Solar Energy Initiatives, Inc. Announces Record Financial Results

PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--Solar Energy Initiatives, Inc. (OTCBB:SNRY) executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced that it has recorded $521,000 in revenue for the second quarter ended January 31, 2009. This represents a 117% increase in sequential quarterly revenues.

“The company’s strong second quarter results provide us with a platform for continued organic growth and escalating revenues,” said David Fann, CEO of SNRY. “Since inception, the Company has successfully transitioned from a developmental stage corporation to a viable revenue generating company that is rapidly increasing sales. The recent announcement of our RENEW THE NATION campaign has increased both website traffic and dealer inquiries ten fold. These are key factors in securing new network dealers and ultimately expanding our geographic footprint.”

2009 Second Quarter Results

Revenue for the second quarter ended January 31, 2009 were $521,000, compared to $0 revenue for the period ended January 31, 2008. On a quarterly sequential basis the revenues increased 117%.

Operating loss for the second quarter ended January 31, 2009 was $582,000, a reduction of 49% compared to $868,000 for the first quarter of 2009. Loss per share was $.05 per share, a sequential quarterly improvement from a net loss per share of $0.06 in the first quarter 2009. General and administrative expenses totaled $661,000 for the first quarter 2009, compared with over $1,028,000 Million in the first quarter of 2009, nearly a 36% reduction. These results are consistent with the Company’s transition from a developmental stage company to a revenue generating company.

As of January 31, 2009, Solar Energy Initiatives had total assets of $1,882,000, an increase of 321% compared to total assets of $447,000 at January 31, 2008. The increase in revenue and total assets were a result of the acquisition completed in August and an increase of certified dealers within Solar Energy’s dealer network.

“We are pleased with both the top line growth and operational milestones achieved during the quarter,” continued, Mr. Fann. “We not only successfully increased our revenue base, but we aggressively lowered our expenses as we move towards profitability. We expect our revenues for the third quarter to double compared to our second quarter results. Management is confident that this upward trending momentum will continue through 2009 and the foreseeable future. We are excited with the current status of prospective business generation and the direction in which the Company is headed. Our expanding dealer network will continue to improve revenue, and we expect to reach positive cash flow status next quarter, thus helping us to achieve our ultimate goal of improving shareholder value.”

Conference Call

Solar Energy Initiatives will host a conference call to discuss the Company\'s annual financial results for the second quarter period ended on January 31, 2009.

The conference call will take place on March 18, 2009 at 4:30 pm (EST). If calling within the United States please dial 1-800-762-8779 or if calling internationally, please dial 1-480-629-9041 approximately 5 to 10 minutes prior to 4:30 pm (EST) start time. Participants should ask for the Solar Energy Initiatives Second Quarter 2009 Financial Results conference call. There will be a playback available until March 25, 2009. To listen to the playback, please call 1-800-406-7325 if calling within the United States or 1-303-590-3030 if calling internationally. Please use the pass code 4032527 for replay.

A live audio webcast of the conference call will also be available at www.solarenergy.com.