EXHIBIT 99.1
SOLAR3D TO ACQUIRE MD ENERGY
LEADING SOLAR POWER COMPANY SIGNS DEFINITIVE PURCHASE AGREEMENT TO ACQUIRE 100%
OF SOUTHERN CALIFORNIA-BASED SOLAR SYSTEMS PROVIDER
Santa Barbara, CA - November 6, 2014 - Solar3D, Inc. (OTC: SLTD), a leading
solar power company and the developer of a proprietary high efficiency solar
cell, today announced that it has signed a definitive purchase agreement to
acquire 100% of MD Energy, LLC, a Rancho Cucamonga, California-based a solar
systems provider. The purchase is part of Solar3D's growth-by-acquisition
strategy, which is intended to dramatically accelerate the company's top line
revenues, as well as its operating earnings.
MD Energy is a premier provider of solar energy projects. It has designed and
installed systems from a few kilowatts up to multi-megawatts for a variety of
residential, commercial and industrial customers. MD Energy is operating
profitably and its revenue in 2014 is anticipated to be approximately $7.3
million with substantial growth expected in 2015. Following the acquisition, MD
Energy will continue to operate as a wholly owned subsidiary of Solar3D.
"The acquisition of MD Energy is a perfect compliment to our SUNworks
subsidiary, which is growing very rapidly in Northern California," said Jim
Nelson, Solar3D's CEO. "MD Energy is located in Southern California, arguably
the hottest solar market it the world right now. Our acquisition strategy is
dependent on only acquiring companies with great leaders. We have that with
Danny Mitchell, who will continue to lead his team of experienced professionals.
We have enormous confidence in the commitment and competitive strength of MD
Energy's management team."
"Another reason that MD Energy is so attractive is that the skillsets of its key
people complement our team at SUNworks so well," Nelson continued. "Couple that
with our ambitious expansion plans, and we believe we have established a winning
formula for growth that we expect to continue in 2015 and beyond."
Danny Mitchell, CEO of MD Energy commented, "For our team at MD Energy, the
relationship with Solar3D gives us the resources and strength to take our growth
to another level. We believe in the vision of Solar3D's strategy, and believe
that the combination of our various organizations will lead to rapid growth
throughout California."
This acquisition, following a similar purchase of SUNworks in January 2014,
allows Solar3D to take advantage of the rapidly growing US solar market, which
is expected to exceed 20 gigawatts by the end of 2015, a 300% increase since
2011. Solar3D, MD Energy, and SUNworks are all headquartered in California,
which leads the nation with almost 250,000 solar projects, comprised of over
2,300 megawatts installed. With approximately 25% of residential and commercial
rooftops in the country deemed suitable for solar, management believes that
Solar3D is poised for significant revenue growth, as it positions itself to take
advantage of this rapidly expanding market.
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Nelson concluded, "We are working to achieve our goal of bringing affordable
solar power to the world. In 2014, our management team has developed what we
believe to be the best solar design and installation program in the US, and by
remaining focused on well defined market opportunities, we anticipate even
greater success in 2015."
The closing of the MD Energy acquisition, as described in the definitive
purchase agreement, is subject to Solar3D's satisfactory review of the
operations and financial and corporate records of MD Energy. The transaction is
expected to close by February 2015.
ABOUT SOLAR3D, INC.
Solar3D is a leading provider of solar power solutions and the developer of a
proprietary high efficiency solar cell. The company's SUNworks division focuses
on the design, installation and management of solar power systems for
commercial, agricultural and residential customers. SUNworks is one of the
fastest growing solar systems providers in California and has delivered hundreds
of 2.5 kilowatt to 1-megawatt commercial systems and has the capability of
providing systems as large as 25 megawatts. Solar3D's technology division is
developing a patent-pending 3-dimensional solar cell technology to maximize the
conversion of sunlight into electricity. The Solar3D Cell collects sunlight from
a wide angle and lets light bounce around in 3-dimensional microstructures on
the solar cell surface. The Company's mission is to further the widespread
adoption of solar power by deploying affordable, state-of-the-art systems and
developing breakthrough new solar technologies.
To learn more about Solar3D, visit our website at http://www.Solar3D.com.
SAFE HARBOR STATEMENT
Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. When
used in this press release, the words "anticipate," "believe," "estimate,"
"may," "intend," "expect" and similar expressions identify such forward-looking
statements. Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on the
expectations of the Company and are subject to a number of risks and
uncertainties. These risks include, but are not limited to, risks and
uncertainties associated with: the impact of economic, competitive and other
factors affecting the Company and its operations, markets, products, and
prospects for sales, failure to commercialize our technology, failure of
technology to perform as expected, failure to earn profit or revenue, higher
costs than expected, persistent operating losses, ownership dilution, inability
to repay debt, failure of acquired businesses to perform as expected, the impact
on the national and local economies resulting from terrorist actions, and U.S.
actions subsequently; and other factors detailed in reports filed by the
Company.
Media Contact:
Eric Fischgrund - FischTank Marketing and PR
eric@fischtankpr.com
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