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WorldWater & Power Corp.: 2006 Breakthrough Year BusinessWire - January 08, 2007 7:30 AM ET
Related Quotes Symbol Last Chg WWAT Trade 0.4401 +0.0551 Quotes delayed at least 15 minutes
WorldWater & Power Corp. (OTC BB: WWAT.OB), developer and marketer of proprietary high-power solar systems, today released a general summary of corporate milestones achieved in 2006 that it believes will propel the company to major growth over the next several years. Quentin T. Kelly, Chairman of WorldWater & Power Corp., stated, "The year 2006 proved to be a breakthrough year for WorldWater in many aspects: sharply increased revenues, gross profits, strategic partnerships, acquisition progress, technological advances, multiple project signings and job completions on time and on budget. Our people and the unique patented technology we have developed have opened doors to bidding and winning larger contracts in expanding markets, with new applications and partnerships significantly broadening our business base."
During the year, the Company completed and or initiated 19 commercial or industrial projects in California, New Jersey, Delaware and Texas, in addition to more than a dozen residential systems. WorldWater expects to meet its earlier guidance of $17 million for 2006, according to Mr. Kelly.
Revenue for the 3rd Quarter of 2006 was the best in the Company's history, $6.5 million with gross margins of 22%, compared to revenue of $1.5 million for the 3rd Quarter of 2005. WorldWater & Power expects that revenue in the 4th Quarter 2006 will surpass 3rd Quarter 2006 results. The 4th Quarter also saw completion of the company's largest solar project to date, the $7.8 million Farm ACW avocado ranch in California, believed to be the world's largest application of solar for agriculture, and the initiation of two projects under the company's new Power Purchase Agreement (PPA) sales program (St. Joseph of the Palisades High School and Gerrard Berman Day School, Solomon Schechter, both in New Jersey, with Nautilus Solar Energy, LLC as the system owner).
In November 2006, the Company signed a strategic alliance with EMCORE Corporation (NASDAQ: EMKR) wherein EMCORE purchased 26.5% of WorldWater stock on a fully diluted basis for $18 million in cash ($13.5 million on signing and $4.5 million on completion of the strategic agreement before Jan 31, 2007). Under the strategic agreement, EMCORE will supply its high-efficiency multi-junction solar cells and concentrator systems to WorldWater for marketing to the terrestrial market. Contract value of the WorldWater purchase of cells and concentrator systems from EMCORE is up to $100 million over the next 3 years.
In July, WW&P entered into a Letter of Intent (LOI) with ENTECH, Inc. of Keller, TX, to acquire the company. The LOI was extended by both parties in late December and the acquisition is expected to be completed shortly. ENTECH is a developer and manufacturer of advanced concentrating solar photovoltaic and thermal technologies for terrestrial and space power applications and has developed record-breaking solar conversion concentrator systems. ENTECH develops and supplies proprietary solar technology for space missions for NASA, DOD and commercial customers, and has installed ground-based systems. The combined technologies of ENTECH, EMCORE and WorldWater are expected to generate and deliver solar electric and thermal energy for terrestrial purposes at prices competitive to retail electric and natural gas prices without relying on rebates.
In addition to the economics of combining technologies, Mr. Kelly declared, "With EMCORE's multijunction cells in the focal spot of ENTECH's optics creating 500x to 1000x concentrated sunlight, and WorldWater's electronic control devices translating that concentrated electrical energy into megawatts of working power in the field, we expect to add a whole new dimension to the public's understanding of solar energy. We're bringing the future into the present."
About WorldWater & Power Corp.:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.
About EMCORE:
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com.
About ENTECH, Inc.:
ENTECH provides advanced solar energy technology for a variety of applications, ranging from daylighting systems for commercial buildings to solar power arrays for spacecraft. The company's patented solar power systems produce electricity from sunlight for applications on Earth (terrestrial power) and in space (spacecraft power). ENTECH's Fresnel lenses capture sunlight and focus it onto small solar cells, thereby reducing electricity costs compared to conventional flat-plate (planar) solar energy approaches. Additional information can be found at www.entechsolar.com.
About Nautilus Solar Energy, LLC:
Nautilus Solar Energy, LLC is an energy investment and project development firm formed to develop, finance, own and operate distributed generation and utility scale solar power projects (www.nautilusenergy.com).
