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Date: Tuesday, January 29, 2008
Trading Symbol: OTCBB:OEGY
Petersen Dean Places $2.3 Million Purchase Order with Open Energy Corporation for 11,880 SolarSave® Roofing Tiles
Represents first order under recently executed Distribution
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Jan. 29, 2008--Open Energy Corporation (OTCBB: OEGY) today announced the receipt of a $2.3 million purchase order for a total of 11,880 SolarSave(R) PV Tiles and related inverters and other system equipment from Petersen Dean, one of the largest roofing companies in the United States. Terms of the order call for the delivery of 400 kilowatts of solar tiles and related balance of system equipment.
Jim Petersen, CEO of Petersen Dean, stated, "This purchase order represents, what we believe, will be the first of many orders with Open Energy. Our mission is to become a premier supplier of building integrated photoelectric solutions in North America and Open Energy is the perfect partner to enable us to achieve this goal. We believe that home owners will recognize the value of safe, clean, affordable power and we look forward to working with Open Energy to expand this program through the year, as we strive to achieve our goal of installing over 1,200 residential solar rooftops this year."
David Saltman, Chairman and CEO of Open Energy commented, "We have repositioned our company over the past six months to be able to partner with a proven leader in the roofing industry, such as Petersen Dean. Jim's team has developed the internal installation and service capabilities to take advantage of the long-term growth expected in the PV business. In addition, they have built their company by providing leading commercial builders, superior service and products and we are pleased they have chosen Open Energy to be one of their partners. Our building integrated products are designed to be installed simultaneous with standard roofing tiles, providing cost savings as well as aesthetic advantages that are superior in our industry."
About Open Energy Corporation
Open Energy Corporation is a renewable energy company focused on the development and commercialization of a portfolio of solar technologies capable of delivering cost-competitive power and related commodities on a global basis. Open Energy offers award-winning, building-integrated photovoltaic (PV) roofing systems for residential and commercial customers. Marketed under the trade name SolarSave(R), the product line includes tiles, membranes, and architectural glass. SolarSave Integrated Solutions represents Open Energy's bundled, turn-key solar solution that includes both tile and membrane products, together with an integrated inverter, web-based monitoring and balance of system components. In addition to distributing products directly to Petersen Dean Roofing, Open Energy has a master distributorship with Eagle Roofing Products, the largest concrete tile manufacturer in the United States. The Company's mission is to harness the power of the sun to deliver complete renewable energy solutions to its customers. For more information on Open Energy Corporation, please visit www.openenergycorp.com.
About Petersen-Dean Roofing Systems
Petersen-Dean was founded in 1984 and is a full service roofing, waterproofing and solar energy company. Past projects include casinos, resorts, high rise buildings, schools, commercial, residential, industrial, government facilities and public works. Petersen-Dean is one of the largest privately held roofing firms in the country.
Safe Harbor for Forward Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Open Energy to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, customer demand for its products, the failure to perform under or the cancellation of purchase orders by Open Energy's customers,, , the Company and its vendors ability to scale up manufacturing to meet demand, and other factors over which Open Energy has little or no control. Open Energy undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
CONTACT: Open Energy Corporation
Integrated Corporate Relations
John Mills, 310-954-1100
Open Energy Corporation
David P. Saltman, Chairman
Petersen-Dean Roofing Systems
Jim Petersen, President & CEO
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