ROSEVILLE, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Sunworks, Inc. (Nasdaq:SUNW), a premier provider of high
performance solar power solutions for agriculture, commercial, industrial (ACI), public works and residential markets, today
announced that Stanley Speer, founder and principal of Speer and Associates, LLC, has been appointed to its Board of Directors,
effective May 14, 2018. Mr. Speer will serve as independent director and as chair of the Company’s Audit Committee.
Chuck Cargile, Sunworks’ Chief Executive Officer commented, “Stan is a financial expert with an exceptional
background. His experience over the last three decades as a partner of a top-tier accounting and auditing firm, a public
company chief financial officer and as an advisor to both private and public companies, makes him an ideal candidate to join our
board. I am eager to leverage Stan’s experience and am confident he will add value to our organization as we continue the
transformation of Sunworks.”
With this appointment, the Sunworks board is now comprised of a total of five members, including Mr.
Cargile. The other four are independent directors, two of whom have strong financial and investment backgrounds, Mr. Speer
and Joshua Schechter, and two solar industry experts, Daniel Gross and Rhone Resch.
Mr. Speer is the principal of Speer and Associates, LLC., a consulting firm he founded to provide practical
operational, financial and strategic solutions to public and private businesses. Previously, Mr. Speer was a Managing
Director with Alvarez & Marsal (A&M), in Los Angeles specializing in advising and assisting boards of directors, investment
groups, management groups and lenders in a wide range of turnaround, restructuring and reorganization situations. Prior to
joining A&M, Mr. Speer spent 10 years as CFO for Cadiz Inc., a publicly held real estate and water resource management company
and its subsidiary, Sun World International, a fully-integrated agricultural company. Prior to Cadiz, Mr. Speer was a partner with
Coopers & Lybrand (now PricewaterhouseCoopers), where he spent 14 years in the Los Angeles office specializing in business
reorganizations and mergers and acquisitions.
Mr. Speer commented, “Having focused most of my career on advising dynamic companies, I am excited to join the
board of Sunworks. I believe the company is undergoing very important changes to become a significant player in the advancement of
solar energy. I look forward to working with the leadership team and the other accomplished board members to help drive the
company’s strategy and growth.”
Mr. Speer earned his bachelor's degree in business administration from the University of Southern
California.
About Sunworks, Inc.
Sunworks, Inc. (SUNW) is a premier provider of high performance solar power systems. We are committed to quality
business practices that exceed industry standards and uphold our ideals of ethics and safety.
Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to
consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including
agricultural, commercial and industrial, federal, public works, and residential.
Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we stand by to support our
customers above and beyond their expectations.
Sunworks’ diverse, seasoned workforce includes distinguished veterans who bring a sense of pride, discipline,
and professionalism to their interaction with customers.
Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the
advancement of solar power.
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.
Investor Relations Contact:
Rob Fink
Hayden IR
646-415-8972
rob@haydenir.com
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