Add
OEGY.OB to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| OEGY.OB > SEC Filings for OEGY.OB > Form 8-K on 21-Mar-2008 | All Recent SEC Filings |
21-Mar-2008
Entry into a Material Definitive Agreement, Other Events
On March 17, 2008, Open Energy Corporation (the "Company") entered into an Extension Agreement with YA Global Investments, L.P. (formerly Cornell Capital Partners, LP) ("YA Global") pursuant to which the parties agreed to extend the maturity date of the Secured Convertible Debenture in the principal amount of $3,000,000 issued by the Company to YA Global on March 29, 2007 from March 30, 2008 to April 30, 2008.
The Company reported in its Quarterly Report on Form 10-QSB for the period ended November 30, 2007, filed with the SEC on January 22, 2008, that its existing capital resources would be sufficient to fund its operations for three to six months from the date of that filing. Further debt and/or equity financing will be required for the Company to continue operations under its existing business plan. No commitments or agreements have been reached for such a financing at this time, and no assurances can be given concerning the terms or availability of any future financing.
On March 17, 2008, Mr. David P. Saltman, the chairman and chief executive officer of Open Energy Corporation, participated in an interview with a Bloomberg affiliate that was made available by Bloomberg on March 19, 2008.
As mentioned in the article, the Company has established an outsourced manufacturing relationship with Suntech, a leading manufacturer of photovoltaic tiles, with facilities in China. Through this relationship and similar engagements, the Company has access to production facilities that would allow it to deliver up to approximately 20,000 tiles per month. The article also mentioned that the selling price for the Company's tiles was $170 per tile, however, the Company's prices vary based on a number or factors, including manufacturing cost, volume, product line and other market factors prevailing at the time of sale. Demand for tiles and resulting sales are subject to ongoing fluctuation and the Company makes no projection or prediction as to annual sales volumes.
While management's feedback from its customers has indicated that solar continues to be a differentiating factor in new home sales, accurate annual sales projections are inherently difficult at the present time, primarily as a result of the uncertainty caused by the general downturn in the U.S. real estate market. The Company continues to analyze additional growth opportunities, such as international sales and the further development of its Solar Communities program, but to date, no international sales have been made or placed under contract and the Solar Communities program remains in the development stage.
The Company recently began commercial distribution of its colored product to match brown tile roofs, which the Company believes significantly enhances the aesthetic potential of rooftop solar applications. In addition, The Company is presently designing and will soon be introducing an asphalt shingle product with our channel partners, which is designed to provide a solar solution for the substantial majority of rooftops in the U.S. that are asphalt shingle-based.
The discussion in the interview included forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995and such statements should be considered in light of the discussion at the beginning of this report.
|
|