SESI SES Solar Inc (CE)

Dutton Associates updates its coverage of SES Solar (OTCBB: SESI) maintaining a Speculative Buy rating and a $1.25 price target. The 12-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, Zacks, Reuters, Knobias, and other leading financial portals. SESI researches, develops, produces, and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. The Company has developed a new assembly technology for solar panels that allows for higher-quality electrical contacts, better performance, and reduced costs. In 2008, SES anticipates completing the plant, producing prototype products, having them tested and licensed in accordance with European and other standards, and commencing production and sales of new products on a limited basis. The Company expects to ramp up production and sales of new products at the plant in 2009. Although we project that revenue will be modest until the new plant is fully operational in 2009, we are upbeat about the Company�s long-term prospects. During 2008, we believe that income statement trends are likely to be less relevant to investors than the achievement of certain operational and strategic milestones. SES reported 1Q 2008 revenue of $83,138 from the sale of electricity generated by a solar plant on the roof of the new facility, which is under construction near Geneva, Switzerland, and a net loss of $212,525 or $0.003. SES believes that its cash, cash provided by operating activities, and cash available from existing loans will be adequate to meet working capital requirements for the next 12 months. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received US $65,500 from the Company for 8 Research Reports with coverage commencing on 10/16/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.