RGS Energy announced today its strategy to focus on its core residential solar engineering, procurement and construction business.
LOUISVILLE, Colo., Sept. 30, 2014 -- RGS Energy
solar energy solutions for residential and commercial customers, announced
today its strategy to focus on its core residential solar engineering,
procurement and construction business. To provide greater financial
resources for its Residential and Sunetric business segments, the Company
decided today to exit its legacy, large commercial business segment. The
Company will present the results of its commercial business segment as
Discontinued Operations in its Report on Form 10-Q for the quarter ended
September 30, 2014 and for prior periods.
Dennis Lacey, RGS' CEO, stated: "As we believe our best opportunity for
improved future financial performance rests with our Residential and
Sunetric business segments, we have made the strategic decision to exit the
large commercial business segment. This decision will have a positive impact
upon our future cash from operations as well as improving the Company's
profit margin. We are taking actions to monetize the value of this business
segment. We will complete our existing large commercial construction
contracts in progress in the ordinary course of business in the coming
months. Although we will no longer be pursuing large solar commercial
projects, we will continue in our Residential and Sunetric business segments
to operate in the small commercial solar customer segment, generally under
200kW in size. For instance, oftentimes our Residential solar customers own
a small business and we also provide solar solutions for their business
facilities. We believe the small commercial segment is an opportunity for
future profitable growth."
About RGS EnergyRGS Energy (Nasdaq:RGSE) is one of the nation's pioneering
solar energy companies serving commercial and residential customers.
Beginning with one of the very first photovoltaic panels sold to the public
in the U.S. in 1978, the Company has installed more than 22,500 solar power
systems representing over 235 megawatts of 100% clean renewable energy. RGS
Energy makes it very convenient for customers to save on their energy bill
by providing a comprehensive solar solution, from design, financing,
permitting and installation to ongoing monitoring, maintenance and support.
As one of the nation's largest and most experienced solar power players, the
Company has 14 offices across the West, the Northeast and Hawaii. For more
information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy
and on Twitter at www.twitter.com/rgsenergy.
RGS Energy is a trade name and RGS Energy makes filings with the Securities
and Exchange Commission under its official name "Real Goods Solar, Inc."