CBD Energy Limited (AUST:CBD), a diversified renewable energy
company, has signed its first solar PV installation contract in the
United States. The project is a design, engineering, procurement
and construct (EPC) contract to build a solar system for a school
in New Jersey. Westinghouse Solar, Inc. (Nasdaq:WEST) will partner
with CBD's EPC division to deliver the project.
This is the first step by CBD in establishing a US solar EPC
business. CBD will utilize technical expertise and project
management services from its international EPC division and from
Westinghouse Solar to deliver the project. The project involves
installing multiple rooftop and carport solar PV systems, to supply
power to the school, and excess power to be sold back into the
grid.
The approximate value of the project is US$3.8 million. Project
commencement is anticipated in mid-July and is expected to take
approximately three months to complete. The financial impact is
anticipated to be recognized in the merged entity during the second
half of 2012.
James Greer, CBD Energy, Senior Vice President, US Development
& Investor Relations commented, "The successful completion of
this first solar project will be an important demonstration of
CBD's competitive advantage in a market that has significant
renewable energy development. As CBD solidifies its U.S. market
presence by merging with Westinghouse Solar, we are looking forward
to increasing project volume and further validating our entrance in
the US market."
Westinghouse Solar CEO Margaret Randazzo commented, "We are very
excited to see CBD secure a market win here in the U.S. and to
partner with their EPC division to make the project successful.
Expansion to capture EPC opportunities such as this project in the
U.S., and the development of international distribution
opportunities for Westinghouse Solar, such as the agreement we
previously announced with CBD for sales of our solar panels to
Harvey Norman in Australia, are examples of the new markets and
synergies we were looking for from a CBD and Westinghouse Solar
business combination."
CBD Managing Director, Gerry McGowan, stated, "Entering the U.S.
commercial market is an important milestone for CBD, and leverages
our experience from the projects we are constructing in Europe,
Asia and the South Pacific. We are able to achieve this expansion
by bringing together our engineering expertise, project management
capabilities and cost effective supply chain to work with a local
workforce to deliver cost efficient renewable energy solutions.
Over the course of a day, CBD now has continuous operations in
delivering renewable energy projects around the globe."
About CBD Energy (AUST: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, Australia,
North America and Southeast Asia, both directly and through joint
ventures. For more information on CBD Energy Limited, visit
www.cbdenergy.com.au.
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=7801
Forward-Looking And Cautionary Statements – Safe
Harbor
This press release may contain forward-looking statements,
including with respect to future projects, revenue and 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, 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 complete planned solar
PV system projects, or to secure further projects in the U.S. or
other markets, ability to purchase solar panel products at
anticipated prices, 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,
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: Gerry McGowan
Managing Director, CBD Energy Limited
Tel + 61 419 717 717
gerrymcgowan@cbdenergy.com.au
James Greer
Senior Vice President
US Development & Investor Relations, CBD Energy Limited
Tel +1 917 714 4791
james.greer@cbdenergy.com.au
Media inquiries:
Ian Westbrook
Westbrook Financial Communications
+61 407 958 137
ian@westbrookfin.com.au
Westinghouse Solar Investor Relations Contact:
Genesis Select
Matthew Selinger, Partner
+1 303 415-0200
mselinger@genesisselect.com
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