For those of you who couldn't be there, here's my summary from the meeting ( I will try to exclude standard stuff that has already been in NRs and company website presentations).
- 255 common shareholders representing 40 miliion (or 36%) of outstanding shares in attendance
- mostly middle age to older types. Few students. Few suits.
- In Bart's presentation, he explained how for most of the world (with exception to California) it currently doesn't make
financial sense to have solar systems installed because electricity is still cheaper. But with the cost of power going up, that is projected to change dramatically in the next 5 years, as solar systems will be cheaper and it will make sense for people to convert. With end users wanting to do the right thing for environmental change as well as the cost of pvs coming down, it will be a no-brainer. By 2012, very sigificant portions of the world will choose to install a pv system rather than be on the grid. Deutsche-Banque says that in 4-6 years cost of pv systems will be justified in most of US, and demand will out-strip supply. Last year 4.3 GW of modules were shipped, which was an enormous 70% gain. But that still only represents 1-2 % of world's generating power. Arise will be carefully implementing their cost-effective and highly efficient technology 7n+ in a controlled fashion over the next 3-5 years.
- Germany was chosen as plant location b/c there was no way Arise could have moved nearly as quickly anywhere else in the world.
- To get wafer supply, Arise secured a $9 million
credit facility in Germany at very favorable terms in only 2 days.
- Arise's technology is half to two-thirds cheaper than Siemans (which is the most common process used).
- Arise will concentrate on selling cells to module makers. There are approx. 200 module makers. "We have a very full sales funnel," said Bart.
- Ian held up an Arise solar cell, and said it took two years to achieve this. The whole place cheered. He said he wanted to do the same with sillicon now.
- Bart came back to talk about plans to ramp up production by 2011, see previous NRs.
- On the bought deal announced last week, $20 million to wafer supply, $9 million for pilot plant production, $7 million for equity component for new silicon plant, $4 million for pv R&D... there was more but couldn't write fast enough before slide changed.
- Bart promised profitability in a reasonable time period, but would not specify when.
- Arise has received pre-payments from customers, but could not say how much.
-
management is concerned about availaility of wafer supply and is working to protect itself
- Bart recommended that Ian sell some shares, as he borrowed personally to keep company afloat in bad times. Ian said he had very short windows to sell shares and this was perfect opportunity. He said it was time to
pay some of his own bills. Crowd applauded. Because of warrants, he added that he now has a larger stake in company than ever bfore.
- Company will consider listing on another
stock exchage, but will do so with a measured approach. Cost would be a key factor. Bart acknowledged that it could increase profile of company, as well as liquidity.
That's all I have. Please feel free to add. Don't complain though.... this has been a free service.
Thanks f8man, great job.
