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SOLAR INTEGRATED ANNOUNCES FOUR NEW SAN DIEGO SCHOOL SOLAR PROJECTS WITH UPC SOLAR FOR 550 KW
Total Revenue Year to Date Approaches $30 Million
London, UK, and Los Angeles, California, July 27, 2007 – Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems,
announced today that it has closed four new San Diego Unified School District solar power projects with UPC Solar, a developer of solar energy projects in the United States. Solar Integrated supplied and installed a total of 550 kW of BIPV roofing systems at Ericson Elementary School, Standley Middle School, Tierrasanta Elementary School and Walker Elementary School.
Owned and operated by UPC Solar under a long-term power purchase agreement (PPA), the four solar systems are expected to reduce annual carbon dioxide (CO2) emissions by 514,259 pounds, Nitrogen Oxides (NOx) emissions by 360 pounds, and Sulfur Dioxide (SO2) emissions by 46 pounds.
"With these four San Diego school projects and our recently announced two Coke projects, we have now closed over 1 MW of business with UPC Solar since we announced our preferred supply and cooperation agreement three months ago," stated R. Randall MacEwen, President & CEO of Solar Integrated.
John M. Palumbo, Chief Financial Officer of Solar Integrated, stated: "With these four projects closed, our year to date revenue through the end of July is approaching $30 million. As previously communicated, and consistent with prior periods, we expect to book a higher level of revenue and gross profit in the second half of the year. Given where we are today, we are confident to confirm our prior 2007 revenue guidance in the range of $60 million to $80 million and 2007 full year consolidated gross margin guidance in excess of 15%."
This transaction was approved by Solar Integrated's board of directors, excluding Mr. Caffyn, Nicholas A. Wrigley and Frederik W. Mowinckel who did not participate in the relevant board discussions and did not vote on the relevant board resolution given their relationship with UPC, including as nominees of UPC to the Company's board of directors. The independent directors consider, having consulted with KBC Peel Hunt, that the terms of this transaction are fair and reasonable in so far as shareholders are concerned. Any future commercial arrangements between Solar Integrated and UPC Solar will be similarly approved, and will constitute related party transactions within the meaning of the AIM rules.
About Solar Integrated:
Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops. We are a leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications. Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. Our customers include Coca-Cola Enterprises, Frito-Lay, Honeywell, ProLogis, San Diego Unified School District, Tesco, Toyota, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield.
Forward-Looking Statement:
This release includes forward-looking statements which are based on certain assumptions and reflect management’s current expectations as contemplated under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: the availability and cost of capital; uncertainty as to whether our strategies, partnerships and business plans will yield the expected benefits; general global economic conditions; general industry and market conditions and growth rates; increasing competition; the ability to identify, develop and achieve commercial success for new products, services and technologies; changes in technology; changes in laws and regulations, including government incentive programs; intellectual property rights; our ability to secure and maintain strategic relationships, including key supply relationships; and the availability of, and our ability to retain, key personnel. Additional factors are discussed in our public disclosure materials from time to time. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Investor Contacts:
Solar Integrated Technologies, Inc. Solar Integrated Technologies, Inc.
R. Randall MacEwen John M. Palumbo
President & Chief Executive Officer Chief Financial Officer
Los Angeles, California, USA Los Angeles, California, USA
+1.562.299.0136 +1.562.299.0121
Media Contacts:
Gavin Anderson & Company
Ken Cronin or Deborah Walter
London, UK
+44.20.7554.1400
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