Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

December 16, 2010 08:30 ET

Sustainable Energy Announces Preliminary Year End Financial Results for Fiscal 2010

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") Canada's solar inverter company, today announced preliminary unaudited fourth quarter and full year end financial results for the period ended September 30 2010. Results are unaudited and reflect management's expectations as of this date. The Company intends to announce formal audited financial results for the full year in early January, 2011.

Sales for the fiscal Fourth Quarter ended September 30 2010 are expected to be approximately $820,000, substantially all of which is from sales of SUNERGYTM inverters. Total 2010 fiscal revenues are expected to be between $2.1 and $2.2 million.  

Sales have been affected by previously announced electronics supply chain constraints which caused the Company to reduce commitments on major long lead time components during the 4th Quarter of fiscal 2010. The Company has since successfully addressed all supply chain issues and is on track to meet previously announced production targets of 3 - 4 MW per month by the end of fiscal Q2, 2011. 

"The success of our team in restructuring and de-risking the supply chain should allow us to exit fiscal Q2, 2011 with a production capacity of 3-4 MW per month and with manufactured costs that will yield industry standard margins," commented Michael Carten, Chief Executive Officer of Sustainable Energy. "Demand for the SUNERGYTM inverter into the first half of calendar 2011 continues to grow, especially in the emerging Ontario market, where we are seeing repeat demand from current customers as well as adding new accounts."

About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) is Canada's solar inverter company. The Company's patented inverter technologies are a breakthrough in power inverter design and capabilities for all forms of distributed generation and smart grid applications. 

The SUNERGYTM inverter is the industry's only grid-interactive solar inverter which enables a "parallel" solar PV system architecture in higher power ratings with a cost and serviceability factor that is comparable to conventional inverters in the market. The benefits of parallel solar are: (i) 5% - 15% higher total system power output; (ii) a better fill factor enabling better coverage of available space; (iii) a simplified system design and installation; and (iv) the safety of extra low operating voltages which ensures the safety of building maintenance personnel, first responders, and tradesmen who may accidentally come into contact with system wiring.

Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the Canadian and US Patent Offices

Forward Looking Information

The reader is advised that the information herein constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning revenues for fiscal 2010 and the first quarter of fiscal 2011; statements concerning demand for inverters in the first half of 2011 and statements concerning the value added by the Company's products in solar PV markets. 

While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.

Many factors could cause the Companies' actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Companies do not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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