CAMPBELL, Calif., July 25, 2011 (GLOBE NEWSWIRE) -- Westinghouse Solar, Inc. (Nasdaq:WEST) , a designer and manufacturer of solar power systems, and Lennar, one of the nation's leading builders of quality homes, today announced a supply agreement to deliver solar power systems to new home buyers.
Under the terms of this multi-year agreement, Westinghouse Solar will supply its award winning Westinghouse Solar AC systems to Lennar for certain new home communities as part of their "Everything's Included" program, which includes in the price of a home the most desirable features homebuyers want. Lennar has begun implementation of this relationship in certain communities in Texas.
"Rooftop solar power -- when combined with other energy efficient features -- is the best way to maximize home energy efficiency," said Barry Cinnamon, CEO of Westinghouse Solar. "Lennar is a leader in building new homes with the energy efficient features that buyers want most. By providing a Westinghouse Solar Power System as a standard feature of its new homes, Lennar makes it easy for homebuyers to save on energy for decades to come."
"We are excited to be working with Westinghouse and their award-winning AC Solar Power Systems," said David Kaiserman, President of Lennar Ventures. "Lennar has reignited its 'Everything's Included' platform to highlight those features that clearly differentiate our new homes from existing homes. These energy efficiency features, especially when coupled with solar, save customers real money."
About Westinghouse Solar:
Westinghouse Solar is a designer and manufacturer of solar power systems. In 2007, Westinghouse Solar pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, originally branded "Andalay", quickly won industry acclaim. In 2009, the company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This first AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. Award-winning Westinghouse Solar Power Systems provide the best combination of safety, performance and reliability, while backed by the proven quality of the Westinghouse name. For more information on Westinghouse Solar, visit www.westinghousesolar.com.
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About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.
Safe Harbor
Statements made in this release that are not historical in nature, including those related to future revenue, revenue growth, operating expense rates, transition expenses, and achievement of cashflow and EBITDAS breakeven and profitability, and product offerings and cost reductions in future periods, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the inherent uncertainty of future financial results, additional capital financing requirements, development of new products by us or our competitors, uncertainties in the timing of availability of new products from a new supplier, the effectiveness, profitability, and marketability of such new products, our ability to protect proprietary rights and information, the impact of current, pending, or future legislation, regulation and incentive programs on the solar power industry, the impact of competitive products or pricing, technological changes, the our ability to identify and successfully acquire and grow distribution customers, and the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Westinghouse Solar, Inc. assumes no obligation to update any such forward-looking statements.
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