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andalay solar inc (WEST) Key Developments

Andalay Solar Enters into Memorandum of Understanding with Hyundai Heavy Industries

Andalay Solar has entered into a Memorandum of Understanding with Hyundai Heavy Industries whereby Hyundai intends to license and manufacture solar modules using Andalay's Instant Connect frame technology. The new Hyundai-branded TG-Series solar modules are expected to use 60-cell monocrystalline or polycrystalline technology (255w-280w) with a black Andalay frame, and will be manufactured in South Korea with an initial annualized capacity of over 50MW. The module is currently undergoing UL certification and is expected to begin shipping late in the first quarter of 2015.

Andalay Solar, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Andalay Solar, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter ended September 30, 2014, revenue was $605,943, compared to $156,630 for the same period last year. Loss from continuing operations was $519,946, compared to $808,092 for the same period last year. Loss before provision for income taxes and discontinued operations was $570,551, compared to $809,459 for the same period last year. Net loss from continuing operations was $570,551, compared to $809,459 for the same period last year. Net loss attributable to common stockholders was $570,634, or $0.00 per basic and diluted share compared to $1,336,543 or $0.02 per basic and diluted share for the same period last year. Excluding the non-cash adjustments in all years, net loss from continuing operations was $520,000 in the third quarter of 2014 compared to $808,000 in the third quarter of 2013. For the nine months ended September 30, 2014, revenue was $1,055,344, compared to 367,870 for the same period last year. Loss from continuing operations was $1,782,835, compared to $2,659,875 for the same period last year. Loss before provision for income taxes and discontinued operations was $1,271,934, compared to 2,246,596 for the same period last year. Net loss from continuing operations was $1,271,934, compared to 2,246,596 for the same period last year. Net loss attributable to common stockholders was $1,290,861 or $0.01 per basic and diluted share, compared to $3,235,612 or $0.06 per basic and diluted share for the same period last year.

Andalay Solar, Inc. Appoints Wei-Tai Kwok as Chief Operating Officer

Andalay Solar, Inc. announced the expansion of its senior executive team and the appointment of Mr. Wei-Tai Kwok as Chief Operating Officer. In this position, Mr. Kwok will report directly to Steven Chan, President and CEO, and will be charged with the oversight and growth of the company's overall operations. Mr. Kwok brings more than 20 years of general management experience in addition to global leadership experience at some of the world's top solar companies. Prior to joining Andalay Solar, Mr. Kwok was Vice President of Operations in the residential solar division of NRG Energy, the leading U.S. independent power producer, with responsibility for supply chain, procurement, logistics, engineering and O&M. From 2009-2012, Mr. Kwok was Vice President of Marketing at Suntech Power, where he had responsibility for growing the brand globally across the Americas, Europe/Middle East and Africa, Asia Pacific, China and Japan.

Andalay Solar, Inc. Presents at NIBA 132nd Investment Conference, Sep-16-2014

Andalay Solar, Inc. Presents at NIBA 132nd Investment Conference, Sep-16-2014 . Venue: The Roosevelt Hotel, 45 E. 45th Street, New York, New York, United States. Speakers: Steven L. Chan, Chief Executive Officer, President, Interim Chief Financial Officer and Director.

Andalay Solar, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014

Andalay Solar, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net revenue was $306,919,000 compared to $130,046,000 a year ago. Loss from continuing operations was $602,435,000 against $833,416,000 a year ago. Net loss from continuing operations was $631,441,000 against $413,478,000 for the same period a year ago. Net loss attributable to common stockholders was $635,831,000 or $0.00 per basic and diluted share against $555,115,000 or $0.01 per basic and diluted share for the same period a year ago. The sequential increase in revenue of $164,000 as compared to the first quarter of 2014 was due to an increase in watts sold and due to seasonally lower sales during the first quarter driven by winter weather. For the six months, the company reported net revenue was $449,401,000 compared to $211,240,000 a year ago. Loss from continuing operations was $1,262,889,000 against $1,851,783,000 a year ago. Net loss from continuing operations was $701,383,000 against $1,437,137,000 for the same period a year ago. Net loss attributable to common stockholders was $720,227,000 or $0.00 per basic and diluted share against $1,899,069,000 or $0.04 per basic and diluted share for the same period a year ago.

 

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