Westinghouse Solar, Inc. (Nasdaq:WEST), a designer and manufacturer
of integrated rooftop solar power systems, and CBD Energy Ltd.
(ASX:CBD), a diversified renewable energy company, today jointly
announced an agreement to begin distributing Westinghouse Solar
Instant Connect™ Solar Power Systems to Harvey
Norman Commercial Division.
Westinghouse Solar CEO Margaret Randazzo commented, "We are
excited to see such early and significant results of the
collaborative efforts of CBD in marketing our products. To put this
agreement in perspective, this order results in an increase that
more than doubles our volume of shipments from the preceding year.
Additionally, this demonstrates how we can leverage the global
model and international market access that CBD offers, and gives us
the opportunity to grow revenue outside the US market without
punitive tariffs."
"We have high regard in the brand and multi award winning
technology that Westinghouse Solar offers," said Gerry McGowan,
Managing Director and CEO of CBD. "While CBD has been the main
supplier of solar panels to Harvey Norman Commercial Division for a
number of years, the size and scope of this agreement validates our
assessment that there is an appetite for Westinghouse Solar's
innovative products in the Australian market. Harvey Norman
Commercial Division recognized the superior ease of use and safety
of the systems, combined with the strength of the Westinghouse
brand. The results of this activity clearly illustrate that
Westinghouse Solar product is well positioned to be a global class
leader," Mr. McGowan said.
This five megawatt purchase commitment is expected to be
delivered over approximately six months following certification,
and is subject to the system being certified in Australia. The
certification process is currently underway and is expected to take
approximately three months to complete. Once certifications
are achieved, the company expects to begin shipping product in the
fourth calendar quarter of this year. The Harvey Norman brand name
is a retail icon throughout Australia with 185 franchised complexes
throughout the local market.
Mr. Alan Stephenson, Franchisee of Harvey Norman Commercial
Division said, "When CBD presented us with the Westinghouse
branded, integrated 'plug-and-play' solar power systems, with less
parts, superior safety and faster install times, we jumped at the
opportunity to offer these products to our customers. Having a
brand like Westinghouse to market is a great advantage for us.
Unlike other regions of the world, the uptake of solar is quite
strong, with over 830 megawatts sold in the Australian market last
year. We look forward to having this differentiated product. Harvey
Norman Commercial Division has been selling to the Building
Industry for over 12 years. In addition to supplying kitchen,
bathroom items, hot water and air conditioning systems, we have
established a solar business, which we believe, will be a market
leader. With Australian power pricing continuing to rise, we are
continuing to see very strong demand for solar installations as we
are already at grid parity," Mr. Stephenson said.
About Westinghouse Solar: (Nasdaq:WEST)
Founded in 2001, Westinghouse Solar is a designer and
manufacturer of solar power systems. In 2007, Westinghouse Solar
pioneered the concept of integrating the racking, wiring and
grounding directly into the solar panel. This revolutionary solar
panel, originally branded "Andalay", quickly won industry acclaim.
In 2009, the company again broke new ground with the first
integrated AC solar panel, reducing the number of components for a
rooftop solar installation by approximately 80 percent and lowering
labor costs by approximately 50 percent. This AC panel which won
the 2009 Popular Mechanics Breakthrough Award, has become the
industry's most widely installed AC solar panel. A new generation
of products named "Instant Connect" has just been introduced and is
expected to achieve even greater market
acceptance. Award-winning Westinghouse Solar Power Systems
provide the best combination of safety, performance and
reliability, while backed by the proven quality of the Westinghouse
name. For more information on Westinghouse Solar, visit
www.westinghousesolar.com.
The Westinghouse Solar logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7708
About CBD Energy (ASX:CBD)
CBD is Australia's emerging leader in renewable energy, enabling
the efficient use of renewable energy for utilities, businesses and
households through operations in wind, solar, energy storage and
engineering. It has become one of the largest non-utility suppliers
and installers of solar energy generation equipment for both large-
and domestic-scale operation in Australia. Utilizing its globally
competitive supply chain, CBD is also currently developing and
profitably installing solar projects in Europe and Southeast Asia,
both directly and through joint ventures. For more information
on CBD, visit www.cbdenergy.com.au.
About Harvey Norman (ASX:HVN)
Harvey Norman Holdings Ltd, an Australian public company that,
as a franchisor, grants franchises to independent business
operators, as business owners who retail products for the home and
office in the following categories: Electrical, Computers &
Communications, Small Appliances, Furniture, Bedding &
Manchester, Home Improvements, Lighting and Carpet & Flooring.
There are Harvey Norman stores in Australia, New Zealand, Slovenia,
Ireland, Singapore and Malaysia. Harvey Norman operates under three
leading brand names: Harvey Norman, Domayne and Joyce Mayne.
Harvey Norman has become a household name and everyone is
familiar with the slogan 'Go Harvey, Go Harvey, Go Harvey Norman'.
This company motto, much like the supporting anthem for a favourite
sporting team, conveys the enthusiasm and entrepreneurial spirit
embedded in the Franchise operators and the Harvey Norman
culture.
