SOURCE: Open Energy Corp.

December 10, 2007 14:16 ET

CEO Sells Shares to Satisfy Tax Liability

SOLANA BEACH, CA--(Marketwire - December 10, 2007) - Open Energy Corp. (OTCBB: OEGY) Chairman and Chief Executive David Saltman today addressed shareholder questions concerning his recent sales of securities. Mr. Saltman noted that quarterly stock grants awarded to him under his original employment contract with the Company created a significant personal tax liability. He reported that the proceeds he received from the sale of the securities in recent weeks will be used to pay down those federal and state income taxes.

"I would not have sold my shares but for the need to address this tax obligation," said Saltman. "I have no immediate plans to sell more stock, and remain absolutely committed to building shareholder value and creating a successful renewable energy company." In connection with the recently completed financings, Mr. Saltman entered into a lock up agreement pursuant to which he is only permitted to sell shares to cover his withholding taxes and related expenses.

About Open Energy Corporation (OTCBB: OEGY)

Open Energy Corporation is a renewable energy company focused on the development and commercialization of a portfolio of solar technologies capable of delivering cost-competitive power and related commodities on a global basis. Open Energy offers award-winning, building-integrated photovoltaic (PV) roofing systems for residential and commercial customers. Marketed under the trade name SolarSave®, the product line includes tiles, membranes, and architectural glass. The Company's mission is to harness the power of the sun to deliver complete renewable energy solutions to its customers. For more information on Open Energy Corporation, please visit

Safe Harbor for Forward-Looking Statements

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Open Energy to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, customer demand for its products, the execution of definitive agreements related to the transactions described within this release, the ability of either or both parties to perform under such definitive agreements, the Company and its vendors' ability to scale up manufacturing to meet demand, and other factors over which Open Energy has little or no control. Open Energy undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Contact Information

    Aidan Shields
    Chief Financial Officer
    Open Energy Corporation