Entech Solar Announces Restructuring

FORT WORTH, Texas--(BUSINESS WIRE)--Entech Solar (OTC BB:ENSL.OB), a leader in concentrating solar energy systems, announced today that it has undertaken significant cost reduction activities to position the Company for improved performance in the quarters to come.

In conjunction with Entech Solar's shift in strategic direction, management has focused on reducing costs and streamlining the Company’s overall operations. To date, the Company has implemented several initiatives to achieve this, including rationalizing headcount and relocating the corporate headquarters from Ewing, NJ, to Fort Worth, TX. Entech has already eliminated 33 employees, representing a 40% staff reduction and similar decrease in annualized payroll expense.

In addition, Entech plans to close its California locations by mid-2009 and has also eliminated a number of consultants. Entech is targeting a 25% overall reduction in non-payroll costs by curtailing all non-essential spending and evaluating outsourcing opportunities.

Frank Smith, CEO, stated, "This is a transformational year for Entech Solar. As such, we are not only changing our strategic focus but also looking to improve the operating structure of the business. We will continue to search for opportunities to reduce spending, decrease our cash burn, and allocate resources efficiently as we lay a framework to reach profitability and increase shareholder value."