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WorldWater Reports Record Revenue of $3.3 Million for Second Quarter 2004
Revenues Soar to $4.1 Million for 6 Month Period Reflecting a Significant 262%
Increase over Comparable Period of $1.14 Million
PENNINGTON, N.J., Aug 20, 2004 (BUSINESS WIRE) -- WorldWater Corp. (WWAT),
one of the world's leading providers of revolutionary patented high-volume
solar powered technology for diverse commercial applications in a broad range
of industries, today announced financial results for its second quarter and
six months ended June 30, 2004. The results included an exceptional increase
in revenue to $3,375,628 for the quarter ended June 30, 2004, compared to
$48,916 in revenue for the quarter ended June 30, 2003. Revenue for the
six-month period ended June 30, 2004 was $4,156,474, as compared to $1,147,261
for the six month period ended June 30, 2003, a significant increase of 262%.
The Company sustained a net loss of $1,922,348 for the three month period and
$1,108,899 for the three month period ended June 30, 2003. Included in the
second quarter results were non-cash charges of $897,892. Loss per share for
the three month period ended June 30, 2004 was $0.03 versus $0.02 for the
comparable three month period. The announcement was made by Quentin T. Kelly,
WorldWater chairman and CEO.
The significant increase in revenue is due to the Company's realization of its
objective of providing world-class, proprietary solar technology systems to
the agricultural and institutional marketplaces. As proof of this fact, the
Company recently completed supplying the massive one megawatt PV system
installation at Cerro Coso Community College in Ridgecrest, CA. WorldWater,
serving as exclusive PV equipment supplier, delivered several million dollars
worth of components in the $8,963,053 project contracted to Contra Costa
Electric, Inc. of Bakersfield, CA. The project represents the largest PV
installation ever implemented on any community college campus.
"It should be self evident to any sophisticated investor that WorldWater has
the potential for extraordinary growth in revenues, earnings and ultimately
shareholder value," stated Mr. Kelly.
"It is the firm opinion of the management that WorldWater represents a company
and technology capable of disrupting traditional energy markets with the
economic benefits which can inure to companies with an early mover advantage.
While we also sustained losses for the quarter and six month period, it is our
belief that these losses are essentially an investment in positioning our
business for breakthrough success on a long term basis."
"While many of the world's finite energy sources are being depleted at a
disquieting rate as evidenced by the current global oil crisis and national
gas reports, WorldWater's ability to harness the unlimited power of the sun
with our proprietary AquaMax(TM) systems represents breakthrough technology,"
continued Mr. Kelly. "Our patented technology can deliver up to 600 horsepower
- more than 100 times as powerful as the nearest competitors -- making ours
the only solar products available anywhere in the world that can deliver the
water-pumping horsepower required for large scale commercial applications. Our
various Installations have validated how WorldWater has enabled solar power to
achieve an unparalleled level of practicality and cost-effectiveness for a
broad spectrum of commercial mainstream uses."
WorldWater's proprietary and patented AquaMax(TM) systems can drive high
powered engines creating some of the most powerful solar powered systems in
the world. The Company's projects represent a quantum leap forward in the
deployment of large-scale solar power pumping technology and demonstrate the
viability of solar power for broad applications in virtually all industries
anywhere in the world.
About WorldWater
WorldWater Corp., a full-service, international solar engineering and water
management company with unique, high-powered and patented solar technology,
provides solutions to a broad spectrum of the world's water supply and energy
problems. The Company's recently patented AquaMax(TM) solar pumping system is
capable of driving motors up to an unprecedented 600 horsepower. WorldWater is
believed to be the first solar company in the world with the power to deliver
mainstream pumping capability. The Company is also a pioneering provider of
solar powered water systems in the Philippines and developing nations in
Africa and Asia.
WorldWater seeks to achieve significant revenue growth and earnings leverage
by marketing its proprietary solar technology through multiple channels to a
broad spectrum of institutional and private parties anywhere in the world.
Prior to the development of the AquaMax(TM) technology, conventional solar
powered motors were limited in output to only 5 horsepower, and thus incapable
of pumping the volume of water required for large scale systems. WorldWater's
proprietary AquaMax(TM) systems can drive motors up to a revolutionary 600
horsepower, generating significant commercial opportunities for exploitation
by WorldWater and vastly expanding the range of applications for clean,
renewable solar power in commercial, municipal and institutional mainstream
applications. Each day, more solar energy bathes Earth than its 5.9 billion
inhabitants consume in equivalent electric power in 27 years, according to the
U.S. Department of Energy's National Renewable Energy Laboratory in Golden,
Colorado. With many international and domestic governmental agencies
increasingly concerned about clean air and water conservation, WorldWater is
well positioned to implement its patented AquaMax(TM) systems for the supply
of all power needed for the largest irrigation and cooling systems in the
world - with no pollution and no excess pumping to foul the air or excessively
drain the natural water resource.
It is the opinion of WorldWater's management that WorldWater is in the
forefront of solar companies and solar technology. The management believes
that few companies are better positioned to capitalize on the worldwide demand
for next-generation solar technology, as represented by the Company's patented
technology. The energy generated by WorldWater is pollution-free, fully
renewable, reliable, highly scalable and requires lower operating costs.
WorldWater's early-mover advantage, and its next generation solar technology,
will enable the Company to exploit a broad range of high revenue and high
profit opportunities in both the public and private sectors in multiple
worldwide markets, facilitating additional contracts to increase revenues
while concurrently lowering costs and increasing margins. For more information
about WorldWater and its next-generation proprietary technology, visit the
website at www.worldwater.com, or for
investor-specific information at
www.trilogy-capital.com.
SOURCE: WorldWater Corp.
WorldWater Corp.,
Debra J. Grady, 609-818-0700, ext. 14
dgrady@worldwater.com
or
Investor Relations:
Michael Briola, 800-251-1770
michael@trilogy-capital.com
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