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Nope. It's a preliminary filing for future financing agreements.
Not that they'll necessarily happen. Those are pretty nice finder's fees, eh? And who gets them? ( :
http://www.corporationwiki.com/Florida/Fort-Lauderdale/zono-plc-5971161.aspx
SEC Form D filed on 03/12/2010
Notice of Exempt Offering of Securities
http://knobias.10kwizard.com/filing.php?param=&ipage=6829749&DSEQ=1&SEQ=&SQDESC=SECTION_INSIDER&exp=
I am not familiar with this type of filing but it looks like it covers the previous sale of a small amount of unregistered shares to an outside overseas investor.
VV
VV may I make this public comment - 'I am glad you are now not losing any money from your prior investments in this stock plus buying and selling since the RS. I wish you well. I do not like seeing others loose money.'
I may even buy back in the 000 range.
Good luck VV
Sure do VV. look forward to seeing you in the triple 000s range.
Stock prices go up AND go down.
SLGS is down today so that it can go up next week. Or whenever.
When it is down I buy. When up I sell.
The shares I bought today were cheaper than the last time I bought. So, from my viewpoint, that is progress.
You might not agree, so I guess that's probably what makes these forums so damm interesting and fun.
LOL!
VV
Looks like SLGS is heading to the 0.000. territory
While you have him on the phone, ask him for ANY project location that he has going on right now.
I doubt there is one.
slojab, I sold out one of my positions on 2/25 at .0025
I would have liked to have gotten more but I needed the cash elsewhere.
So, today, I bought another SLGS position at .0019 which is about 30% below where I sold a week ago.
I am thinking it is about time to give the man another call to check on project financing, etc.
VV
Nothing wrong with making 20% in a couple of days.
So, you own none of this now, huh?
Fair and just response VV.
Nothing wrong with a bit of DD so all newbies can ponder.
TB
Yes both of us are correct about the reverse split. It did happen ON OR ABOUT 27 oCT 2008. The damage left many of us smaller traders in no where land.
http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=SLGS#getCompanyInfo
Re the 2M shares this week, well what was the 7.8M shares in September 2009? Another dump by management to pay for Carl's beer money perhaps. Just like the dumping prior to the RS.
Well unfortunately I am a forced long.
Wneh it hits 0001 I may just buy some more. Time is now on my side as the chart shows the trend down.
To be clear, he didn't mention a future R/S. He noted the one they already did. Another one won't be expected until the sp drops down to the low trip zeroes.
In fact, the company is trying to close on some financing to complete the buildout of their FIRST solar energy farm. If successful, that project alone will bring $5+ Million revenue into the company.
"trying", yes. The odds of that happening are hugely against them, imo.
Can you point me to where/how a person could short this, btw?
There has been no mention of a Reverse Split in any...
...of the current filings or communications from the company.
Therefore, I think it is safe to assume that no R/S is on the table or planned. If an R/S happened years ago it is ancient history and no longer relevant to the current situation.
In fact, the company is trying to close on some financing to complete the build out of their FIRST solar energy farm. If successful, that project alone will bring $5+ Million revenue into the company. Anticipation of this future event may be why 2,239,499 changed hands yesterday.
The prospects for shareholder equity appreciation are looking better than ever before. IMO.
VV
If that's "the bet" you've placed then obviously you're not Long.
So how big is your short position?
Just asking.... because I can't imagine any other logical reason why you would be here posting on such a quiet forum UNLESS you have a vested interest is seeing the PPS go down.
VV
Yes but almost a 1/4 of what traded in September 2009 and the trend has still been down.
My bet is this is headed for the triple zeros.
Wow great stock. Screw everyone with a RS 1:2,500 plus head for the triple zeros. Just makes you want to race to the phone and buy them.
Yesterday's volume HIGHEST since early December 2009.
There may something good about to happen here.
Maybe a leak of news, a filing, or a finance deal?
It is long overdue.
All just my opinion...
VV
Ok, Wellington is out of the running as a possible site.
They know nothing of Solargy or any solar farm.
Still waiting to hear from Chiefland.
Well, according to the pr on solar farms from back last February, the only two possibilities I can see where they'd own land to build a solar farm, is Wellington or Chiefland.
I checked the records for each county, Palm Beach and Levy, and neither have a property owner that starts with "Solargy".
Or Nurse, for that matter. Not that he should be listed as owner.
http://www.allbusiness.com/energy-utilities/utilities-industry-electric-power/11828696-1.html
You gotta read this, though, VV. It's a hoot. Remember, while you're reading this that this is a pinky pos.
