Vancouver, Canada, May 10, 2016 â€“ Solar Alliance Energy, Inc. (â€˜Solar Allianceâ€™) or (the â€˜Companyâ€™) (TSX-V: SAN, OTCQB: SAENF), a solar sales and marketing firm, has released its audited consolidated year-end financial statements and related management discussion and analysis (â€œMD&Aâ€) for the year ended December 31, 2015.
In 2015, the Company had net income of $5.5 million (earnings per share of $0.12), compared to a net income of $13.3 million in the prior year, a decrease of $7.8 million. The 2015 net income was comprised of operating losses of $3.4 million and net finance expense of $1.8 million offset by a gain on the Cloosh Sale of $10.7 million. Finance fees and interest expenses in 2015 were $2.0 million compared to $1.0 million in 2014, an increase of $1.0 million as the result of significant borrowings in the year to fund the SAOA acquisition and operations while awaiting proceeds from Cloosh Valley Project sale.
Jason Bak, Solar Alliance Chairman and CEO, commented, â€œ2015 was a year of change and significant growth for our company as we completed the acquisition of a San Diego solar company and received the final payment from the sale of our Cloosh Valley Wind Project. These two key events put the Company in much a stronger financial position with incredible growth potential. The market for solar energy is expanding at a rapid pace and we are perfectly positioned to take advantage of it. As outlined in our financial statements, the Company ended the year with earnings of $0.12 per share, representing a discount to our current share price. Most companies in the solar space trade at many multiples to earnings and we will accelerate our strategic investor relations campaign in order to close the disconnect between our earnings per share and our share price. Solar Alliance has a comprehensive plan for growth and revenue generation and telling that story to more investors will help bring our valuation in line with the underlying numbers.â€
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About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a solar sales and marketing firm focused on residential solar installations.Â Our mission is to encourage the transition to an independent, distributed solar market through a strong management team that combines technical, sales, marketing and financial expertise. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Since its inception in 2003, Solar Alliance has developed over 360 megawatts of renewable energy projects and subsequently sold them to utilities or large independent power producers, and has installed more than 2,000 residential solar systems in southern California. Solar Alliance is located in Vancouver, British Columbia and San Diego, California.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words â€œwouldâ€, â€œwillâ€, â€œexpectedâ€ and â€œestimatedâ€ or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Companyâ€™s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
â€œNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”