TORONTO, Jan. 27, 2015 /PRNewswire/ --Atlantic Wind & Solar, Inc. (OTC: AWSL) is pleased to update its shareholders regarding its most advanced projects in its pipeline and its financial results on operations.
Sales continued to climb with gross sales for the quarter at $2,073,468 equating to $5,488,588 for the first 9 months of 2014. The sales are almost double the same period in 2013.
Profitability continued reporting $971,594 for the first 9 months or $.021 per share - up substantially from the previous year's losses.
With the completion of more projects in the quarter a significant percentage of the payables and receivables have now been settled with more set for Q4 / Q1.
Solar PV Pipeline
Atlantic Solar has continued to develop a number of projects in Ontario, Canada with 9 projects connected to the grid and now supplying power to the Ontario Power Authority. As part of a solar development contract a number of these projects were purchased and are now owned and operated by an Ontario municipality.
"There is a very strong demand for completed projects in Ontario." says Chairman Gilles Trahan. "There is much less appetite for the time and work that goes into developing these projects from scratch. Atlantic continues to see an opportunity in having a presence in Ontario coupled with a patient understanding of the process."
Atlantic has signed a Letter of intent to sell its interest in its 20 MW Lagarto project in South America. Under the terms of the agreement, Atlantic would earn a one-time developer fee plus a gross production royalty that would result in over 15 years of cash flow.
Management expects to report similarly positive results and to move these projects, as well as new ones, forward over the balance of the year.
About Atlantic Wind and Solar Inc:
Atlantic is a developer of utility scale renewable energy plants with over 650 MW's of projects at various stages of development in Canada, South America and the Caribbean.
To read the full report and/or sign up for news alerts and updates visit the company's web site at: www.AtlanticWindandSolar.com.
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth within this website and these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. Nothing within this site is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.
Atlantic Wind & Solar Inc.
Main: +1-(416)900-0380 ext 321
Toll Free: +1-(800) 891-1657
Email: [email protected]
SOURCE Atlantic Wind & Solar, Inc