Envision Solar Announces Debt Reduction Continued Management Results in Debt Reduction and Note Re-Negotiation
SAN DIEGO, Feb. 7, 2012 /PRNewswire/ -- Envision Solar International, Inc., ("Envision Solar") (OTCBB:EVSI), a leading sustainable infrastructure product designer and developer, today announced that the company was successful in both reducing and renegotiating the company's debt positions at the end of 2011. Envision Solar was able to extend, with similar or more favorable terms, approximately $1,650,000 in various notes payable that were originally due December 31, 2011. Further, the Company was able to reduce by approximately $550,000 other debts on the balance sheet, which existed prior to the Company's 2010 re-organization, through various negotiated settlements.
Envision Solar's President and CEO, Desmond Wheatley, said, "Debt management is a key element of our broader strategy for long term growth and profitability. Our ability to renegotiate notes is a strong indication of our creditors belief in our growth and success. Similarly our ability to negotiate reductions in prior debt obligations while remaining current on our existing vendor accounts speaks of the new management team's commitment to fiscal discipline and creating a growth platform. Debt in itself is not a bad thing so long as it is responsibly managed. Increased sales and continued fiscal discipline are two main areas of focus for the Company in 2012. These latest improvements in our debt position will significantly improve our opportunities for success."
Wheatley continued, "Recent developments such as the California Air Resources Board's unanimous decision to mandate that one in seven new vehicles sold in California by 2025 be electric and zero emissions point to an incredible growth opportunity for our company. We build the renewable energy infrastructure to make that sort of commitment possible and our recent deployments with a Utility and a Governmental organization demonstrate that we have a proven product to get it done."
For more information about Envision Solar, visit www.envisionsolar.com.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a leading sustainable infrastructure product designer, and integrator deploying clean energy systems globally. The solar design firm provides strategic long-term solutions and includes comprehensive sustainability planning and design optimization for its solar array structures. The company is a leader in the invention and construction of solar structures that address unused millions of acres of parking spaces. Its innovative systems include products for commercial and institutional projects, such as EnvisionTrak™, CleanCharge™, Solar Tree®, Solar Grove®, Solar Row™, LifePort®, LifePod™, LifeVillage™ solar systems and others. Envision Solar is listed on the OTC Bulletin Board under the symbol [OTCBB: EVSI]. For more information on the company, contact 1-866-746-0514.
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Envision Solar International
SOURCE Envision Solar International, Inc.