Dyesol Limited / Miscellaneous/Miscellaneous
29.01.2010
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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During the second quarter of FY2010, Dyesol has delivered on its projects
in every sector of the Dyesol group's world:
* With Corus we produced the first product on the continuous production
line at Shotton in North Wales for our testing and approval program;
* Delivered equipment solution for the University of Technology
Petronas (UTP) prototyping facility in Malaysia;
* Established Dyesol Japan as our corporate vehicle for collaborative
ventures in the world's leading DSC country;
* Built on our history of successful collaboration with top Chinese DSC
scientists through a sale for establishment of a prototyping facility in
association with Tsinghua University - Dyesol's first major sale in the
most rapid growing solar market in the world - one that increases business
potential while keeping our IP strictly under wraps; and
* Accepted with pride the Australian award of 2009 Sustainable Small
Company of the Year.
In making these achievements, we reduced cash usage and increased cash in
from ongoing operations by 50% net, the biggest share coming from a more
than 400% increase in sales. Hence, total cash usage for the quarter
reduced by 46% to $1.648M or about $550K per month, well below projections.
The breakdown of cash usage shows that spend on staff and R&D actually
increased by over 25%, reflecting an increase in sales of services and
products. The big savings occurred in spend on non-core activities.
Dyesol is not consolidating, however. We have some very exciting
opportunities for growth throughout the world and especially in Europe
during 2010. The executive team is evaluating a number of highly
prospective new business opportunities and anticipate being able to make
announcements during the third quarter as we conclude due diligence and
commercial negotiations. In addition, our international R&D is expanding
through awards of government funding for projects in Europe. Over time, we
expect discrete operations in steel, glass, auto and electronics to emerge.
Typically, this will occur in partnership with multi-national manufacturers
and distributors. This is consistent with our risk mitigation strategy and
focus on the provision of DSC materials.
Dyesol finished the quarter with close to seven million dollars ($6.828K)
at bank and quick assets totalling well over $10M (including current loans
of $1.56M and inventories and receivables of $3.2m).
In summary, we are poised to take advantage of significant growth in the
renewable energy sector since the world has exited the GFC and awareness
has increased through the worldwide involvement in Copenhagen. Big business
is awake and aware of the business opportunities. The market places Dyesol
is addressing - particularly BIPV - should be the premium growth business
opportunity as margins reduce for the traditional solar farm projects.
For further information contact Viv Hardy at Callidus PR on +61 (0)2 9283
4113 or on +61 (0)411 208 951.
In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177
6058804.
Note to editors
The Technology - DYE SOLAR CELLS
DSC technology can best be described as 'artificial photosynthesis' using
an electrolyte, a layer of titania (a pigment used in white paints and
tooth paste) and ruthenium dye deposited on glass, metal or polymer
substrates. Light striking the dye excites electrons which are absorbed by
the titania to become an electric current many times stronger than that
found in natural photosynthesis in plants. Compared to conventional silicon
based photovoltaic technology, Dyesol's technology has lower cost and
embodied energy in manufacture, it produces electricity more efficiently
even in low light conditions and can be directly incorporated into
buildings by replacing conventional glass panels or metal sheets rather
than taking up roof or extra land area.
The Company - DYESOL Limited
Dyesol is located in Queanbeyan NSW (near Canberra) and in August 2005 was
listed on the Australian Stock Exchange (ASX Code 'DYE'). Dyesol
manufactures and supplies a range of dye solar cell products comprising
equipment, chemicals, materials, components and related services to
researchers and manufacturers of DSC. Dyesol has subsidiaries in UK, Italy,
Switzerland, USA, Korea and Singapore plus representatives and agents in
Turkey, Germany, Abu Dhabi, Malaysia, Taiwan and Japan. The Company is
playing a key role in taking this third generation solar technology from
development into commercial production.
More details about the company and the technology can be found at:
http://www.dyesol.com
For further information contact Viv Hardy at Callidus PR on +61 (0)2 9283
4113 or on +61 (0)411 208 951.
In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177
6058804.
29.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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DGAP-News: Dyesol Limited: Dyesol - Delivering the Goods
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