Individual Employment Agreement
On August 9, 2001 , the Company and Mr. Nurse entered into the Agreement, pursuant to which Mr. Nurse is employed as President and Chief Executive Officer of the Company. The Agreement provides that Mr. Nurse's annual salary will be $150,000, when revenues reach $4,000,000, and thereafter the annual salary will increase to $250,000 when revenues reach $10,000,000. The salary will also be reviewed when revenues are in excess of $15,000,000 per year. Generally, the Company agreed to review Mr. Nurse's salary on an annual basis. Mr. Nurse will be eligible to receive a bonus provided Mr. Nurse achieves, in the reasonable opinion of the Company, the objectives agreed between the Company and Mr. Nurse.
The Agreement states that Mr. Nurse will be provided with a car for work purposes and for his own personal use in non work time. Pursuant to the Agreement, Mr. Nurse will be paid (i) a travel allowance of $20,000 per year;
(ii) an automobile allowance of $1,500 per month; and (iii) an entertainment allowance of $12,000 per year. Under the terms of the Agreement, the Company agreed to provide Mr. Nurse and his family with medical insurance up to a value of $15,000 per year and to pay $1,500 per year to a club or gym that Mr. Nurse joins.
Well VistaViewer, I have to be skeptical like slojab.
We all remember the pump, the shares that seemed to come out of the woodwork and then WAMMY, reverse split 1:2,500 with the bigger holders protected.
Now holding shares that are worthless. There are a number of us.
Trust in Carl - would you seriously?
I support slojab in his DD and challenging questions.
You've been skeptical all along so I don't know what to say to you now.
If you prefer to believe a 5 month old filing instead of the verbal information I received today, that is certainly your choice.
In either case, whatever you choose to believe about Solargy Systems and Mr Nurse, those beliefs are your creation, an invention of your own mind, you own them outright.
You can always pick up the phone and call, as I did. I am doing my own DD instead of sitting here wondering what is going on.
There is really nothing more to discuss about this. I simply related what I was told. Pick up the telephone and make your own call.
VV
I checked all the counties in the area and came up empty.
Perhaps he was mistaken about actually "owning" any land.
I found this in a filing...
Management is also planning to use 50 acres of land it has access to as a joint venture to build a solar farm in Chiefland Florida
They sold all their real estate holdings, as I recall.
And there's nothing in "assets" in their 10-K that would indicate they own any land.
Btw, did you see his employment contract? It's pretty funny.
I don't know the exact location.
But Solargy Systems is located in Miami. My impression is that it is located close by in southern Florida.
VV
They still need to secure the local building permits to actually begin construction but this should be easy to do since this is not a habitable site and there is an expanding need for local power. In short, the local community needs this power plant to be built
Where is the solar farm to be built?
I called Solargy Systems this AM to get a status update.
I spent about an hour speaking with Mr Nurse, CEO, about the current progress and schedule of events going forward. What he told me was very encouraging so I am sharing it here, with permission from the company.
I asked if they would continue to file financial reports with the SEC. He advised me that because they have more than 300 shareholders, they have an obligation to do so; currently about 1500 shareholders. Minimally they have to file an annual report, once per year.
Mr Nurse is currently working on the filing for 4th Quarter 2009 and hopes to get it completed and published by the end of Feb. He is also planning to file for 1st Quarter 2010, and hopes to get that completed by the end of April. Furthermore, he hopes to continue the quarterly filings to eventually become current and then be uplisted back to the OTCBB. That is his stated plan.
He further related that these filings would contain forward guidance and status information about projects currently being developed and future projects. He would prefer to issue status updates via the filings as opposed to using occasional press releases. However, I asked him about any breaking news events and he agreed that he would always issue PRs in that case.
The current project emphasis in on starting construction of the solar farm in Florida. Solargy owns the 55 acre plot which is situated directly across the road from a power substation. They have already negotiated a preliminary agreement for the sale of the power to be generated, and hope to renegotiate this agreement upward since the cost of power is increasing locally. They still need to secure the local building permits to actually begin construction but this should be easy to do since this is not a habitable site and there is an expanding need for local power. In short, the local community needs this power plant to be built, and the US Gov will reimburse about 30% of the cost.
The company is currently seeking $100 Million in financing for this project and the prospect for success is good. There are multiple interested parties and the negotiations are continuing next week. However, Solargy is still a small company and this is a great deal of money, so this process is complex and difficult and it will take some more time. The optimistic timeline is to secure the financing by early May and begin construction immediately. Full construction can be completed in about 90 days or less. The Obamma Stimulus plan offers major financial incentives for this project but construction MUST start before Sept2010. So, worst case, the plant might not be online until year end.
