VANCOUVER, BC–(Marketwired – April 07, 2017) – Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX VENTURE: SAN) (OTCQB: SAENF) is pleased to provide preliminary results for the Company’s California solar operations for the month ended March 31, 2017. The Company expects to record a profit of approximately $18,258 for the month of March 2017.
“Solar Alliance has continued its strong results for our California operations. We believe these results illustrate the competence of our team,” said Chairman and CEO Jason Bak. “As we expand our operations and assess new opportunities, we’re doing it from a platform of strength and profitability. We are committed to growing our business profitably and building a sustainable solar company which generates positive and real returns for our shareholders.”
The Company is pleased to report positive progress with respect to the Letter of Intent signed for the acquisition of certain assets of a U.S. solar company (the “Seller”). Due diligence work is on track to acquire the Seller’s team of employees and acquire the Seller’s pipeline of in-process residential solar projects. In 2016, the team that the Company is acquiring sold more than 7 MW of residential solar systems, generating US$ 34,305,000 (unaudited) in revenue.
The following unaudited results for the Solar Alliance U.S. operations are subject to the completion of Solar Alliance’s quarterly closing and review procedures, as well as the regular annual audit by the company’s independent registered public accounting firm, and are therefore subject to change. The results noted below for the month of March 2017 are in U.S. dollars.
| Selected Item | Unaudited March 2017 (US$) | |
| Revenue | $ 372,094 | |
| Cost of Goods Sold | $ 196,699 | |
| Gross Margin | $ 175,395 | |
| Net Income | $ 18,259 | |
| Key Ratios | ||
| Gross Margin % | 47% | |
| Net income % | 5% | |
Jason Bak
Chairman and CEO
About Solar Alliance Energy, Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither 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.”
For more information:
Solar Alliance Investor Relations
Spyros Karellas
Pinnacle Capital Markets
(416) 433-5696
spyros@pinnaclecapitalmarkets.ca