Fort Worth, TX – February 13, 2009 – Entech Solar (OTC BB: ENSL.OB), a leader in concentrating solar energy systems, announced today that The Quercus Trust, the Company's largest shareholder, has agreed to cancel Warrants to purchase thirty-eight million (38,000,000) shares of the Company's common stock in accordance with the terms of a Warrant Cancellation Agreement entered into with the Company.
The Quercus Trust has decided to cancel these warrants in consideration for the Company's agreement to increase the number of shares available under the Company's 1999 Stock Option Plan, as amended ("the Plan"), from fifty million (50,000,000) shares to seventy million (70,000,000) shares.The Warrants will be cancelled upon approval of the Company's stockholders of the increase in the number of shares available under the Plan.
David Gelbaum, trustee of the Quercus Trust and Chairman of Entech Solar's Board, said, "This increase to theoption poolwill have the benefit of increasing morale at the company and of helping us attract good people in the future.Quercus believes in sharing upside with the employees."
About Entech Solar
Entech Solar is a leading provider of concentrating solar energy systems.Entech designs, manufactures and installs systems that provide both electricity and thermal energy for commercial and industrial applications.Entech uses its proprietary concentrating photovoltaic and thermal (CPVT) technology to deliver the ThermaVolt™ system, which produces cost-competitive distributed energy.For more information, please visit www.entechsolar.com.
Fort Worth, TX – February 9, 2009 – Entech Solar (OTC BB: WWAT.OB), a leader in concentrating solar energy systems, today announced that it will participate in the Kaufman Brothers Green Investor Conference on February 18, 2009 at the Langham Hotel, Boston.Frank Smith, Chief Executive Officer, and Kent Van Houten, Chief Financial Officer, will review the company's technology and growth strategy at 3:00 p.m. Eastern Time.
A live audio webcast of the presentation will be accessible via the Entech Solar website. To hear the presentation and view related materials, please visit the website atwww.entechsolar.com. A replay will be available for ninety days.Additional information about this conference can be found at www.kbro.com.
About Entech Solar
Entech Solar is a leading provider of concentrating solar energy systems.Entech designs, manufactures and installs systems that provide both electricity and thermal energy for commercial and industrial applications.Entech uses its proprietary concentrating photovoltaic and thermal (CPVT) technology to deliver the ThermaVolt™ system, which produces cost-competitive distributed energy.For more information, please visitwww.entechsolar.com.
Entech Solar Appoints Sean Rooney as Chief Operating Officer
FORT WORTH, Texas--(BUSINESS WIRE)--Entech Solar (OTCBB:ENSL.OB), a leader in concentrating solar energy systems, announced today that Sean Rooney has been named Chief Operating Officer for the Company.
Mr. Rooney joined Entech Solar in February 2008 as Vice President of the Company’s EPC (Engineering, Procurement, and Construction) Operations. Since then, he has implemented a new model for project management which has resulted in over five megawatts of solar projects being completed on schedule with high customer satisfaction. With the Company’s shift in strategy away from flat-plate projects to the production and installation of Entech’s proprietary concentrating solar systems, Mr. Rooney’s role has been expanded to include all manufacturing operations as well as its EPC business. His successful turnaround of the Company’s EPC installations made Mr. Rooney the ideal candidate to address the challenges facing Entech’s manufacturing operations.
“Although our engineering team has made progress in addressing the process and supply-chain issues discussed on the Company’s third quarter earnings conference call, the factory is not yet producing product suitable for certification,” stated Frank Smith, Entech Solar CEO. “Sean will bring the same sense of urgency, purpose, and discipline to our manufacturing challenges that he provided to our EPC projects at Fresno, Denver, Valley Center, and Ocean City. This appointment is part of the ongoing transformation of Entech from a research and development organization to a vertically integrated, product-driven, manufacturer and installer of advanced concentrating solar systems. Once we have established our manufacturing capability and achieved certification, we will have two channels to market – product sales to other integrators and management of our own EPC projects that incorporate Entech modules. Sean will have responsibility for the operations portion of our vertically integrated value chain.”
Mr. Rooney added, “I am very pleased to take on this critically important responsibility for the Company. Following my recent relocation from New Jersey to Texas, I am eager to provide leadership to our manufacturing operations.”
The Company is also augmenting its manufacturing team with additional personnel and training. Entech Solar has retained experts and is training existing staff in Six Sigma methodology to address process and supply-chain issues in a systematic, data-driven approach, employing best-in-class practices. Both of these developments support Entech Solar’s dedication to commercializing its concentrating solar ThermaVolt™ system.
About Entech Solar
Entech Solar is a leading provider of concentrating solar energy systems. Entech designs, manufactures and installs systems that provide both electricity and thermal energy for commercial and industrial applications. Entech uses its proprietary concentrating photovoltaic and thermal (CPVT) technology to deliver the ThermaVolt™ system, which produces cost-competitive distributed energy. For more information, please visit www.entechsolar.com.
Hi, I am David Anthony. I am the Manager of 21Ventures (www.21venture.net) - I invest in 3 main areas, Physical Security, Mobile Computing and Clean Technology. I also have some interests in PIPE (private investment in public equity - check out on wikipedia)