Forward Looking Statement:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
SOURCE: WorldWater & Power Corp.
WorldWater & Power: Jessie Sullivan, 609-818-0700 ext. 20 JSullivan*worldwater.com or Press: Mike Breslin Productions LLC Mike Breslin, 201-652-1287 mbrez*aol.com
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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The shares of Common Stock were purchased by the Trust for investment purposes. The reporting persons have no plans or proposals which relate to or which would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. However, the reporting persons retain their rights to modify their plans with respect to the transactions described in this Schedule 13D, to vote, acquire or dispose of securities of the Issuer and to formulate plans and proposals which could result in the occurrence of any such events, subject to applicable laws and regulations.
Item 5. Interest in Securities of the Issuer
(a) As of the date of this Schedule 13D, each reporting person beneficially owns 7,932,500 shares of Common Stock, which are held of record by the Trust.
(b) Each of David Gelbaum and Monica Chavez Gelbaum, acting alone, has the power to exercise voting and investment control over the shares of Common Stock owned by the Trust.
(c) Since January 8, 2007, the Trust has purchased the following shares of Common Stock in brokered transactions as follows:
Date Number of Shares Price Per Share ---- ---------------- ---------------
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Los Angeles Times' West Magazine Names Irvine Co. Chairman Donald Bren as the Most Powerful Southern Californian Top 10 Power Players Also Announced West 100 list available later today and featured in Aug. 13 print edition
LOS ANGELES, Aug. 10, 2006 – West magazine, the Sunday magazine of the Los Angeles Times, today announced that Irvine Co. Chairman Donald Bren tops its list of the 100 most powerful people in Southern California.
The complete West 100 list will be available after 12 p.m. PDT today at www.latimes.com/top100 and will be featured in the Aug. 13 print edition of West magazine.
The top 10 power players in the West 100 are:
1. Donald Bren, 74, chairman, Irvine Co., Newport Beach - Orange County looks like Orange County because of Bren's influence. Also bearing his imprint is the New Majority, a growing coalition of wealthy, socially moderate Republicans who helped vault Gov. Arnold Schwarzenegger into office.
2. Eli Broad, 73, civic leader, Brentwood - Broad has used his money to insert himself into virtually every major decision affecting Los Angeles' civic life: Disney Hall, Museum of Contemporary Art, Grand Ave. Project - as well as major grants to Caltech, UCLA, Pitzer College and USC. His homebuilding company, Kaufman & Broad, sowed Greater Los Angeles with middle-class ranch houses and gave the region what some would call its signature sprawl.
3. Barbara E. Kerr, 59, president, California Teachers Assn. (CTA), Riverside - No issue is more critical to the future of the region than education, and nobody wields more influence in this arena than does Kerr, president of the 335,000-member union. In June, Kerr helped engineer a deal with Los Angeles Mayor Antonio Villaraigosa that would, among other things, strip power from the Los Angeles Unified School District board and give individual teachers much more sway over classroom instruction. It's no surprise that Kerr has Villaraigosa's ear: Under her direction, the CTA helped defeat Villaraigosa's opponent, incumbent James Hahn.
4. Antonio Villaraigosa, 53, Los Angeles mayor, Windsor Square - With seemingly boundless energy, Villaraigosa is bent on putting his stamp on all of the local hot-button issues of the day - crime, transportation and education - in a way that his predecessors never managed.
5. Roger Mahony, 70, archbishop, Archdiocese of Los Angeles - With five million Roman Catholics in Los Angeles, Ventura and Santa Barbara counties, Mahony boasts a huge flock, especially in the Latino community. Some say the church's sex abuse scandal has undermined his influence, but there's another way to look at it: Mahony's ability to keep secret the files of priests suspected of misconduct underscores just how powerful he is.
6. Philip Anschutz, 66, industrialist, Denver - Southern California has more than its share of absentee landlords. Few, however, have had as much impact as Anschutz. He owns Staples Center, the Home Depot Center in Carson, the Kings hockey team, the Galaxy soccer franchise and (with Ed Roski) nearly 30% of the Lakers. His entertainment company, AEG, plans to spend more than $1 billion in hotel and commercial development that will inject even more life into downtown Los Angeles.
