Envision Solar Announces Major Business Development Event, 2011 Results and Significant Debt Reduction
Gross margin profitability for 2011, a further $1M in debt reduction and a Fortune 10 company signs a major LOI
SAN DIEGO, April 3, 2012 /PRNewswire/ -- Envision Solar International, Inc., (OTCBB:EVSI), the leading solar shaded parking infrastructure product designer and developer, announced that it has executed a Letter of Intent with a Fortune 10 company to collaborate in the promotion and deployment of the Company's Solar Tree® structures to hundreds of locations across the US. The program is slated to commence in the first half of 2012 and continue through 2014. The letter of intent covers over 900 locations and includes the deployment of Solar Tree® structures which incorporate Envision's CleanCharge™ CI™, "column-integrated" electric vehicle charging stations and EnvisionTrak™ dual-synchronous solar tracking technology.
The Company also announced the recent release of FY 2011 results with profitability at the gross margin line and, even further, the subsequent conversion of $1 million in debt at a premium to the share price at the time of the conversion.
"We have a well defined strategy and we are executing on it," stated Desmond Wheatley, President and CEO of Envision Solar. "We have created the highest quality, scalable product in the industry and demonstrated that we can deploy profitably at the gross margin line at comparatively low volumes. We have attracted fantastic customers who love our product and this letter of intent is one more strong indication of our trajectory to significantly increased volume. Further, we are managing the business such that the gross margins we earn have the least resistance on their path to earnings per share. These three crucial elements of our strategy should lead to a very good 2012 for the Company."
For more information about Envision Solar, visit www.envisionsolar.com.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a leading Renewable Energy product designer and integrator deploying clean energy systems globally. The solar design creates unique and proprietary solar array structures. The company is a leader in the invention fabrication and deployment of solar structures that address the vast amount of underutilized real estate committed to parking spaces by turning them into beautiful Renewable Energy generation plants. Its innovative systems include products for commercial and institutional projects, such as the proprietary tracking solution, EnvisionTrak™, CleanCharge™, column integrated Electric Vehicle charging stations, Solar Tree®, Solar Grove® 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.
Envision Solar International, Inc.
SOURCE Envision Solar International, Inc.
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