SANTA BARBARA, CA — (Marketwired) — 11/19/13 — Solar3D, Inc. (OTCQB: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, today announced that customer service excellence is a key factor that led the company to its proposed acquisition of Solar United Networks, Inc. (SUNworks).
“I have acquired, consulted to and/or managed dozens of companies in my career with Bain & Company and in my private equity work,” said Jim Nelson, CEO of Solar3D. “During that process, I learned a key truth: companies built for long-term growth and value are built on great customer service. SUNworks is outstanding in that respect — collaborating with the customer, identifying its needs, delivering on promises and completing on time. This is a management team that gets it.”
Abe Emard, Chief Executive of SUNworks, added, “We have an absolute commitment to providing the best customer service in our industry. We have confidence that customers will come back for more if they are fully satisfied. And they will refer us gladly to their friends and colleagues. We are very ambitious and intend to grow revenues and profits very aggressively. But we will never outgrow the desire to deliver quality.”
SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D. The transaction is expected to close in January 2014.
Nelson concluded, “With SUNworks the management team as a platform, we will seek to acquire additional companies with the same level of commitment to customer service excellence. That is the value on which we will build our solar systems business.”
Solar3D, Inc. is developing a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. Up to 30% of incident sunlight is currently reflected off the surface of conventional solar cells, and more is lost inside the solar cell materials. Inspired by light management techniques used in fiber optic devices, our innovative solar cell technology utilizes a 3-dimensional design to trap sunlight inside micro-photovoltaic structures where photons bounce around until they are converted into electrons. An innovative wide-angle light collection feature on the cell surface allows for the collection of sunlight over a range of angles during the day. This next generation solar cell is designed to be dramatically more efficient, with the goal of achieving a lower cost per watt that will make solar power affordable for the world. To learn more about Solar3D, please visit our website at .
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.
Press Contact:
Jim Nelson
805/690-9000