RAHWAY, N.J., Nov. 18, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Spectacular Solar, Inc. (OTCPK: SPSO), is pleased to announce that the company has posted its financials for the third quarter, a quarter that produced record revenues for the NJ-based solar company.
The company reported net revenue of $3,324,824 from a gross revenue of $4,421,412. The $3,324,824 represents an increase of over $2 million from the net revenue posted in the second quarter. The company has shown a profit for five straight quarters and shows no signs of slowing down.
“We are so pleased to be able to report these kinds of numbers to our investors and shareholders,” said CFO Antonio E. Perez. “Our team is in the final stages of negotiations for several large, multi-phase contracts, so we are most definitely looking forward to closing out 2019 with a bang.”
As the contracts continue to stream in and the revenues continue to increase, Perez and CEO Doug Heck recognize that the infrastructure of the company must grow as well.
“We know that we have to invest in the people, the equipment and the software needed to keep up with the pace of our ongoing growth,” Heck said. “As a start, we have put together a tremendous board of directors and have added two key people to the executive team, the specifics of both will be announced later in the week.”
Heck also followed up with the transfer agent on Friday regarding the forthcoming reduction in the common shares outstanding.
“I confirmed with Pacific Stock Transfer on Friday that they received the final signatures from me required to retire the block of common stock that was returned to the company treasury,” Heck said. “The new O/S of 375,148,167 shares should be reflected on OTCMarkets.com in the next day or so.”
For more information: please visit http://www.spectacularsolar.com and please follow us on Twitter: @SPECTACULARSOL1
Investor Relations/Media Contact: Gregg Boehmer: laynemichaelpr@gmail.com
Wyndham Hotel Project Video: https://youtu.be/BPLKjgdFaOw
About Spectacular Solar, Inc.: Spectacular Solar is a diversified company involved in solar system installations, investment fund management, and roofing contracting through its subsidiaries. DC Solar Integrators designs and installs state-of-the-art solar conversions for home and business owners. Star Power Services is a bonded and licensed roofing contracting company with expertise in new roof installation, repairs, and maintenance. The Solar Energy Investors Fund contributes to the ongoing insurance expenses directly associated with installation of solar systems. In return, the fund receives a share of tax benefits and ongoing revenue generated from electricity sales.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company doesn’t undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results, expressed or implied, in this or other company statements will not be realized. Readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
