Rahway, New Jersey--(Newsfile Corp. - February 3, 2020) - Spectacular Solar, Inc. (OTC Pink: SPSO), is pleased to release the following corporate update in the form of an open letter from CEO Doug Heck to all stakeholders:
Dear Shareholders and Potential Investors,
First, I would like to thank each and every one of our loyal shareholders for their support. I firmly believe that the record growth and subsequent expansion of Spectacular Solar is not only sustainable but has the potential to occur at even more significant levels.
It is with great pride and pleasure that I am able to provide you with the first annual Spectacular Solar shareholder letter. In order to fulfill our promise to be as transparent as possible, this letter will be released in future years on or before February 3.
We finished 2019 on a very strong note. While we are still working with the audit committee, Albeck Financial Services, our pre-audit firm, and M & K to finalize and audit our financials, I can announce that our top line revenue number for the year exceeded $9 million. This was in line with our projections. The 2019 audited financials will be released before the March 31 due date for the annual report. An earnings call will be scheduled upon completion of the audit.
Upon filing our audited financials for 2019, we will immediately be submitting an application to uplist to the OTCQB Venture Market. This is simply not uplisting for the sake of trading on a higher platform. The Venture Market platform has the OTCQB Visibility Program as well as their Blue Skies Initiative, which allows retail brokers to make stock recommendations and distribute research material on OTCQB securities. This will be significant for Spectacular Solar.
We have already had preliminary discussions with the vice-president of OTC Markets Group and the audited financial report for 2019 is the final piece needed to successfully uplist. Our goal is to be able to trade on the NASDAQ by the close of 2021.
Our business model works and is built to be successful well into the future and every contract we sign is a win Spectacular Solar, our clients and you, our valued shareholders.
As a point of reference for all our shareholders, though contracts may be signed, we do not announce contracts until the financing has been approved. At this point, we have a backlog of $50 million in projects and we look forward to releasing the names of each as they come to fruition. A press release will be disseminated later this week with the details of the Chelsea Pub project in Atlantic City that was announced on Twitter.
While increasing revenue is the number one way we intend to increase the value of Spectacular Solar stock, we took steps in 2019 to make the share structure more attractive by reducing the Authorized Common Shares by 400 million shares and the number of common shares outstanding by over 300 million shares.
That trend will continue in 2020. We will be reaching out to SPSO stockholders that were issued their certificates seven or more years ago to see if they would be willing to sell back to the company and then subsequently be retired. In addition to this effort, the company has budgeted $100,000 in 2020 to repurchase shares on the open market and retire those as well.
Additionally, we were informed late last week that one of the directors on our board will be filing a Form 4 as he intends to buy 2,000,000 shares on the open market. While not required to do so because SPSO does not fall under the auspices of the 1934 Securities Act, he wanted to be sure of complete transparency.
Last week, I announced the hiring of Tara Pomparelli, Esq., on Twitter. Tara not only has tremendous legal knowledge in the areas of contracts, both private and government, but she also has a keen understanding of renewable energy and our business model. Her contributions will be critical as Spectacular Solar looks to expand its footprint.
I would also like to announce that we have filled our general manager position as Mario Martinez has taken on this challenge. Mario has been successful in both the residential and business solar energy arenas. While big contracts are flashy and make for good headlines, smaller contracts are equally as important in supporting the bottom line. Mario has already made an immediate impact by securing $300,000 in three contracts.
With Mario now in this position, it allows me to focus on my role as CEO of this company and hand over the day to day operations to Mario and our CFO, Antonio Perez.
In December, we shared the names of our new board of directors. I consider their acceptances of director positions for Spectacular Solar one of biggest successes thus far. We have already established a synergy that will pay dividends for all stake holders in the years to come.
It's hard to believe it has not even been 18 months since we took Spectacular Solar public. The board constantly reminds me that we really have accomplished a great deal in a short of amount time although I am constantly pushing for more results.
I thank you for your investment into Spectacular Solar and I look forward to successfully leading this company into the new decade and providing you with a maximum return on your investment.
Sincerely,
Doug Heck, CEO
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.
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