7. Henry Samueli, 51, cofounder, Broadcom Corp., Corona del Mar - While he isn't your typical Orange County mogul, Samueli is a rising star in regional affairs. He has donated more than $160 million mostly to educational and healthcare institutions. He already owns the Anaheim Ducks hockey franchise and the company that manages the Arrowhead Pond, but he may become an even bigger household name if he brings an NBA franchise to Anaheim.
8. Jerry Bruckheimer, 61, TV and film producer, Los Angeles and Bloomfield, Ky. - Nobody in Hollywood has more clout these days than this master of screens big and small. It was Bruckheimer's move into prime-time television in 2000 that helped lift the stigma of working in the genre and signaled the start of L.A.'s shift from Tinseltown to TV town. With that has come a boom in TV shoots - and many thousands of jobs for actors, writers, craftspeople and others.
9. David Gelbaum, 57, conservationist, Newport Beach - Gelbaum has donated more to conservation causes than anyone in the state - anonymously. This hedge-fund multimillionaire has taken a leading role in safeguarding enough mountain and desert land to create another Yosemite National Park.
10. Haim Saban, 61, media mogul, Beverly Hills - His recent involvement in a deal to buy L.A.-based Univision Communications, by far the nation's largest Spanish-language broadcaster, catapulted him to the fore. With an extensive background in entertainment and media, Saban's vision for the company will be reflected in millions of TV sets throughout Southern California.
Behind The West 100
The 100 most powerful Southern Californians were selected from a list of more than 350 candidates by West magazine editors and staff writers over the last several months. That initial list was based on discussions with reporters and editors in every section of the Los Angeles Times and with sources throughout Southern California.
"We defined the powerful as those having influence over the way we live as Southern Californians," said Rick Wartzman, West magazine editor. "We tried to cast a wide net, considering candidates from the worlds of politics, the arts, media, sports, business, health, the environment and beyond. But we limited our geography to Los Angeles, Orange, Riverside, San Bernardino and Ventura counties."
"Being rich and philanthropic wasn't enough to snare a spot," he said. "The key, in the case of the affluent, was whether these people are purposefully directing their money to help shape the local landscape. Timeliness was a factor as well; some veteran power brokers have lately been less active than usual. We also nixed those without an established track record."
In explaining the decision between the No. 1 and No. 2 rankings, Wartzman said, "The areas in which Eli Broad has made a mark in L.A. - education, the arts, the revival of downtown - others also wield considerable influence. But Donald Bren's power in Orange County is essentially unrivaled. What's more, much of Broad's central city renaissance has yet to happen; Bren's Orange County is largely realized."
Related Features
Also featured in the Aug. 13 issue of West magazine: Power Players – Everybody knows that the Lakers attract a slew of Hollywood stars: Jack Nicholson, Dyan Cannon and Denzel Washington, among others. But lots of other L.A. power brokers can be found courtside - where a ticket runs $2,200 per game - and in other choice seating at Staples Center. This 3-D seating chart shows where to find them. "The Men Who Made The City" by D.J. Waldie. The equation used to be Empty Space + Desire = Power. Now, the formula isn't so clear. "At Their Service" by Andy Meisler. Few people realize that your average chief executive, superagent or A-list actor or director is virtually crippled without an intelligent, infinitely flexible, utterly ego-free and usually career-capped gatekeeper by his or her side. About West Magazine
Introduced Feb. 5, 2006 by the Los Angeles Times, West offers readers an eclectic, insightful and entertaining view of the many faces of California. West magazine replaced the weekly Los Angeles Times Magazine and resurrected the title used by The Times for its Sunday magazine from the mid-1960s through the early 1970s.
About the Los Angeles Times
The Pulitzer Prize-winning Los Angeles Times is the largest metropolitan daily newspaper in the country, with a daily readership of nearly 2.2 million and about 3.3 million on Sunday. With its media businesses and affiliates – including latimes.com, TheEnvelope.com, Times Community Newspapers, Recycler Classifieds, Hoy, and California Community News – the Los Angeles Times reaches approximately 7.6 million or 58 percent of all adults in the Southern California marketplace every week.