The project financing is in the form of high-quality securitized bond issues to be sold mainly in Europe. They have a 5 year maturity and will be repurchased by the company and retired using future revenue from the solar farm. These Section 144a bonds do NOT convert into shares of stock. So they are non-dilutive to the current share structure.
The earlier revenue estimate from this solar farm was approximately $5.25 million annual. But that was made 18 months ago based on the prevailing technology of a single solar panel that produced about 300 watts. Since then the technology has improved substantially to the point that current panels can produce 550 watts. So it is reasonable that the cumulative power output and subsequent revenue could be scaled upwards, possibly even doubled by completion. Solargy Systems has not yet purchased the solar panels but the advancement of the technology is definitely working in their favor. Likewise, as the use of solar energy is increasing worldwide the lead time on purchase is also being extended. But this is not viewed as much of a problem currently.
Finally, I also asked Mr Nurse about other projects, specifically the previously announced renewable energy project in Pakistan. He said that one is still active and moving slowly thru the government regulation process. There is also a planned project in Puerto Rico that is moving along thru the process. He also volunteered that when the Florida project is completed they would be able to, more or less, "rubber stamp" these types of projects across the USA and through out the Caribbean. He mentioned specifically Arizona and California, but would not comment further. But it sounded like there is interest in using Solargy Systems as a prime contractor on various projects being developed by other companies further out west. This work is most likely going to develop in 2011 and later.
Everything considered, it was defiantly worth the time to call and ask about the current status. The company is very busy taking care of business. However, I am sure Mr Nurse would be willing to speak with shareholders. Early AM is probably the best time to call. Furthermore, he is very aware of the current languishing share price and is working fervently to increase share holder value by building up the company. From my viewpoint, this is exactly what he should be doing, and I am personally satisfied that good progress is being made.
So, in summary, probably the next milestone event we can look forward to is another SEC Financial filing in about 3 weeks.
Good Luck to All Longs.
VV
FYI: Solar Industry Statement on President's FY2011 Budget
Continued support for solar will create jobs, provide for critical research and development
Submitted on 02/01/10, 02:24 PM
WASHINGTON, DC – Solar Energy Industries Association (SEIA) President and CEO Rhone Resch today released the following statement on the Obama Administration’s FY 2011 budget for the Department of Energy’s Solar Energy Program.
“This budget conveys the administration’s commitment to the continued growth of the solar industry as we help put Americans back to work across the country, especially in areas like America’s manufacturing centers that have been hit hardest by the recession. As a result of the American Recovery and Reinvestment Act provisions, solar installations continued to grow by 40 percent and created nearly 20,000 jobs in 2009, highlighting that solar is one of the best policy investments around.
“With a 22 percent increase from last year’s spending for solar, the 2011 budget will expand the industry’s ability to advance technologies that will create jobs and economic opportunities. This increase for research and innovation, as well as new funding for the DOE Loan Guarantee program will help drive continued job growth in the coming year.
“An example of the importance of research and development funding for deploying solar technologies and producing clean energy jobs occurred last week in Arizona when the Stirling Dish Engine, which was developed through a research partnership with Sandia National Laboratory in New Mexico, was deployed in its first commercial application.
“We look forward to working with Congress and the Administration to strengthen the U.S. position as a leader in high-tech research and development. As President Obama said last week in his State of the Union Address, we will ‘not accept second place’ when it comes to leading our clean energy economy.”
FY2011 DOE Solar and Related Budget Highlights:
Solar programs are $302.4 million, up 22% from FY2010, including:
- Advanced PV manufacturing
- Reliability (of components) to extend life of PV system
- Thermal storage research to make CSP cost-competitive as baseload power
- New Concentrating Solar Power demonstration program to show that technologies can scale up, provide operational data needed by finance community to invest in a project.
DOE Solar Program breakdown
- $152 million for PV, increased from $128.5 million
- $98.2 million for CSP ($50 million going to a demonstration program), increased from $49.7 million
- $30.7 million for systems integration, increased from $23.3 million
- $21.5 million for market transformation, decreased from $23.5 million
Transmission Highlights
- Continued support for renewable generators, reliability
- New $6.4 million for "permitting, siting and analysis" to educate states, regional grid operators, federal agencies and help assist in modernizing the electric grid.
