HOUSTON, Texas (May 13, 2010) – Acro Energy Technologies Corp. (TSX Venture: ART), a leading US solar integrator, announces that it completed the first quarter of 2010 with positive EBITDA of $122K on gross revenues of $3.8M and a net loss of $44K for the three month period ended March 31, 2010. The revenue for the first quarter was a 120% increase compared to the combined revenue for the three month period ended March 31, 2009 of the three solar companies acquired by Acro Energy during 2009. The Company’s gross margin for the 3-month period ending March 31, 2010 was $1,451,824 or 38%.
The Company also announces the filing of its management prepared financial statements and management’s discussion and analysis (MD&A) for the three month period ended March 31, 2010. Electronic copies of these documents are available on Acro Energy’s profile at SEDAR, www.sedar.com.
“The first quarter of 2010 is the first full quarter of operations for Acro Energy that includes results for all three solar installation companies acquired during 2009,” said Harry Fleming, chief executive officer of Acro Energy. “We delivered a 120% increase in year-over-year revenues and have crossed the breakeven point at a very early stage of our business plan.”
“Our gross margin of 38% is the highest among publicly-traded solar integrators,” said Nat Kreamer, president of Acro Energy. “We’ve put together a team that cost-effectively acquires customers and more profitably installs systems, which positions us to deliver superior results to investors.”
About Acro Energy
Acro Energy Technologies Corp. is focused on the consolidation and growth of renewable energy companies, primarily in the United States residential solar energy installation market. Acro Energy provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. As a high end system integrator, Acro Energy offers quality products from leading solar module manufacturers including SunPower, Suntech, and Sharp and residential solar financing plans from SunRun, the nation’s leading provider of home solar financing. Acro Energy continues to evaluate acquisition candidates across North America.
For more information, please visit www.acroenergy.com or email info@acroenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
This press release and management’s discussion and analysis for the period ended March 31, 2010 contains references to EBITDA (earnings before interest, taxes, depreciation and amortization). Management believes that EBITDA is a useful supplemental measure of cash available for growth prior to debt service, capital expenditures, income taxes and other reserves. However, EBITDA is not a recognized measure under Canadian GAAP and does not have a standardized meaning prescribed by Canadian GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss (which are determined in accordance with Canadian GAAP) as an indicator of the performance of the Company or as a measure of liquidity and cash flows.
Investor contact:
Martin C. Spake, Chief Financial Officer, Acro Energy
713/ 715-1004
mspake@acroenergy.com
Media contact:
Laura Pennino for Acro Energy
281/286 9398 X 1 or 713/419-1776 mobile
lp@penninoandpartners.com