Clear Skies Solar Issue Letter to Shareholders
Published In: Business, New York 
Tuesday, January 19, 2010 10:00 AM
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MINEOLA, N.Y., Jan. 19 /PRNewswire-FirstCall/ -- Clear Skies Solar, Inc. (OTC Bulletin Board: CSKH), a full-service renewable energy provider to commercial, industrial and agricultural clients, issued the following letter to its shareholders:
(Logo: http://www.newscom.com/cgi-bin/prnh/20090306/CSSLOGO )
Dear Fellow Shareholders:
As a new year begins, we would like to provide you with an update and perspective on the progress of Clear Skies Solar to position itself as a successful, sustainable and dynamic solar energy provider.
As all of us are well aware, during the past 18 months there has been a considerable upheaval in many of the world's financial markets. Specifically, during much of 2009, there was a near complete freeze on capital for project and general financing for our clients. Without available credit in the markets, our clients had no means of closing on our contracts and we were not able to provide the Power Purchase Agreement (PPA) tool, which is a form of third-party financing that has driven the solar industry for many years. Of course, this situation significantly affected our revenue generation during the past year. Nonetheless, we are very happy to say that CSS was able to successfully navigate its way through the financial crisis, thereby avoiding the predatory and toxic lending practices that other firms have had to implement in order to complete client projects. In summary, we have kept our management team intact and our operations have remained strong.
Only in the past few months has much changed as the economy in general, and the financial services sector in particular, is emerging from the recent global crisis. The credit markets are clearly starting to open-up and we now have several large projects which are in the final stages of approval and, while there can be no assurance of ultimate installation, we are very positive about the prospects for our future. In fact, we currently have more than $100 million of active proposals and are becoming increasingly positive relative to the conversion of a substantial portion of this into actual revenues to be posted during 2010.
With the extension of the Federal Investment Tax Credit ("ITC") through 2016, the introduction of many state and local government incentives, record low solar module prices and general renewed interest in solar energy, the market environment for solar power implementation has, in our opinion, never been brighter. We are seeing considerable interest in new projects and it appears that many projects that had been placed on hold due to the financial crisis are now being restarted. As a result, we are expecting to realize considerable revenue growth during 2010.
We would also like to reassure the shareholders that we are poised to take advantage of the above noted positive trends within the solar industry, which we believe will result in substantial near-term market share gains as we continue to deliver high quality solar projects throughout the expanding solar energy marketplace. We urge all of our shareholders to closely monitor our upcoming announcements. We believe 2010 will be an exciting year for Clear Skies Solar, Inc.
Sincerely,
Ezra Green
Chairman and Chief Executive Officer

SOURCE Clear Skies Solar, Inc.


 
Tuesday, January 19, 2010 10:00 AM

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