SOLAR COMPANIES

[sweet crude]

GiraSolar (OTC:GRSR)

RECENT EARNINGS

On November 17, 2006, GiraSolar filed with the SEC their earnings for the 9 months ending September 30, 2006. GiraSolar reported total sales revenue of $51,901,980, a gross profit just above $1 million, or 2% of total revenues. For the nine month period the company posted a net loss of ($321,184), or ($0.02) per share.

Revenues consisted of 80% from the sale of solar panels and power products, with the remaining 20% of revenue derived from the buying and selling of poly-silicon to strategic partners.

Ludlow Capital feels the company would have turned a profit and positive EPS for the period if not for associated costs of going and being public in the US. If the company can also reduce the cost of sales and increase their gross profit margin from 2% to say 4% to 5%+ of revenue the company could begin to show strong growth to the bottom line and profitability.


REVENUE PROJECTION

In a recent article interview with SolarForecast, Mr. Wieland Koornstra, the CEO of GiraSolar, B.V. projected $60 to $80 million in revenue for fiscal year 2007. The company expects to book a total of $60 million in total revenues for fiscal year ending Dec. 31, 2006. At 6 times sales of projected revenues GRSR could have a valuation of $360 million for fiscal year 2006.

http://www.ludlowcapital.com/reports/grsr.htm