in the end-results. What needs to be pointed out, however, is that we took drastic steps to change the course of the Company in order to stem the dilution while increasing revenues and profits to the expected levels in 2011.
We have repeated this several times and our shareholders deserve to be reminded that 2009 was a difficult year for many companies, us included, but we did not have the benefit of a government bailout so we needed to turn to dilution. 2010 was spent rebuilding our model and although it was moving in the right direction, the process was very slow and navigating the complexities of large scale projects proved arduous. We are currently still developing and negotiating these projects but will no longer be announcing time lines or anticipated revenue for them since they have been so elusive on several levels.
In 2010, along with the solar industry redefining itself, finding new project-financing avenues was slow moving but seemed to be developing at a comfortable pace. In the 4th quarter, although we were working on developing many projects at various stages, we could no longer see the consistent cash flow on the horizon. We immediately changed the path of the Company by reorganizing several positions, hiring several sales and marketing professionals who shared and understood our vision, and embarked on a very aggressive campaign to bring in the high-volume commercial-residential business. This has proved to be quite successful for us and has since begun to stabilize our cash flow, allowing us to negotiate credit lines and afford us new opportunities for project financing.
In the past three plus years of reporting, we have always produced project-profits of at least 10% and up to 23% depending on the category/size of the project and we expect to continue that pace moving forward. Since our projects will tend to be smaller in scale, we do expect average profits to be higher than 10%.
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