The Los Angeles Times, which this year marks its 125th anniversary covering Southern California, is part of Tribune Company (NYSE: TRB), one of the country's leading media companies with businesses in publishing, the Internet and broadcasting. Additional information about the Los Angeles Times is available at www.latimes.com/mediacenter.
-------------------- What can i say??I'm a greedy B*stard
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PENNINGTON, N.J., Apr 02, 2007 (BUSINESS WIRE) -- WorldWater & Power Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, today announced results for the fourth quarter and full year ended December 31, 2006. Revenue for the fourth quarter was a record $7.1 million, with gross profit of $0.9 million while, for the year, WorldWater reported revenue of $17.3 million, with gross profit of $2.7 million.
"We are extremely pleased to announce, as expected, our best revenue year in the Company's history," said Quentin T. Kelly, Chairman of WorldWater & Power Corp. "We set out to transform WorldWater & Power in 2006 and accomplished just that - with revenue nearly eight times what it was in 2005, as we executed to plan and completed such major installations as the $7.8 million Farm ACW avocado ranch. Not only did we significantly grow the Company and improve gross margins, but we entered into a strategic partnership with EMCORE, raised capital, and added seasoned talent to our executive staff. We have positioned the Company for continued expansion in 2007 and are off to a great start. In total, we installed 2.4 megawatts in 2006 versus 275 kilowatts in 2005, and we expect to at least double our production during 2007 to approximately 5 megawatts of electricity.
"WorldWater is actively bidding on a number of complex, multi-megawatt projects and recently won a $5.7 solar project with Bayshore Recycling, a 700 kilowatt system. We expect to announce additional large projects in the near future, some of which will leverage our expanding relationship with ENTECH. In that regard, we are continuing to finalize our merger discussions and anticipate providing further details in the near future. While this opportunity has always been considered strategically important for WorldWater & Power, we have diligently worked to construct a transaction that brings maximum value to our shareholders."
Mr. Kelly concluded, "I am excited by the growth prospects this year and stand behind the previously-announced goal of $30-$35 million in revenue, with profitability expected as production ramps up in the second half. The first quarter will be seasonally down from the fourth quarter, but the year continues to look strong. We have a record number of outstanding proposals and are taking the appropriate steps to fund our aggressive expansion. WorldWater & Power is clearly positioned for rapid growth this year - with the technology, talent, and partners in place to take advantage of the increasing demand for large, integrated solar power systems that can save energy and pave the way for a cleaner world."
Financial Results
Revenue for the fourth quarter was $7.1 million, compared with $1.2 million reported in the fourth quarter of 2005. Gross profit for the quarter was $0.9 million, versus a loss of $0.1 million in the prior-year period. Net loss for the fourth quarter of 2006 was $5.1 million, or $(0.03) per share, compared to a loss of $2.7 million, or $(0.03) per share, in the fourth quarter of 2005. The 2006 fourth quarter includes the non-cash impact of $3.2 million in beneficial conversions related to the Company's preferred stock dividend.
For fiscal 2006, WorldWater reported revenue of $17.3 million, versus $2.0 million in 2005. Gross profit was $2.7 million, as compared with a loss of $(0.5) million last year. Net loss for the period was $11.4 million, or $(0.08) per share, versus a net loss of $10.2 million, or $(0.11) per share, in 2005. Results include $1.6 million in non-cash warrant expense for 2006 and $3.1 million in 2005; 2006 also includes the non-cash impact of $3.2 million in beneficial conversions related to the Company's preferred stock dividend.
-------------------- What can i say??I'm a greedy B*stard
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52 week high...this is moving up...not a fast up...just gradual..and for me is a good hold...as far as pennies go!
April 5, 2007 - 4:39 PM EDT
WWAT 0.72 0.04
Delaware Governor Cuts Ribbon on WorldWater & Power Corp. $500,000 Solar Project for Poultry Industry Study Partners include Allen Family Foods, University of Delaware and GE Energy
In a ribbon-cutting ceremony held here yesterday, Delaware Governor Ruth Ann Minner joined a host of dignitaries to officially open a milestone solar electric study at a poultry growout house owned by Allen Family Foods, Inc. World Water & Power Corp., developer of proprietary high-power solar systems designed and engineered the $500,000 photovoltaic installation for Allen.
