Solar Alliance Energy, Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX VENTURE: SAN) (OTCQB: SAENF) is pleased to provide preliminary results for the Company’s California solar operations for the month ended March 31, 2017. The Company expects to record a profit of approximately $18,258 for the month of March 2017.
“Solar Alliance has continued its strong results for our California operations. We believe these results illustrate the competence of our team,” said Chairman and CEO Jason Bak. “As we expand our operations and assess new opportunities, we’re doing it from a platform of strength and profitability. We are committed to growing our business profitably and building a sustainable solar company which generates positive and real returns for our shareholders.”
The Company is pleased to report positive progress with respect to the Letter of Intent signed for the acquisition of certain assets of a U.S. solar company (the “Seller”). Due diligence work is on track to acquire the Seller’s team of employees and acquire the Seller’s pipeline of in-process residential solar projects. In 2016, the team that the Company is acquiring sold more than 7 MW of residential solar systems, generating US$ 34,305,000 (unaudited) in revenue.
The following unaudited results for the Solar Alliance U.S. operations are subject to the completion of Solar Alliance’s quarterly closing and review procedures, as well as the regular annual audit by the company’s independent registered public accounting firm, and are therefore subject to change. The results noted below for the month of March 2017 are in U.S. dollars.
| Selected Item | Unaudited March 2017 (US$) | |
| Revenue | $ 372,094 | |
| Cost of Goods Sold | $ 196,699 | |
| Gross Margin | $ 175,395 | |
| Net Income | $ 18,259 | |
| Key Ratios | ||
| Gross Margin % | 47% | |
| Net income % | 5% | |
