NEWS - Clear Skies Residential Nears Goal
2011-05-24 06:00 ET - News Release
MINEOLA, N.Y., May 24, 2011 (GLOBE NEWSWIRE) -- Clear Skies Solar, Inc. (CSS) (OTCBB:CSKH), a full-service renewable energy provider to commercial, industrial and agricultural clients, today announced it has received an additional $412k in residential contracts.
"We are pleased to announce that we have received an additional $412k in signed contracts under our New Jersey residential program over the course of the past 3 weeks representing 9 projects. With residential sales, commercial projects funded through our Power Purchase Agreement program as well as client-financed projects the 2011 sales to date are approaching the $7 million mark," said Ezra Green, CEO of Clear Skies Solar.
Continuing: "After four 4 months of operations from January 2011 to end of April 2011, we are averaging more than $1.5 million in closed contract sales that has been increasing steadily as we move into Q2 2011.
"From January 2011 to end of April 2011 we have a back log of an additional $36 million or 92 projects where we have entered into various stages of LOI's or pre-engineering which are either awaiting PPA financing or passing pre-engineering. This process determines if there is any major construction or electrical upgrades necessary in order for the project to become viable. Although all the projects will not pass the engineering criteria or the client's financial profile will not meet the requirements set forth by CSS, we expect to close on at least 30%. These numbers represented above do not represent projects being developed prior to January 2011.
"This brings our residential backlog to 73 homes exceeding $2.3 million within just 8 weeks of launching. Those are successful numbers for such a short period of time for a brand new program," said Ezra Green, CEO of Clear Skies Solar.
About Clear Skies Solar, Inc.
