Toronto, Canada, and Knoxville, Tennessee, May 28, 2020 – Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) announces the results of its consolidated financial results for the three months ended March 31, 2020.
Financial and Business Highlights
• Revenue for the three months ended March 31, 2020 was $625,288 compared to $213,547 in the comparative period in 2019.
• The Company’s gross profit was $438,997 for the three months ended March 31, 2020 compared to $108,603 comparative period or 70% and 51% respectively.
• Operating and selling expenditures, excluding non-cash depreciation and share-based compensation, were $421,624 in the three months ended March 31, 2020 compared to $430,956 in the comparative period, a decrease of 2%.
• On February 19, 2020 the Company signed an agreement with Generac Power Systems, Inc. to participate in the Clean Energy Aligned Contractor Program. Generac is the best-selling home backup generator brand in the United States and maintains a robust marketing and support infrastructure in the residential market.
• On February 27, 2020 the Company announced it had completed construction of the 200 kilowatt solar system at Maker’s Mark Distillery in Loretto, Kentucky.
• Solar Alliance has continued to install and operate during the COVID-19 situation and the Company has seen an increase in residential solar system installations.
“Solar Alliance’s first quarter results are a positive indication of the progress the Company has been making despite challenging market conditions,” said CEO Myke Clark. “Generally, the first quarter generates lower revenues as installations are at their lowest point during winter months. Installations typically increase during spring, summer and fall and we are optimistic about the prospects for the rest of 2020. Our team has continued to work during the current economic downturn and we are well-positioned to take advantage of increased sales as the U.S. emerges from the current situation.”
The Company’s financial statements and related management’s discussion and analysis for the three months ended March 31, 2020 are available under the Company’s profile on SEDAR at www.sedar.com or at www.solaralliance.com/investor.
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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 “would”, “will”, “expected” and “estimated” 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 Company’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.
“Neither 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.”