BRIGHTON, Mich., Feb. 16, 2016 (GLOBE NEWSWIRE) -- CGE Energy (OTCPink:CGEI), the leading engineer of no capital cost energy solutions, is pleased to announce the following update.
To you, a valued shareholder:
On February 15th we released our Consolidated Financial Statement for the nine-month period ending December 31, 2015. In the last quarter, our long-term contracts grew 11.3 percent during the period. As of the end of 2015, unbilled revenue of all long-term contracts is $6,905,719. Please note, future long-term contract revenues are not reflected in current sales numbers reported in the financial statement.
We have found that quarterly results will vary and fluctuate due to order and delivery timing as well as fewer exterior lighting and solar PV installations scheduled during the winter months. The Company has achieved gross sales growth of 160 percent in the first nine months of fiscal year 2015 versus the same period in 2014. The management of CGE Energy believes that we will exceed that growth rate in fiscal year 2016.
CGE Energy continued to make solid progress on major projects, including the expansive YMCA of Greater Toledo project, which remains on schedule to begin operation in the 2016 calendar year. Six YMCA sites are being completely overhauled to upgrade their aging lighting systems to energy-efficient LED lighting as well as integrate solar PV in multiple phases to offset their ongoing energy use.
We significantly expanded our international footprint. Over the last quarter, we have had dozens of flights to meet government cabinets and Ministers within the Caribbean. We are in discussions with multiple island nations about doing complete countrywide projects. With the Caribbean’s high energy prices and the need to diversify their power supply, we designed our WIND•e20® turbine to meet the needs of this Caribbean energy market. Our technology revolutionizes the industry with no cranes needed to install, collapsible blades for high winds and the ability to produce power where no grid-supply exists. Subsequent to our discussions, one Caribbean nation has already modified their utility regulations to pave the way for integration of the WIND•e20®.
Fiscal year 2016, which begins April 1st, is a very important year for CGE Energy in terms of our strategic development. We are in the middle of developing a proprietary software system that will streamline and revolutionize how we engineer and propose our solutions, better track processes and projects to reduce admin costs, and seamlessly communicate with our nationally expanding office locations and field technicians. This software, in conjunction with a rollout of new marketing strategies, will both increase the number of opportunities in the pipeline and how expediently we can turn them into ongoing annuity revenues.
At CGE Energy, we are positioning our business for sustainable long-term growth and contributing to solving sizeable challenges that impact each one of us. Our impacts in the non-profit and international sectors are examples of how we are helping fuel world impact and profits for the Company and our shareholders.
Thank you for being part of the vision.
President and CEO
This press release contains forward-looking statements including statements regarding our expectations, beliefs, intentions or future strategies that are signified by the words “expects,” “anticipates,” “intends,” “believes” or similar language. These forward-looking statements involve risks, uncertainties and other factors. All forward-looking statements included in this press release are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results may differ materially from those projected in the forward-looking statements.
Paul Schneider - firstname.lastname@example.org or 248-446-1344