Fort Worth, TX November 9, 2009 Entech Solar, Inc. (OTC BB: ENSL.OB) (the Company or Entech Solar), with plans to become a leading developer of renewable energy technologies, today announced its financial results for the quarter ended September 30, 2009.
Third Quarter Operational Highlights
ThermaVolt II: The Company completed the assembly and test of multiple working modules using its proprietary concentrating photovoltaic (PV) and thermal technology, and has started the next crucial phase in the products development design-verification-testing (DVT). DVT allows Entech Solars engineers and scientists to test and validate the performance and quality of the modules prior to the commencement of independent third-party product certification. ThermaVolt II modules, which produce both electricity and hot water, have the same length and width dimensions (form factor) as industry-standard PV modules.
SolarVolt II: Entech Solar announced plans to develop an electricity-only concentrating photovoltaic solar module. With a form factor similar to the ThermaVolt II module, this Concentrated Power Product (CPP) offers customers large-scale utility solutions.
Tubular Skylight Lighting Solution: The Company completed the critical design review of its patented lighting solution product and the development of its go-to-market commercialization strategy. Product certification has started with independent third-party testing laboratories. The Company plans to begin selling this product in early 2010 with an initial launch in North Texas.
I am pleased to update investors on Entech Solars product development progress. We received positive comments on our ThermaVolt II prototype module that was recently on exhibit at Solar Power International, North Americas largest solar industry conference in Anaheim, California, said Dr. Frank Smith, Chief Executive Officer.
We continue to advance our products through critical development and gate reviews. We expect ThermaVolt II to offer a compelling value proposition to the multi-billion dollar U.S. combined heat and power market with its dual output of electricity and thermal energy, standard manufacturing and competitive price point. The Companys strategic goal is to be a leading developer of renewable energy technologies for the commercial, industrial and utility markets.
As the Company completes its transition from the flat-plate solar installation business, revenues for the 2009 third quarter amounted to $75 thousand, compared with $6.5 million reported in the third quarter last year. The Company recorded a gross profit for the quarter ended September 30, 2009 of $3 thousand, versus a gross loss of $2.3 million in the prior-year period. The Companys net loss attributable to common shareholders for the third quarter of 2009 was $4.7 million, or $(0.02) per share, versus a comparable loss of $7.4 million, or $(0.03) per share in the third quarter of 2008.
As of September 30, 2009, the Companys cash and cash equivalents totaled $4.8 million, $2 million of which was provided by a related party loan from The Quercus Trust. This loan will be repaid upon completion of the previously announced rights offering.
Entech Solar will host a conference call at 10:00 a.m. Eastern on November 9, 2009 for the quarter ended September 30, 2009. During the call, Frank W. Smith, Chief Executive Officer, and Sandy J. Martin, Chief Financial Officer, will review the Companys operations, business and financial matters. The telephone number for the conference call is 800-435-1261 domestically and 617-614-4076 internationally, with conference ID #69649664. A live webcast of the call will also be available on the company's website, www.entechsolar.com.
The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for thirty days by calling 888-286-8010 domestically or 617-801-6888 internationally, with conference ID #21627169. The encore recording will be available two hours after the conference call has concluded.
About Entech Solar
Entech Solar, Inc. is a leading developer of renewable energy technologies for the commercial, industrial and utility markets. Entech designs concentrating solar modules that provide both electricity and thermal energy as part of its ThermaVolt product line and electricity-only as part of the SolarVolt product line. The Company also develops a state-of-the-art tubular skylight that provides superior light output and optical efficiency for the commercial and industrial green buildings initiatives. For more information, please visit www.entechsolar.com.
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