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http://www.internationalstocktargets.com/December_2007_Target_Report.pdf
SES Solar Inc. finished down by at $0.88 that is a tumble of 6.38 percent, on Friday December 28th 2007 on higher than average volume.
SES Solar Inc., a European-based developer of cost-effective, high productivity solar panels and solar roof tiles, provided a year end update on certain developments with the Company on Monday December 31st 2007.
I. Manufacturing Facility Update As previously announced, they commenced construction of their new manufacturing facility in July 2007.
Although the start date was delayed due to a change in contractors, the company believes that with the assistance of their new contractor, they are now ahead of schedule and expect to complete the facility in early 2008.
The official ground laying ceremony, attended by the Minister of Energy for the Geneva Government, Mr. Robert Cramer, occurred on September 25, 2007. The Mayor of the Municipality of Plan-les-Ouates and the CEO of the Geneva Electric Utility ("SIG") were also in attendance. The Geneva Canton and Geneva Government have shown their support to us by granting leasehold rights to the land on which the facility is being built in the High Technology Industrial Park of Geneva, by issuing to us authorization to build the manufacturing facility and by granting to us several construction loans.
The concrete work on the facility was finished in early November, three weeks ahead of schedule, and we were able to commence installation of the photovoltaic (PV) roof in mid-November. The installation of the PV roof was completed on December 20.
Their PV roof will be the biggest solar powered roof on a private building in Switzerland and will be rated 567 kW for a 550,000 kWh production. As previously disclosed, the company entered into an agreement with SIG for them to buy back the electricity produced by the roof at an above market price. As part of the financing, SES Solar Inc. granted to SIG an option to purchase the PV roof (exclusive of the building).
The cost of the building is expected to reach or exceed $10 million. They expect that the cost of the machinery necessary for the assembly line will be approximately $3 million.
II. Commercial Update Although SES Solar Inc. is not able to commit to a production date with prospective clients until the manufacturing facility is completely operational, they do believe there is strong interest in their products from several markets, and they are in ongoing discussions with various parties regarding potential contracts.
In addition, and as jointly announced in a press release at the European Solar Fair in Freiburg, Intersolar and on Form 8-K filed June 26, 2007, they have developed with DuPont a PV film that they intend to license to other solar companies. These licenses would represent a new revenue stream for the company. They also announced, their other latest development regarding a new method to connect strings of cells at the back of any PV module.
III. Financial Update As disclosed on Form 8-K filed November 13, 2007, SES Solar Inc. renegotiated their Construction Credit Agreement with Banque Cantonale de Geneve (BCGe) whereby the loan amount was increased from $4.1 million (CHF 4.8 million) to $7.6 million (CHF 8.5 million). They also secured another loan from the Geneva (Switzerland) State Department of Energy ("ScanE") in the amount of $3.9 million (CHF 4.5 million) at a 5% interest rate. SES Solar Inc. believes that the proceeds from these loans will provide them with funds sufficient to complete their new manufacturing facility and to purchase the equipment necessary to commence full blow manufacturing and assembly operations in early 2009.
IV. Industry Update Based on various industry sources, SES Solar Inc. believes the market for solar PV is still growing at about 40% per year and additional subsidies are being planned by different countries (although of course there is no assurance that they will be implemented) to support the development of solar electricity. This governmental support is critical as the cost of solar electricity exceeds the retail price of electricity in every significant market in the world. To date, France, Spain, Germany and Italy have already approved subsidies and Switzerland is planning to follow suit in October 2008, after years of hesitation. The company believes they are well situated to supply the growing demand with their high-quality and cost-effective solar tiles and modules.
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