AKEENA SOLAR 888-253-3628 fax: 408-395-7979 www.akeena.net
Corporate Headquarters: 605 University Avenue, Los Gatos, CA 95032
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Contacts:
Barry Cinnamon Kirsten Chapman/Mary Magnani
Akeena Solar, Inc. Lippert/Heilshorn & Associates
888-253-3628 415-433-3777
bcinnamon@akeena.net mmagnani@lhai.com
AKEENA SOLAR ANNOUNCES $2.0 MILLION LINE OF CREDIT
LOS GATOS, CA, FEBRUARY 2, 2007 - Akeena Solar, Inc. (OTC BB: AKNS), a leading
designer and installer of solar power systems announced it has secured an
accounts receivable based $2.0 million line of credit with Comerica Bank.
Barry Cinnamon, President and CEO of Akeena Solar, stated, "This credit facility
increases our working capital and provides additional financial flexibility to
take advantage of opportunities in the rapidly growing solar power industry. We
will continue expanding into additional markets like Orange County and Fresno,
CA. In 2007, we intend to drive growth by further broadening our footprint.
Also, we look forward to working with Comerica, a respected and established
provider of banking services."
The new facility provides for up to $2.0 million in financing to be used to fund
business operations and has an initial term through January of 2008. The credit
facility is subject to customary terms and conditions and covenants, including
several reporting and non-financial covenants.
ABOUT AKEENA SOLAR, INC.
Founded in 2001, Akeena Solar's (OTC BB: AKNS) philosophy is simple: We believe
producing clean electricity directly from the sun is the right thing to do for
our environment and economy. Akeena Solar has grown to become one of the largest
national integrators of residential and small commercial solar power systems in
the United States, serving customers directly in California, New Jersey, New
York, Connecticut and Pennsylvania. For more information, visit Akeena Solar's
website at www.akeena.net.
SAFE HARBOR
Statements made in this release that are not historical in nature 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," "plans" "will," "may,"
"anticipates," believes," "should," "intends," "estimates," and other words of
similar meaning. These statements are subject to risks and uncertainties that
cannot be predicted or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks associated with
the uncertainty of future financial results, additional financing requirements,
development of new products, the effectiveness, profitability, and marketability
of such products, the ability to protect proprietary information, the impact of
current, pending, or future legislation and regulation on the industry, the
impact of competitive products or pricing, technological changes, the effect of
general economic and business conditions. All forward-looking statements
included in this release are made as of the date of this press release, and
Akeena Solar assumes no obligation to update any such forward-looking
statements.
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