Clear Skies Solar Cleans Balance Sheet
16 August 2010 - 11:40PM
Clear Skies Solar, Inc. (OTCBB:CSKH), a full-service renewable
energy provider to commercial, industrial, and agricultural
clients, today announced a significant restructuring of its
balance sheet with nearly all convertible debt being cleared from
the balance sheet. This event marks the end of the financial
arrangement resulting from the financial market crisis of 2008 and
2009. As a result of this restructuring, Clear Skies Solar
plans to aggressively accelerate its business model.
The financial groups that invested in Clear Skies Solar notes
have now converted or agreed to convert the vast majority of their
notes into common stock and they have also surrendered all of their
existing warrants for cancellation. This resulted in the
removal of all liens on corporate assets and other restrictions on
our activities. This event enables the corporation to have
significantly increased flexibility in the financing of future
projects allowing for acceleration in project implementations.
"Now that we have survived the worst 2009 had to offer, we have
rebounded by completing several projects in the first quarter of
2010 and are now working on several other projects, with the
previously issued guidance of $16 million in revenue for 2010 still
intact," said Ezra Green, Clear Skies Solar CEO. "We want to
thank the financial groups that provided us with important
financing during the past difficult periods. Now that we have
concluded negotiations with these groups, which has resulted in
nearly all convertible debt being removed from the balance sheet
and the cancellation of warrants, we are now in a position to move
forward clearly and aggressively with no further
encumbrances. Our convertible debt obligation currently stands
at only $58,000, which will likely also be paid off or converted
over the short term. We have started aggressively executing
our business model and look forward to consistently bringing good
news to our shareholders, starting in the very near future. We
are clearly excited about our business moving forward and
appreciate the support we have received from all of our
investors."
About Clear Skies Solar, Inc.
Clear Skies Solar, Inc. (CSS) through its wholly-owned
subsidiary provides full-service renewable energy solutions to
commercial, industrial, and agricultural clients across the
country. CSS was incorporated in 2003 and launched formal
operations in 2005. During that time period, CSS developed its
proprietary systems, obtained licenses and certifications, and
acquired technologies that could maximize the impact of its
construction expertise in the renewable energy sector. CSS has
become one of the premier solar electric installation companies in
the country. For more information about CSS, please visit
http://www.clearskiessolar.com.
The Clear Skies Solar, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7498
CONTACT: Clear Skies Solar, Inc.
Investor Relations Department
1-877-309-CSKH (2754)
IR@ClearSkiesSolar.com