CALGARY, ALBERTA--(Marketwire - May 31, 2012) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced that it has filed its Consolidated Financial Statements for the Six Months ending March 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.
Highlights:
Product sales revenues for the period ending were $1,906,569 compared to $1,704,030 for the six months in 2011. Volumes for the six month period were slightly below expectations for the period mainly due to late shipments to the US in March 2012. Whereas in 2011, 51% of products were shipped to Ontario destinations, this has been reduced to 7.2% for Ontario; with 73.02% shipped to the U.S. and 19.78% sold in Europe.
The second Quarter saw completion of a year-long process where the Company systematically restructured operations to lower the breakeven point and change to a strategy that is specific to targeted customers, integrated packages and emerging technologies with each segment driven on its own set of metrics.
The supply chain has been restructured to build products based on a series of outsourced subassemblies that allows maximum flexibility and reduces system inventory risk. The financial investment in inventory is now properly spread throughout the supply chain allowing Sustainable Energy to execute production capabilities with significantly less up-front investment. Cash flow used in operations for the 6 month period ($1,173,438) is 68% less than for the same period ($3,756,014) in 2011.
During the restructuring period, the Company completed development of its 3rd generation platform based on proprietary technology (patent pending) developed in collaboration with the University of Alberta. Designated "STX" (for single transformer vs. 4 transformers) the 3rd generation platform is more efficient, has a lower mass, and a materially lower manufactured cost than the 2nd generation platform. It also sets the stage for a further round of cost reduction later this year and development of a 3-phase inverter platform for higher power ratings.
"Operationally the Company is in better shape than it has ever been," said Michael Carten CEO of Sustainable Energy. "We have successfully shifted our focus from Ontario and our investment in the tenKsolar relationship is poised to provide material upside returns to the Company. The PARALEX enabled RAISWAVE product is a significant breakthrough in the solar power delivery model as evidenced by the recently announced strategic global partnership with Korean industrial giant Hanwha Corporation."
"In Ontario, we responded to anticipated cuts in the feed in tariffs by launching the Province's first factory assembled solar PV system designed to reduce installation costs and risks for ground based systems. Response to the ProFab product offering has been positive. Since announcing ProFab on April 18, 2012, we have been responding to requests for quotations totaling more than $5 million in potential orders. We expect to convert much of this interest to purchase orders as soon as the Ontario Power Authority releases the final rules for new systems promised at the end of May."
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 Ext.111
michael.carten@sustainableenergy.com