Date: Wednesday, January 10, 2007
Trading Symbol: OTCBB:OEGY
Open Energy Announces Preliminary Fiscal 2007 Second Quarter Sales and Provides Updated Guidance for FY 2007
Second quarter 2007 sales increase 375% compared to first quarter 2007 Sales
Solana Beach, Calif., January 10, 2007 – Open Energy Corp. (OTC BB: OEGY) announced today its outlook for the second quarter ended November 30, 2006 and provided updated guidance for its fiscal year ended May 31, 2007.
For the second quarter of fiscal 2007, the Company expects to report net sales of approximately $1.7 million, or an increase of 375%, from sales of $358 thousand for the first quarter of fiscal 2007. Projected sales for its fiscal year ended May 31, 2007 are now projected to be approximately $10 million, compared to previously issued guidance of $22-$24 million.
“Even though we will report significant growth for our second quarter, we believe it is prudent to revise our revenue guidance to reflect an uncertainty in near-term shipments from our primary cell supplier, and a delay in bringing on alternative suppliers,” commented David Saltman, President and CEO of Open Energy Corporation. “While we are very pleased with the progress the company has made so far and our strong sales in the second quarter, we decided that it is necessary to take a more conservative sales outlook for the remainder of fiscal 2007. Our order backlog remains strong, we are initiating a consumer campaign promoting our PV tile product, and we are very excited about the many growth opportunities that lie ahead for Open Energy.”
”We are taking the necessary steps to ensure our inventory of cells is appropriate to achieve our updated guidance,” Mr. Saltman commented. “In addition, we believe the first commercial prototype of the SunCone concentrating solar power system will be demonstrated this Spring. The acquisition of WaterEye and the addition of Tom Wolfe to our senior management team has greatly accelerated the development of this exciting product.”
The Company will release actual fiscal second quarter 2007 results shortly.
About Open Energy
Open Energy Corporation (OTCBB: OEGY) focuses on the development and commercialization
of renewable energy products and technologies for a wide range of applications
including electrical and thermal power production and water desalination.
The Company pursues these objectives through technology innovation, acquisitions,
strategic partnerships and other business strategies. The company’s
mission is to enhance life by harnessing the power of the sun. For more
information please visit our website www.openenergycorp.com.
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 the Company
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 Company’s ability to scale up manufacturing to
meet demand, the Company's competitive position and other factors over
which Open Energy Corporation has little or no control.
Contact:
Integrated Corporate Relations
James McCusker (Media)
203-682-8245
jmccusker@icrinc.com
John Mills (Investor Relations)
800-250-2610
jmills@icrinc.com
