SCOTTSDALE, Ariz., Sept. 20, 2016 /PRNewswire/ -- NanoFlex Power Corporation (OTCQB: OPVS), a developer of advanced solar technologies, today announced that it has issued a Letter to Shareholders providing an update on its business operations, strategy, and outlook. Additionally, the Company encourages investors to review its most recent SEC filings, including its Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, available at www.sec.gov or ww.nanoflexpower.com.
To Our Shareholders,
At NanoFlex Power, we continue to move toward commercialization – the most exciting stage in our company's history.
NanoFlex's technology platform's low cost III-V semiconductor manufacturing process enables the first terrestrial application of the highest efficiency double junction solar cells for commercial, military, and other applications. The combination of flexible thin films, ultra-high efficiency, and competitive cost provides a compelling and differentiated solution for applications that demand light weight and high power output within limited space. These potential applications include mobile military applications, space-constrained rooftops of multi-level buildings, outdoor equipment, community solar farms, and vehicles.
Over the past year, NanoFlex has reached significant goals including:
- Establishing a distinguished core engineering team
- Signing a joint development agreement ("JDA") and commencing commercialization with one of the leading manufacturers of high efficiency solar cells
- Working with integration partners to assist with prototype product design and development
- Engaging with a number of potential customers in advanced discussions for sponsored development opportunities
- Streamlining our cost structure to align it with our commercialization efforts
Looking ahead, our strategy centers around several key tenets to expedite the commercialization of our high efficiency solar technology and position NanoFlex for success. These include:
- Building high caliber operating and technical teams
- Design and fabrication of prototypes for demonstration and testing in commercial and military implementation
- Expediting development and commercialization while mitigating risk
- Intensifying business development efforts to create additional revenue opportunities
- Reducing costs by aligning resources and investments with commercialization
Our executive leadership team has developed a business strategy that expedites product development while mitigating risks. We have instituted a disciplined and lean culture focused on commercialization and market penetration.
Our technical engineering team, along with University of Michigan ("UM") researchers and our industry partner, continues to develop high efficiency products and enable transfer of our technology into commercially viable products. We will expand our team in a measured approach, aligning our talent with revenue opportunities and risk mitigation efforts.
NanoFlex is focused on expediting product development and commercialization. We are working closely with industry partners and customers to develop products that address key customer requirements and deliver compelling competitive advantages. Our JDA with our manufacturing partner enables us to accelerate commercialization and reduce risk in a low-cost and efficient manner. Our teams are working closely together and we are pleased with our progress. Looking ahead, we believe that this JDA paves the way to a long-term licensing agreement as well as a supply agreement for NanoFlex to provide products directly to customers as we develop new markets.
We are also collaborating with our research and industry partners to pursue government-sponsored projects that are well-aligned with our product development and commercialization strategy to support product and process development. Ongoing discussions with potential customers affirm the value of our technology and we believe we are making positive progress with these efforts. Further, we have identified additional funding opportunities and we intend to intensify our marketing and business development efforts to develop this business. We are expanding our outreach within military channels as well as with potential system integration partners in multiple end-markets.
Over the past several quarters, we have aggressively reduced costs while shifting resources and investments to execute our commercialization strategy. We have implemented savings initiatives across our entire cost structure. First, we have reduced patent expenses by more than 40%, aligning the patent portfolio with our market development strategy, while continuing to provide us with a very strong position in key strategic jurisdictions. Second, we have realigned our engineering efforts from scientific research to focus on development and commercialization of our high efficiency technologies. We have hired engineers to focus on high efficiency product development and have established a new research program with UM to support these efforts. Additionally, to enable us to focus our resources and efforts on commercialization of our high efficiency product, we have temporarily suspended our sponsored research for our organic photovoltaic ("OPV") technology while we seek a development partner and/or sponsored funding for OPV commercialization. Third, we have reduced our general and administrative expenses through decreased corporate headcount and executive salary reductions. Our most recent financial reports reflect the early impact of these efforts and we anticipate further reductions in the coming quarters. Nonetheless, we remain capital constrained and plan to continue to address this through revenue generation, cost containment, and fundraising.
We are confident that our achievements over the past year position NanoFlex for success as we strive to be a globally-recognized technology leader disrupting the solar photovoltaic industry – an enabler of abundant and omnipresent solar.
We believe opportunity is now within reach for NanoFlex Power. We sincerely appreciate your loyalty, support, and patience and we look forward to sharing news of our continued progress.
Chief Executive Officer
About NanoFlex Power Corporation
NanoFlex Power Corporation is engaged in the research, development, and commercialization of advanced configuration solar technologies which enable unique thin-film solar cell implementations with what we believe will be industry-leading efficiencies, light weight, flexibility, and low total system cost. NanoFlex's sponsored research programs at USC, Michigan, and Princeton University have resulted in an extensive portfolio of issued and pending patents worldwide covering flexible, thin-film photovoltaic technologies. Pursuant to its sponsored research agreements, NanoFlex has obtained the exclusive worldwide license and right to use and sublicense any and all intellectual property resulting from the Company's sponsored research programs. For more information, visit www.nanoflexpower.com.
Caution Regarding Forward Looking Statements
Certain statements in this news release are forward-looking, including (without limitation) expectations or guidance respecting commercialization. Undue reliance should not be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company's actual results, performance and trends could differ materially from those indicated or implied by such statements as a result of various factors, including (without limitation) its continuing research and development efforts and acceptance of new technologies in the marketplace and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of those and other risk factors and cautionary statements that could affect future results, performance or trends are discussed in the Company's most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
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SOURCE NanoFlex Power Corporation