Manufacturing
- A $5 billion for Advanced Energy Manufacturing tax credit. (Not all is for solar.)
DOE Building Technologies Program
- $7.3 million for Solar heating and cooling
FY2011 Department of the Interior Budget Highlights:
- Total of $73 million investment in renewable energy.
Background Resources:
Sandia National Laboratory and Tessera Solar Announcement: http://tesserasolar.com/north-america/pdf/2010_01_22.pdf
DOE Budget Resources: http://www.energy.gov/about/budget.htm
Visit http://www.seia.org for further information
======================================================
Full article: http://www.altenergymag.com/news_detail.php?pr_id=13897
VV
Seems to be a little activity here, based on increased Vol and PPS.
Closed UP 25% on the day. Nice!
Could be someone just wanting some shares, OR maybe ... ?
The Bid was lagging behind most of the day but I see that has tightened up also. That could be indicating some demand building in.
Hopefully, tomorrow's action will be confirming a new move.
All just my opinion...
VV
Solargy Systems Inc. Retains Investment Advisor
Solargy Systems Inc. (OTC: SLGS) announced it has enlisted the aid of investment advisors to assist in raising funds to finance its existing contracts.
C M Nurse noted "We have had a few contracts for some time and have been working on securing funding. Our local Florida projects have proved to be easier to solicit expressions of interest to fund than our foreign contracts. Our 10 MW Solar farm in Central Florida for which we already have site control and prelim engineering has started, we believe we can be funded by the end of the year and start construction in first quarter of 2010. That project has a 20 year revenue stream of over $5,200,000 per year. We have been given a number of funding options including forming joint ventures with suppliers of solar panels.
We will pursue all viable funding options including forming alliances with suppliers and, equity stakes in the projects to investors." Mr. Nurse concluded.
<posted from StockReads, link provided by slojab, Thanks!>
Today SLGS closed UP 47% @ .0025 - Very Nice percentage move!
Today's Volume was 1,192,500. Historical average volume is 527,500 (50-day) and 668,000 (200-day). So this may presage an even bigger move over the next few days.
The 52-week HIGH is 0.06 on Wednesday, January 07, 2009 which is exactly one year ago today.
The 52-week LOW is 0.0015 on Wednesday, January 06, 2010, which was yesterday.
Plenty of upside room to move.
If anyone is interested in the SEC corporate filings they are all here on PinkSheets.com:
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=slgs#getFilings
Just click on the Filings tab for the list.
VV
Oh Good Grief! lol
I'm sorry I confused you with my "filing" versus "financial" reference.
This will help explain how it came about.
You stated "We are now months overdue for the 10K report. I believe they have 45 days to get the report out before they risk being delisted and falling to the pinks."
I merely pointed out they're already on the pinks and that they aren't "regular" with their filings (referring to your comment about the late 10K) so what difference did it make?
Btw, what I didn't correct you on was that it's 90 days to file a 10K, not 45 days. But I didn't think it was necessary to go that far.
I made no false claim, btw.
slojab, Now your are hedging your argument in order to win.
Now your substituting "financials" for "filings"
Financials are a form of filing. But a filing is NOT necessarily financials. OK, I get that.
To counter your earlier false claim, I have offered irrefutable proof that they have been filing going back to year 2000.
I really thought you would take the info at face value and that you might actually learn something useful. But apparently that is just not to be. Well, at least I tried.
There is no more argument to win.
Discussion Closed!
VV
"Regular" in my mind means that they file 3 Qs and one K each year.
Not when they feel like it.
One this year. Two the next. None the following. THAT's not regular.
By the way, I'm sorry this all started because I corrected you.
I realize you're just here to bash but this is getting ridiculous.
OK, I gave you the link to all filings going back to the year 2000. Yet you claim that's not "regular filings". ??
Everything listed is an official SEC Form which has been FILED with the SEC by this company and listed by date.
So what constitutes "regular" from your viewpoint?
And if they're NOT filings then what would you call them?
VV
Are there, or are there not, quarterly filings missing from this list? Therefore, as I stated, SLGS does not make regular filings. Correct?
