TORONTO, May 15, 2014 /PRNewswire/ -- Atlantic Wind
& Solar (OTC: AWSL) reports financial results on operations and
records first quarter profit.
Continuing with the trend of higher sales and increased
profitability over the past 17 quarters, Atlantic more than doubled
its sales (up 227%) from the previous year. More impressive were
the increases in profit margins of 30% compared to 17.6% for the
same period in 2013.
Profitability continued to improve significantly. Losses
were reversed with the company's first ever profit of $319,477 or .01 per share for the quarter - a
substantial improvement over the previous quarter's loss of
$102,643.
With its portfolio of PV projects in Ontario under construction management expects
to report similarly positive results for the balance of the
year.
Commenting on the results, Chairman, CEO Gilles Trahan stated "Atlantic recorded its
first profitable quarter marking the success of its business
model and management's commitment to its successful
execution. With profitability reached, management will work
toward improving its balance sheet with the reduction of payables
and reduction of Preferred shares, while continuing to expand the
business".
Finally, in Ecuador Atlantic is
in advanced negotiations for the co-development and sale of an
interest in its 25 MWp approved power plant project.
Atlantic hopes to finalize this in Q2 / Q3 2014.
To read the full report and/or sign up for news alerts and
updates, visit the company's web site, at:
www.AtlanticWindandSolar.com
About Atlantic Wind and Solar Inc:
Atlantic is a
developer of utility scale renewable energy plants with over 450
MW's of projects at various stages of development in Canada, South
America and the Caribbean.
Disclaimer: Shareholders and investors are strongly cautioned
against placing undue reliance on information set forth in these
communications in making any investment decisions concerning our
securities. The matters set forth in this press release are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially.
These risks are detailed from time to time in the Company's
periodic reports filed with the OTCMarkets.com including the
Company's Annual Report, Quarterly Reports, and other periodic
filings. These forward-looking statements speak only as of the date
hereof. The Company disclaims any intent or obligation to update
these forward-looking statements.
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SOURCE Atlantic Wind and Solar Inc.