The project is a solar study for the U.S. poultry industry and a partnership between Allen Family Foods, WorldWater & Power Corp., GE Energy, the University of Delaware, the Delaware Department of Agriculture and the Delaware Department of Natural Resources and Environmental Control.
The new system supplies all essential electricity for lighting, heat and ventilation used to raise day-old chickens to maturity, and will significantly reduce Allen's electricity costs. While the innovative system is connected to the grid to earn net metering credits, it also incorporates WorldWater’s sophisticated load management technology. Solar electricity stored in batteries can be tapped if the grid fails, or used during periods when utility rates are most expensive. In the event there is no solar, battery or grid power, the system automatically triggers backup diesel generation of electricity.
Because the cost of grid electricity has risen so high over the past few years, the poultry industry is looking at solar power as a cost effective, sustainable energy source for growout contractors throughout the U.S.
Assisting at the ribbon cutting were U.S. Sen. Thomas R. Carper; Jim Rand, leader of research and development for GE Energy; David Weir, director of the Delaware Biotechnology Institute; John Hughes, secretary of the Delaware Department of Natural Resources; Charles C. Allen III of Allen Family Foods; Chris Sherring, Vice President of WorldWater & Power Corp.; Robin Morgan, Dean of UD's College of Agriculture and Natural Resources; Michael Scuse, Secretary of the Delaware Department of Agriculture; Michael Bowman, Chairman and President of Delaware Technology Park; Frank Smith, C.O.O. of WorldWater & Power Corp.; Ray Angelini, President & CEO of Ray Angelini, Inc. and Elizabeth and Harry King, who operate the farm where the house is located.
An open house for poultry growers and farmers was held after the ceremony to acquaint them with the technology and economics of solar-electric for agriculture. The poultry industry is one of the largest employers in Delaware. Some counties have the highest concentration of growout houses in the U.S.
The Delaware Green Energy Program granted $250,000 to help fund the system, the University of Delaware will monitor the project and GE Energy, the PV panel supplier, will contribute to the project evaluation study. Ray Angelini, Inc. of Sewell, New Jersey is WorldWater's installation partner.
Allen Family Foods, a third-generation family owned company, has been in the poultry business since 1919. Today it employs over 3,000 people in Delaware, Maryland and North Carolina. Along with breeding and hatching facilities, feed mills and processing plants, Allen has a farming division that produces feed grains, 28 company-owned growout farms and coordinates with 550 independent contractors that raise chicks for Allen.
GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies. GE Energy works in all areas of the energy industry, including renewable resources such as water, wind, solar and biogas. It is an industry leader in the integrated design of solar electric systems.
About WorldWater & Power Corp.:
WorldWater & Power Corp. (OTC BB: WWAT.OB) is a leader in solar electric engineering, water management solutions, solar energy installations and products. Its solar technology is at work in over 20 countries around the world. In the US, it provides solar electric, water pumping and purification technology to water utilities, agribusiness, industry, schools, communities, homeowners and emergency responders. The company is responsible for major breakthroughs in solar power technology and holds numerous solar-related patents. For more information visit www.worldwater.com.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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"WorldWater is actively bidding on a number of complex, multi-megawatt projects and recently won a $5.7 solar project with Bayshore Recycling, a 700 kilowatt system. We expect to announce additional large projects in the near future, some of which will leverage our expanding relationship with ENTECH. In that regard, we are continuing to finalize our merger discussions and anticipate providing further details in the near future. While this opportunity has always been considered strategically important for WorldWater & Power, we have diligently worked to construct a transaction that brings maximum value to our shareholders."
Mr. Kelly concluded, "I am excited by the growth prospects this year and stand behind the previously-announced goal of $30-$35 million in revenue, with profitability expected as production ramps up in the second half. The first quarter will be seasonally down from the fourth quarter, but the year continues to look strong. We have a record number of outstanding proposals and are taking the appropriate steps to fund our aggressive expansion. WorldWater & Power is clearly positioned for rapid growth this year - with the technology, talent, and partners in place to take advantage of the increasing demand for large, integrated solar power systems that can save energy and pave the way for a cleaner world."
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