Westinghouse Solar, Inc., d/b/a Andalay Solar, announced that as part of implementing its planned transition to a provider of innovative residential and commercial solar power systems, it began receiving product from its new supplier and has fulfilled and shipped back orders to customers. The Company also reported that it is on schedule to receive additional product from its supplier with a revenue value of $800,000 that it expects to ship to customers by the end of the fourth quarter of this year.
Additionally, the Company has secured funding pursuant to the Board approved plan and expects that funding will continue to support its sales force over the next several quarters as they seek to penetrate the growing market of residential and commercial solar energy. Details of the Company's recent convertible note financing of $200,000 were provided in a Form 8-K filed on September 5, 2013.
Finally, the Company is seeking shareholder approval to change its name to Andalay Solar, Inc., aligning itself with the name of the existing proprietary solar panel technology currently offered through the Company's sales and distribution channels.
Margaret Randazzo, CEO, commented "We are excited to be entering this new chapter at our Company. We are thrilled to have begun shipping product from our new supplier to our customers and are optimistic about our revenue volume in the fourth quarter. Our business plan contemplates continued revenue growth in the coming year with a strong focus on a lean cost structure as we target achieving cash flow break-even and profitability over the next several quarters. We are proud of our award-winning Andalay AC solar power technology that has been shown to reduce the number of components for rooftop solar installations by approximately 80 percent and lower our customers' installation labor costs by approximately 50 percent."