8-K Report of unscheduled material events or corporate changes. 12/16/2009
10-Q Quarterly report which provides a continuing view of a company's financial position 07/02/2009
DEFR14C Revised information statement materials - definitive 11/20/2008
8-K Report of unscheduled material events or corporate changes. 10/28/2008
10-K Annual report which provides a comprehensive overview of the company for the past year 10/27/2008
10QSB Quarterly report filed by small businesses 10/27/2008
DEF 14C All other definitive information statements 10/17/2008
PRE 14C A preliminary proxy statement containing all other information 10/01/2008
10-K Annual report which provides a comprehensive overview of the company for the past year 08/12/2008
REGDEX Notification of a private placement. The form is not electronically filed with SEC EDGAR System and is available only in paper form 08/08/2008
15-15D Certification of Termination of Registration 08/01/2008
DEF 14C All other definitive information statements 09/20/2007
PRE 14C A preliminary proxy statement containing all other information 09/06/2007
8-K Report of unscheduled material events or corporate changes. 07/20/2007
NT 10-K Notification that form 10-K will be submitted late 04/03/2007
Thanks. You confirmed that SLGS has NOT made regular filings. JUST LIKE I SAID!
I did not say..."they haven't filed in several years"
I said they have not made REGULAR filings in years. Why are you carrying on about this? SHEESH!
You DO know how many quarters there are in a year, don't you?
If YOU don't see the difference then I can't help you with that.
But you checked Pinksheets and then stated they haven't filed in several years. I just proved that they have filed as late as July09. Can you NOT see that difference for yourself?
But here is a link to the Knobias site where you will find a multi-page list of the filings going back to 2000.
http://knobias.10kwizard.com/files.php?alld=ON&sym=slgs&Submit=Go
Of course, these filings are not all under the symbol SLGS. The company has changed names and symbol several times.
Good Luck.
VV
I don't see a difference in what's at Pinksheets and what's at the SEC site.
So your point is what?
It seems to me that you should know a bit more about how this all works.
Could you show where SLGS has filed all the 10Qs and 10Ks over the last two years?
slojab, Excuse me, but the absence of timely & accurate info...
...on the "Pinksheet's site" doesn't mean squat.
That is 3rd hand info at best. And granted, it is obviously missing the filing. If it is missing that does not prove it doesn't exist.
KNOBIAS is the only place where you can rely on finding the most recent filings. There are others buy KNOBIAS is the Best. They get them directly from the SEC EDGAR system.
Knobias is the ONLY place you should ever be looking. Personally, I check it daily for the stocks I am trading, where I expect a filing. And I have a long track record of discovering these new filings and sharing the links on the forums. And profiting on the information which I uncover. I think they call this activity Due Diligence, and I am doing it constantly.
I know you have been on iHub for quite a while. It seems to me that you should know a bit more about how this all works.
Look, they filed in July09. So logically, the next filing should have been in Nov/Dec. Therefore, they are now late. That is, if they're ever going to file again. I do not know that answer.
And you are correct, they are now on the pinks. So no worry about being delisted. Whew! Problem solved.
Good Luck.
VV
Vista, please. I said they have not made regular filings for years. Posting their last filing, doesn't prove me wrong.
Look at the Pinksheet's site under "filings". Then tell me if they've been making regular filings or not.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=slgs
Here is their latest 10Q filing, dated July 2, 2009.
"For the quarterly period ended June 30, 2009"
http://knobias.10kwizard.com/filing.php?param=&ipage=6404974&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=
So I guess you think that is NOT a "regular" filing, as you put it. If not then what is it?
Hey, they're late on their filings, as I stated. But "haven't made regular filings in years" is stretching the truth a bit too far.
VV
Vista, SLGS is already on the Pinks.
And they haven't made regular filings in years.
As to the sp, it just popped back to the .025 level where it's gone to a lot this year.
News is needed badly.
There seems to be something interesting going on here.
Stock PPS bounced hard off of the recent low of .0015 and now sitting at .0022/.0025 on respectable volume. And with no news or even a descent rumor.
We are now months overdue for the 10K report. I believe they have 45 days to get the report out before they risk being delisted and falling to the pinks.
This recent trading action suggests to me that they are NOT going to be delisted, but just the opposite. I suppose this trading activity could be as a result of a leak of some kind. I hope it is because the reports due are actually on their way.
From recent filings we do know that Solargy Systems is attempting (or has succeeded) to get into the high-performance solar energy panel manufacturing biz. And we know that they are seeking non-dilutive financing to accomplish that goal. Perhaps it is all falling into place for SLGS. And maybe that progress has leaked.
In any case, it is very reasonable to expect some sort of news soon. There must be some explanation for the increased trading activity.
Locked and Loaded, and waiting patiently...
All just my opinion...
Good Luck.
VV
I'm not sure Nurse knows either. I think there are a few errors in that filing.
I'll be interested in seeing how much cash they can squeeze out of an investment group and the terms they'll have to give.
