VANCOUVER, British Columbia, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to provide a brief review of some of the important events in 2022 and a look forward to the company plans for the year ahead.
Three Sixty Solar listed on the NEO Exchange on August 15th, 2022, with the symbol VSOL, followed shortly after with US symbol VSOLF on the OTC Markets. As the Company entered the public markets, Three Sixty exhibited at the Intersolar North America trade show in Long Beach, California, introducing its vertical solar technology to the public for the first time. The reception to the technology at Intersolar, and subsequent trade shows, was promising with numerous expressions of interest towards utilizing the solar tower concept on an array of current and future projects. Three Sixty management continues to build numerous relationships based on these initial contacts, many of which hold promise for both short-and long-term opportunities ahead.
Accelerated engineering and development efforts resulted in the mechanical erection of the Company’s demonstration solar tower in Kelowna, BC (Canada). Video presentations of this tower can be seen on the Company website (https://threesixtysolar.com). Additionally, the design and engineering team built upon the existing product portfolio with the introduction of the 300% greater output Large Format Tower (LFT).
Brian Roth, CEO of Three Sixty Solar states, “Looking back, we are all pleased with how much progress our team has been able to make in such a short time. We have established ourselves as an innovator in the deployment of solar technology and put the business on solid financial footing with our public listing and related fundraising. We have also developed a very exciting pipeline of project opportunities with partners throughout Canada and the US.”
Looking Ahead in 2023
“Leveraging our technical advances on multi-MW projects and the relationships we have built with our technical partners, I expect to close on several exciting prospects in the months ahead,” continued Roth.
As the Company continues to move the project pipeline forward, it has built out the partnerships and infrastructure needed to execute on these initiatives. Test data on the initial installation is expected to be received in Q1 and is expected to showcase the solar tower’s durability through four seasons of weather exposure. The engineering team is expanding the design to allow the tower to fulfill a multifunctional role, adding value above and beyond electricity generation.
The Company announces it has granted 40,000 restricted stock units (“RSUs”) to a consultant of the Company, with each RSU exercisable for one common share of the Company. 50% of the RSUs vest in 15 days, and the remaining 50% vest in 45 days.
Three Sixty Solar also announces the resignation of Kyle Stevenson as a director of the Company and as the chair of the Company’s audit committee, effective January 18, 2023. The Company would like to thank Mr. Stevenson for his service to the Company and wishes him all the best in his future endeavours. The Company has appointed Scott McLeod as the chair of the audit committee, and has appointed its CEO Brian Roth as an interim member of the audit committee to fill the vacancy. The Company is relying on Section 3.5 of NI 52-110 Audit Committees in connection with the interim appointment of Mr. Roth.
On Behalf of the Board of Directors,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)
Three Sixty Solar Ltd. is an innovative alternative energy design, manufacture, and sales organization which focuses on solar equipment supply to the global marketplace. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).
Forward Looking Information Disclaimer
This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the ability of the Company’s products to simplify the ability to grow projects up to multi-MW scale, the Company’s ability to close on project opportunities in the sales pipeline, and the receipt of test data from the Company’s initial solar tower.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s filing statement dated August 3, 2022 filed under the Company’s profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.
Three Sixty Solar Ltd.
Telephone: +1 (778) 383-6743
Sales & Inquiries
Telephone: +1 (877) 684-1972
Source: Three Sixty Solar Ltd.