SOURCE: Solar3D, Inc.

Solar3D, Inc.

November 13, 2013 03:02 ET

Solar3D's Proposed Acquisition Poised for Dramatic Growth

Based On Its Growing Backlog of Orders, SUNworks Is Well Positioned to Substantially Increase Sales and Earnings in 2014

SANTA BARBARA, CA--(Marketwired - Nov 13, 2013) - Solar3D, Inc. (OTCQB: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, last week announced that it signed a definitive purchase agreement to acquire 100% of Solar United Networks, Inc. (SUNworks), based in Roseville, California. Today, management announced that the company is expected to experience substantial growth of sales and earnings in 2014.

"The planned acquisition of SUNworks provides us with the opportunity that we have been seeking to enter the solar energy systems business," said Jim Nelson, CEO of Solar3D. "Based on business already sold and in the backlog, the management team at SUNworks is already forecasting substantial growth for 2014 -- on a trajectory consistent with its dramatic growth of the last few years. The company's aggressive market expansion plan is supported by the management team's commercial market expertise, as well as a depth of knowledge regarding legislative incentives and programs in the solar commercial sector." 

SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D.

Abe Emard, CEO of SUNworks, said, "We are absolutely committed to growth and strive to be one of the fastest growing companies in the systems sector of the solar industry. By becoming part of Solar3D, we can do the things we have always wanted to do -- grow internally through our company sales, and grow through the acquisition of other great companies with similar values and similar ambitions."

Nelson concluded, "In addition to the solar energy systems business, Changwan Son, our lead scientist, and his team will continue to focus on the development of our 3-dimensional solar cell technology. The SUNworks business and its anticipated growth and profitability is expected to be the perfect complement to the exciting future we envision with the development of our new Solar3D Cell."

About Solar3D, Inc.

Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell is designed to be dramatically more efficient, with the goal of achieving a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at http://www.Solar3D.com.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.

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