Forward-Looking And Cautionary Statements – Safe
Harbor
This press release may contain forward-looking statements,
including with respect to future revenue and product sales by
Westinghouse Solar and CBD. Those statements and
statements made in this release that are not historical in nature,
including those related to future benefits and synergies of the
proposed merger, cost and supply chain improvements, competitive
advantages, and international distribution opportunities,
constitute forward-looking statements within the meaning of the
Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by the
use of words such as "expects," "projects," "plans," "will," "may,"
"anticipates," believes," "should," "intends," "estimates," and
other words of similar meaning. These statements are based on
current plans, estimates and projections, and, therefore, you
should not place undue reliance on them. These statements are
subject to risks and uncertainties that cannot be predicted or
quantified, and CBD and Westinghouse Solar caution that actual
results may differ materially from those expressed or implied by
such forward-looking statements. These statements are subject to
the following risks and uncertainties: difficulties, delays,
unexpected costs or the inability to achieve product certification
in Australia, or to secure and ramp up manufacturing capacity to
support increase demand, ability to purchase product at anticipated
prices, potential order cancellations, return privileges or
warranty claims by wholesale or end user customers, difficulties,
delays, unexpected costs or the inability to consummate the
proposed merger between CBD and Westinghouse Solar and other
transactions referred to in this communication and those described
in the documents that Westinghouse Solar files with the U.S.
Securities and Exchange Commission, as well as risks
associated with the inherent uncertainty of future financial
results, additional capital financing requirements, and development
and introduction of new products by CBD, Westinghouse Solar or
their respective competitors, uncertainties in the timing of
availability and manufacturing volumes of products from suppliers,
the effectiveness, profitability, and marketability of new
products, the ability to protect and defend proprietary rights and
information, the impact of current, pending, or future legislation,
regulation and incentive programs on the solar power industry, the
impact of competitive products or pricing, technological changes,
the ability to identify and successfully acquire and grow
distribution customers, and the effect of general economic and
business conditions. All forward-looking statements included in
this communication are made as of the date of this communication,
and neither CBD nor Westinghouse Solar assumes any obligation to
update any such forward-looking statements, whether as a result of
new information, future events or otherwise.
Statement Regarding Additional Information That Will
Become Available
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. The publication or distribution of this
communication may, in some countries, be restricted by law or
regulation. Accordingly, persons who come into possession of this
document should inform themselves of and observe these
restrictions. To the fullest extent permitted by applicable law,
CBD, Westinghouse Solar and their respective affiliates disclaim
any responsibility or liability for the violation of such
restrictions by any person.
This communication is being made in respect of a proposed merger
involving CBD and Westinghouse Solar. In connection with the
proposed merger, CBD and Westinghouse Solar will file with the U.S.
Securities and Exchange Commission (the "SEC") a Registration
Statement on Form F-4 containing a proxy statement/prospectus, and
each of CBD and Westinghouse Solar may file with the SEC other
documents regarding the proposed merger. CBD will provide
disclosure and arrange for solicitation of the votes of its
shareholders in accordance with Australian regulations. Such
documents are not currently available. BEFORE MAKING AN INVESTMENT
OR VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE ADVISED TO
READ THE PROXY STATEMENT/PROSPECTUS AND OTHER FILED DOCUMENTS
CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain a copy of the
Registration Statement on Form F-4 containing a proxy
statement/prospectus (when available) and all other documents filed
with the SEC by CBD and Westinghouse Solar free of charge at the
SEC's website at www.sec.gov. Investors and security holders may
also obtain copies of these documents, free of charge, from
Westinghouse Solar by directing a request to Westinghouse Solar,
Attention: Margaret Randazzo, (408) 402-9400, or by going to
Westinghouse Solar's website at
www.westinghousesolar.com. Additionally, investors may
obtain copies of these documents, free of charge, from CBD by going
to CBD's website at www.cbdenergy.com.au.
Participants in the Merger Solicitation
Westinghouse Solar and CBD, and their respective directors and
executive officers, may be deemed to be participants in the
solicitation of proxies in respect of the proposed merger and
related matters. Information regarding Westinghouse Solar's
directors and executive officers is contained in Westinghouse
Solar's annual report on Form 10-K, filed with the SEC on March 16,
2012, and amendment on Form 10-K/A, filed with the SEC on March 26,
2012. Information regarding CBD's directors and executive officers
is contained in CBD's statement on Schedule 13D, filed with the SEC
on January 9, 2012 (as amended to date). Additional information
regarding the interests of such potential participants will be
included in the Registration Statement on Form F-4 containing a
proxy statement/prospectus and the other relevant documents filed
with the SEC (when available). Investors can also obtain
free copies of these documents from CBD and Westinghouse Solar
using the contact information above.
CONTACT: FOR WESTINGHOUSE SOLAR:
Investor Relations Contact
Matt Selinger
Genesis Select
(303) 415-0200
mselinger@genesisselect.com
Public Relations Contact:
Gary Mull
Westinghouse Solar Inc.
(408) 402-9478
pr@westinghousesolar.com
FOR CBD ENERGY:
United States Contact:
James Greer
CBD Energy
(917) 714-4791
james.greer@cbdenergy.com.au
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