TORONTO, ONTARIO--(Marketwire - March 30, 2012) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced that it has filed its Consolidated Financial Statements for the Quarter ending December 31 2012 along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.sustainableenergy.com.
Volumes for Q1 2012 were in line with expectations given the slowdown in Ontario. Quarterly sales revenues for Q1 were $1,011,125 with most inverters going to the US where we launched the new Deliveries are currently running at more than 200 units per month and product margins are averaging 24% in very low volumes. We are on track to reduce manufactured cost by a further 20% with the release of our 3rd generation PARALEX later this year.
Cash flow used in operations in Q1, 2012 was $775,922 compared to $2,598,062 for Q1, 2011. The savings were achieved without a material loss in operational integrity. We have significantly increased manufacturing yields at the Guelph facility which now has an immediate production capacity of 800 units per month. This is easily scalable to double that amount with a minimal capital investment in production test equipment.
"We are delighted that Ontario has introduced its revised feed in tariff pricing structure for solar PV. While prices are reduced they reflect significantly reduced costs of solar PV modules and should lead to more stability in the market." said Michael Carten CEO of Sustainable Energy. "Early market feedback is that the pricing will sustain steady demand in our target market segments which we estimate at between 50 and 80 MW for calendar 2012."
"We have a profitable product, a very low cost operating structure and visibility on volumes that put us on track to achieve profitability this year."
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning the impact of Sustainables' technology on solar PV system performance; statements concerning market outlooks; and statements concerning the potential for sales revenues. 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.
Contact Information:
Michael Carten
Chief Executive Officer
403.508.7177 #111
Michael.Carten@sustainableenergy.com