One look at the 10-Q will limit the potential candidates.
Only AJW Partners would touch SLGS.
Southward bound.
Thanks for posting that link.
Not sure exactly what a "144a bond" issue looks like but I wonder if it has anything to do with "Rule 144 stock" which is restricted and unregistered for at least one year.
If true then it would not dilute the share structure for a while.
VV
8-K filed on the bond offering through CGI.
I couldn't help but notice the comment in it that states these bond offerings are typically in excess of $100,000,000 and are open to "Qualified Institutional Investors".
Does SLGS have ANY business operations to date?
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6943637
Good source for Solar Industry news:
http://www.solarbuzz.com/index.asp
VV
Previous funding attempt.
http://www.tradekey.com/buyoffer_view/id/484666.htm
slojab, Yeah, I read that part and I don't understand how that works.
But it is non-dilutive, as opposed to a Convertible Debenture. That's all I really care about.
I got caught in that massive R/S a few years ago, as others did. That was based on a CD, and the, so called, death spiral financing, as I recall. Fortunately, that R/S had a "roundup clause" in it that left me just enough shares to stay connected. Otherwise, I wouldn't even be here now. So that was a nice thing that Mr. Nurse did for us.
The fact that they are going with a Bond suggests that this is much higher quality financing. As opposed to the way they went before, which wiped out a lot of shareholder equity.
The long and the short of this is that the company is starting over with a new plan addressing a very HOT market. So I am looking for much better performance this time.
And I think we are due for another 10Q any day now.
Good Luck.
VV
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Welcome to Solargy Systems Inc.
http://www.solargysystemsinc.com
OVERVIEW:
SBD International, Inc., (SLGS) is a Nevada based systems integrator of solar
systems. The company markets and sells solar cell power systems to commercial
and residential customers and is also actively securing power purchase agreements
for the sale of power to utilities in the Caribbean and Central American markets.
SERVICES:
Alternative power systems
Waste to energy and Hybrid Power
PROJECTS:
TARGET MARKET:
SLGS believes that there is truly a Global market for solar and other alternative
energy products as the cost of delivering power increases n both emerging and
developed markets. Further the federal Government has renewed its incentives to
enable independent Power producers to deliver projects as the race to energy
independence gains momentum and urgency.
STRATEGY:
For 2009 the following critical strategies will be pursued by Solargy Systems Inc:
1. Secure Power Purchase agreements.
2. Finalize agreement with turnkey supplier for manufacturing line.
3. Acquire manufacturing Space for Solar panel manufacture
4. Expand senior management team in sales / marketing
5. Recruit non-executive directors
6. Strengthen human resources function and introduce share options for staff
7. Appoint advisers for intellectual property and finance
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Solargy Systems Inc. (Pink Sheets:SLGS - News) today announced it has hired Cinergex Solutions Ltd, a Canadian provider of Waste to Energy (WTE) technology and equipment, to begin work on a $120 million energy facility that will be operated by Solargy Systems. The facility will generate over $100 million in revenue and open the door for additional facilities, using the Solargy model of combining solar and waste to create efficient power.
"Selecting Cinergex as a partner was no accident,” said Carl M. Nurse, Solargy CEO. "Cinergex has extensive experience developing modular WTE systems in Africa and throughout the developing world, and with their expertise we will be able to deliver these systems in a timely and affordable manner." The 1,000 ton per day facility will be completed in 2010.
Management at Solargy are in the advanced stages of discussions relating to projects in the Caribbean, Africa and South East Asia. “Clearly, the economics are right, and we expect to have a number of firm commitments for our hybrid waste to energy systems soon. These projects will add several hundred million in revenues when completed. We share a vision of helping emerging economies meet the challenges of supplying economical green power solutions. Projections for 2009 are estimated at $25 million from solar photovoltaic systems and expand with the introduction of hybrid systems to $120 million in 2010,” said Nurse.
Solargy Systems Inc. is a systems integrator of alternative energy technologies. The technologies used will provide solutions to the high cost of energy in emerging markets by selling and installing small power systems ranging from 1 MW for large commercial applications to 20 MW and larger hybrid systems by using combinations of solar and wind or waste and solar. The combinations we use will be determined by local conditions.
As of March 31, 2010 there were 606, 832,179 shares of Common Stock outstanding and 5,100,000 shares of Preferred A Stock outstanding
Contact: Solargy Systems Inc., Fort Lauderdale
C. Michael Nurse, 954-533-0522
www.solargysystemsinc.com
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