Akeena Solar announces company name change and second quarter financial results


Effective July 23, 2010, Akeena Solar will carry out its operations under the name Westinghouse Solar and change its ticker symbol to WEST. Additionally announced was the company’s second quarter revenue earnings for the period that ended on June 30, 2010. Total revenue for the quarter came in at US$9.9 million, the highest level of revenue in six quarters.

“Our revenue performance during the quarter reflects the growing consumer interest in our revolutionary AC solar panels, our progress in developing new distribution channels and our improving operational efficiency,” said Gary Effren (pictured), president. “Residential installation revenue grew each month during the second quarter reaching $7.5 million, our highest result since the fourth quarter of 2008 and our best quarter ever for California residential installation revenue. Distribution revenue also had a record quarter and contributed 22% of total revenue. Additionally, since entering the distribution business one year ago, we have increased our dealer network of solar installers, HVAC contractors, electricians and roofers to 100 dealers located in 30 states and Canada.”

In regards to Akeena’s name change, after shareholder approval is finalized, the company is looking to complete the necessary steps to change the name of the corporation to Westinghouse Solar. For now, Akeena will file with the Securities and Exchange Commission under the name Akeena Solar, Inc. dba Westinghouse Solar. Operation of the company’s installation division in California will remain under the name Akeena Solar.

“Solar is going mainstream, and well-known brand names are key to widespread consumer adoption. In May, we announced a partnership with Westinghouse, which unites their trusted brand name with our safe and reliable solar panels,” said Barry Cinnamon, CEO. “As Westinghouse Solar, we will continue to drive the adoption of solar power through our own installation services, through our retail channel via Lowe’s Home Improvement stores and through our expanding dealer channel network in the United States and Canada.”

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