Blue Earth, Inc. Receives Non-Compliance Notice From Nasdaq
Mar 23 15
On March 19, 2015, Blue Earth, Inc. received a staff determination letter from the Nasdaq stating that the company was not in compliance with its rules for continued listing, Rule 5635(d), because it violated the shareholder approval requirement. The violation is based on the Staff’s determination to aggregate the shares issuable in three recent transactions for determining whether the 20% threshold for shareholder approval has been triggered. The Nasdaq letter indicated that the company has forty-five (45) calendar days to submit a plan to regain compliance. If such a plan is timely submitted by the company, the Nasdaq Staff may grant the company up to 180 calendar days from March 19, 2015 to regain compliance. The Nasdaq notification has no current effect on the listing of the common stock. Nasdaq may grant the company up to 180 days to evidence compliance and by seeking and receiving shareholder approval of any prospective issuance equal to an aggregate of 20% for these transactions the company may regain compliance. In order to regain compliance with Rule 5635(d), the company will file a proxy statement with the Securities and Exchange Commission on or before April 30, 2015, which will include a proposal to seek shareholder approval for any issuance of common stock to TCA Global Credit Master Fund, LP and Jackson Investment Group, LLC equal to a combined 20% of the issued and outstanding shares prior to the first issuance to Jackson on November 25, 2014. Each of the transactions in question previously reported by the company on Forms 8-K, included a share issuance limitation of 19.9% without shareholder approval; however, Nasdaq determined to aggregate these three transactions.
Blue Earth Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 16 15
Blue Earth Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, total consolidated revenue was $8,787,790, an increase of $5,448,263 or 163.1%, when compared with consolidated revenue of $3,339,527 for the fourth quarter of 2013. The current revenues represent sales from the company's operating segments, Energy Efficiency & Technology ($1,422,923) and Construction ($7,364,867) as compared to fourth quarter sales of ($1,144,410) from Energy Efficiency & Technology and ($2,195,117) from Construction in 2013. Net loss was $9,373,682 as compared to a net loss of $13,187,926 for the fourth quarter of 2013, a decrease of $3,814,244. Excluding the non-cash expenses of common stock for services, amortization of intangible assets acquired for stock and stock options/warrants issued for services, the loss would have been $5,145,214 and $2,938,227 for the fourth quarter of 2014 and 2013, respectively. The increase is attributable primarily to losses and decreased margins in the Construction segment. The net loss attributed to common shareholders was $9,373,682 compared to $14,320,562 in the fourth quarter of 2013. The net loss translates to $0.10 per basic and diluted share as compared to a net loss of $0.29 per basic and diluted share in the fourth quarter of 2013.
For the full year, revenues were $18,260,758, an increase of $7,955,022 or 77.2%, when compared with consolidated revenue of $10,305,736 in 2013. The full year revenues represent sales from the company's operating segments, Energy Efficiency & Technology ($6,694,166) and ($11,566,592) from Construction in 2014 as compared to Energy Efficiency and Technology ($3,648,908) and Construction ($6,656,828) in 2013. Net loss was $27,614,459 as compared to a net loss of $25, 473,394 for the full year of 2013, an increase of $2,141,065. Excluding the non-cash expenses of common stock for services, amortization of intangible assets acquired for stock and stock options/warrants issued for services, the loss would have been $15,857,201 and $5,748,924 for the full year of 2014 and 2013, respectively. The increase is attributable primarily to increased overhead costs associated with expanding the business. The net loss attributed to common shareholders was $29,118,041 compared to $28,661,844 in the full year of 2013 after taking into account preferred dividends of $1,503,582 and $3,188,450 in 2014 and 2013 respectively. The net loss translates to $0.40 per basic and diluted share as compared to a net loss of $0.79 per basic and diluted share in the full year of 2013.
Oregon Department of Transportation Selects Blue Earth Inc.'s Proprietary UPStealth Nickel Zinc Battery Backup System
Feb 25 15
On February 25, 2015, Blue Earth Inc. announced that its proprietary UPStealth nickel zinc battery backup system passed the Oregon Department of Transportation laboratory test, regarded as one of the nation's most rigorous testing labs. The company's wholly-owned subsidiary, Blue Earth Energy Power Solutions, LLC (EPS) also announced that the battery system was selected by ODOT to improve traffic intersection safety. ODOT just approved UPStealth for use at the dangerous Biggs Junction interchange in Sherman County, OR, where several highways merge. According to ODOT, the intersection ramps are narrow, and heavy vehicles turning onto US 97 cannot stay within the correct lanes, creating a safety hazard and the single large contributor to the existing back-up problems on the I-84 east and westbound off ramps. Installation of three UPStealth backup battery systems is set for March and if all goes well, the UPStealth may be considered for installation at some of ODOT's 1,300 other traffic signal intersections.