U.S. Solar Company Clarifies Recent Announcements

A U.S. company that uses solar photovoltaic technology to generate electricity has corrected a public announcement it made last month.

LA JOLLA, California (US) 2002-02-08 [SolarAccess.com] New Energy Corp says it issued a release on January 3 that incorrectly stated that it had signed a contract to sell electricity to Teixeira Farms of Santa Maria, California. However, Teixeira Farms did not sign such a contract. The transaction that was intended to be described in the release relates to a series of purchase orders received from Distributed Power Systems. New Energy has a marketing agreement with MegaWatt Energy Corp, which received purchase orders from Distributed Power Systems for the installation of 4 MW of solar PV generators worth US$36 million. Megawatt assigned those purchase orders to New Energy. New Energy says the error was due to confusion over the transaction with its investor advisor, Magnum Financial Group, which wrote the release. It says the two firms have revised their system to ensure that releases drafted by Magnum on behalf of New Energy, have been properly reviewed and authorized before they are released. “It is Magnum’s policy to insure that all material facts incorporated into press releases issued by Magnum on behalf of Magnum clients are vetted by an authorized company represented and approved for release,” explains Michael Manahan, president of Magnum. “Clearly, in this instance, our system broke down.” New Energy deploys High Concentration Photovoltaic (HCPV) technology to deliver electrical and thermal solar energy generators to residential, commercial, industrial and utility scale end-users. Stratos Research LLC has suspended coverage of New Energy pending clarification of information contained in a research report issued by Stratos Research on December 18. The report, available to investors through the Stratos web site, has been temporarily removed. “While the information included in the research report on New Energy was received from sources we believe to be reliable, it has been brought to our attention that the report may include factual errors,” explains Manahan, who is also president of Stratos Research, a division of Magnum Financial Group. “Although Stratos is typically compensated for the research reports that it publishes, we endeavor to ensure that our research reports are materially correct, and realistically describe a company’s prospects.”
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