SOURCE: Sunworks, Inc.

Sunworks, Inc.

March 08, 2016 08:45 ET

Sunworks Announces Over $9 Million in Contracts With Sacramento-Area Municipalities and Public Works Divisions

Company Secures Agreements to Provide a Variety of Solar Solutions for Cities and School Districts Seeking Energy Efficient Programs

ROSEVILLE, CA--(Marketwired - March 08, 2016) - Sunworks, Inc. (NASDAQ: SUNW), a provider of solar power solutions, announced today that it has secured approximately $9.4 million in contracts with multiple cities and schools in the Northern California region to establish long term, cost saving solar energy solutions. These awards support the company's 2016 outlook for more than $100 million in annual revenues.

With a population of approximately 50,000, West Sacramento resides in Yolo County, separated from Sacramento by the Sacramento River. The $3.4 million agreement will provide 943kW of solar solutions across four sites, including car ports and a water storage tank roof. Sunworks' proposed program that stood alone over several other bids, will achieve significant energy cost savings for the City, providing both short term and long term return on investment.

The Oroville Union High School District is located in the rural north valley at the base of the Sierra Nevada foothills, about seventy miles north of Sacramento, encompassing 723 miles of eastern Butte County. The $2.66 million agreement for a 1MW solar system will reduce energy costs for the school district, resulting in the deployment of financial resources to other areas crucial to education, such as supplies, teachers, and other programs.

The 46-acre campus of the Durham Unified School District encompasses four schools spanning elementary, intermediate, high school, alternative high school, as well as independent study programs. Sunworks was tasked with implementing a solar program that would reduce energy costs while demonstrating sustainability, resulting in a $1.26 million agreement for a 516kW ground mount solar array. Of the estimated $13.6 million in energy costs the district expects to save, Superintendent Len Foreman said, "we are committed to long-term energy solutions that reduce the carbon footprint in this region, as well as energy costs. We are pleased and excited to work with a local Company that possesses a reputation for results."

The Napa Valley Unified School District serves the communities of American Canyon, Napa City and Yountville and is comprised of more than 30 schools with more than 18,000 students in Transitional Kindergarten (TK) through Grade 12. The $1.2 million agreement will provide single axis trackers for carports, establishing long-term cost savings for the school district while reducing its carbon footprint.

"We are pleased to announce these solar agreements designed to bring cost savings to the cities and schools, thus California taxpayers, within the Sacramento region," said Jim Nelson, CEO of Sunworks. "These projects and others like them often require an extensive bidding process among competitive solar companies based throughout the country. We believe Sunworks' high-profile work throughout the Sacramento and surrounding communities, as well as their clear demonstration of excellence and solar know-how, will continue to secure larger agreements with prominent municipalities, businesses, and organizations."

About Sunworks, Inc.

Sunworks, (formerly known as Solar3D) a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Sunworks, is one of the fastest growing solar systems providers in the western United States, delivering 2.5 kilowatt to multi-megawatt commercial systems. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies. The Company's focus is on putting the customer first, providing the best value systems in the industry, and delivering on what is promised.

To learn more about Sunworks, visit our website at http://www.Sunworksusa.com.

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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 resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. 

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