Savenergy finishes 2011 with record total sales of $ 2,340,770
Jan 30, 2012
OTC Disclosure News Service
Inwood, NY –
FOR IMMEDIATE RELEASE
Savenergy Holdings, Inc. (NASDAQ:ADCC), a leading global manufacturer of innovative energy saving technology, has announced annual revenue of $2.34 million for the fiscal year ended December 31, 2011, a 285% increase from the prior fiscal year for which the company has reported financial statements for the 10 months ended December 31, 2010. Gross profit was $1.03 million and net income was $0.54 million for the fiscal year ended December 31, 2011, compared to gross profit of $0.29 million and a net loss of less than $5,000 in the prior year.
“We delivered solid financial results, even as we prepare for a launch year that will accelerate many of our key products and services. We delivered record earnings by continuing to manage our costs while investing for future growth,” said John Choi, CEO of Savenergy. “Starting in the fourth quarter of 2011, we are seeing very strong response to our LED products and we expect continued growth in 2012.”
Savenergy reported $0.77 million in fourth quarter 2011 revenue, a 67% increase from the prior year period, and a 120% increase from the third quarter of 2011. A total of $ 2,340,770 of Savenergy’s patented LED lighting products were sold in fiscal year 2011.
Savenergy’s LED Lighting Systems are currently available. For more information on Savenergy Inc. products, examples of installations, and testimonials from customers, please visit www.savenergynow.com.
About Savenergy Inc.
Savenergy Inc. manufactures and installs exclusive patented energy saving devices while providing energy consulting services for their clients. Energy cost savings of 20 – 80% are achieved following the installation of Savenergy’s devices, which include four major products: Savenergy Lighting Saver, Savenergy Motor Saver, Savenergy Heat Exchanger and Savenergy LED Lighting System. Additionally, savings are achieved through the extension of the life of electrical equipment, while helping to protect the environment by reducing pollution and energy consumption. The company is headquartered in Inwood, New York and conducts business within the United States and overseas. For more information, visit www.savenergynow.com.
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially.
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