Quarterly report 2016 / September 30thDecember 6, 2016
Power Clouds Inc. Enters Italian Renewable Energy MarketApril 10, 2017
Power Clouds Inc. To Host Business Update Webinar On Wednesday October 5, 2016 At 2:00PM EDT To Discuss Latest Developments Under New Strategy
MIAMI, Sept. 30, 2016 /PRNewswire/ -- Power Clouds Inc. (www.powercloudsinc.com) (OTCMARKETS: PWCL) today announces that it will host the first in a series of regular webinars on Wednesday October 5, 2016 at 2:00pm EDT. Access to the webinar can be found at the following link: https://presscaster.com/news/livestream-presscasts
Roberto Forlani, CEO, and Vincent Browne, CFO, will discuss the recent developments in the business following a shift in business strategy during 2016 to move from focusing solely on developing PV solar projects from green field to also acquiring connected and operational solar parks internationally that deliver immediate positive income streams on acquisition.
As part of this strategy PWCL has completed Letters of Intent for the acquisition of up to 36MW of operational Solar parks in Italy, and has agreed terms for $48 million in senior and mezzanine debt to purchase the first 12MW portfolio of these projects. Closing of these acquisitions is dependent on successful due diligence, which is ongoing and expected to complete in October, signing of definitive agreements and PWCL successfully raising the project equity required. Successful completion of the first portfolio will see annual revenues grow from $1 million per year to over $7 million per year with an average of 85% cash EBITDA.
The Company has also filed an updated Corporate Profile with OTC markets, that outlines the current business overview and growth strategy and can be found at the following link http://www.otcmarkets.com/financialReportViewer?symbol=PWCL&id=160809
Roberto Forlani, President and Chief Executive Officer of PWCL, said, "We look forward to discussing the exciting new direction and positive developments we have made in Power Clouds Inc. over the past twelve months. We are now moving to the next phase in our mission to build the world's largest distributed and connected green energy parks that together produce clean energy 24 hours a day, 7 days a week."
About Power Clouds Inc.
Power Clouds Inc. is a global renewable energy provider that is changing how energy is generated and owned. We create value for our investors by developing, owning and operating clean energy power plants in multiple countries where the combination of regulatory, economic and environment elements are maximized. PWCL operates solar parks that connect directly to national power grids rather than residential rooftops. We currently have operations in Europe & Asia. Our global focus means operations are not limited to any one geography or single commercial model or regulatory influence. For further information about how the Power Clouds see www.PowerCloudsInc.com
This press release contains forward-looking statements. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.