SCOTTSDALE, Ariz., June 18, 2019 (GLOBE NEWSWIRE) -- SolarWindow Technologies, Inc. (OTC: WNDW; www.solarwindow.com), developer of transparent liquid coatings that convert passive windows into electricity-generating windows, is pleased to announce the appointment of Mr. Gary Parmar to its Board of Directors.
Mr. Parmar, a Chartered Professional Accountant was appointed Partner of MNP, a leading Canadian national accounting, tax and business consulting firm with over 5,000 employees, at just 32-years old. Since joining the firm, Mr. Parmar has since become a trusted provider of management and business advice to a broad range of clients, including builders and real estate developers, the target markets and customers of SolarWindow products.
“When I committed $25 million to SolarWindow just over six months ago, I also committed to building a team of the best people I could find to help us push forward the development and manufacturing of electricity-generating windows,” stated Mr. Harmel S. Rayat, Chairman of SolarWindow Technologies’ Board of Directors.
“With decades of senior management and business consulting experience, Gary is an excellent addition to our growing roster of talented business and industry leaders, all working to bring to market a brand-new form of electrification – the SolarWindow™.
“Our goal is to turn entire buildings into vertical power generators. To see how impactful this could be, watch this video: https://www.solarwindow.com/2016/05/imagine-solarwindow/.”
Among our many priorities will be the introduction of various new product iterations and the unveiling of our largest SolarWindow™ ever produced.
Mr. Parmar’s appointment to the company’s Board of Directors follows the recent addition of other notable professionals, including:
- the appointment of Mr. Bob Levine to the Board of Directors, a co-founder of one of the fastest growing real estate companies in the world with 120 offices in 20 countries and approximately 5,000 real estate professionals;
- the addition of Mr. Tim Widner to the Board of Advisors, a 20-year glass industry professional who has overseen the production of 300 million square feet of tempered glass and more than 30 million insulated glass units;
- the appointment of Mr. Steve Horovitz to the Board of Directors, a 25-year veteran of real estate holding executive positions managing or marketing upwards of 3 million square feet of commercial, industrial and apartment properties; and
- the appointment of Mr. Steve Yan-Klassen as Chief Financial Officer, who has over 20 years of public company accounting and financial statement auditing experience, stock exchange reporting, regulatory compliance, and corporate finance experience.
These appointments follow other SolarWindow developments, including:
- The initiation of a brand awareness campaign in advance of a full commercial launch of the company’s planned electricity-generating windows;
- A seven-figure purchase order for high-output manufacturing equipment for integration into the SolarWindow partner plant at Triview Glass Industries. Triview Glass is an award-winning custom glass fabricator located in suburban Los Angeles, where the company plans to fabricate specific SolarWindow™ electricity-generating glass products at commercial scale;
- The filing of more than 90 U.S. and international patents and trademarks for protecting its brand identities, products, services, processes, and materials;
- An alliance with nTact, a global leader in coating process equipment, to prototype, test, and manufacture machinery and equipment necessary for coating glass and flexible materials with the company’s transparent electricity-generating coatings, which will be used to create a manufacturing line;
- A new company performance record for power efficiency with a 34% increase in performance over previous generations of its transparent electricity-generating glass; and
- The collaboration with Raynergy Tek, one of the world’s leading suppliers of organic photovoltaic materials, used by SolarWindow to coat ordinary glass and turn it into electricity-generating windows to support the company’s pursuit of high-volume production, increased power output, and enhanced transparency of SolarWindow™ products.
About SolarWindow Technologies, Inc.
SolarWindow Technologies, Inc. (Symbol: WNDW; www.solarwindow.com) creates transparent electricity-generating liquid coatings. When applied to glass or plastics, these coatings convert passive windows into electricity-generating windows, which produce power under natural, artificial, low, shaded, and even reflected light conditions.
Targeting the estimated 5.6 million U.S. commercial buildings, which consume almost $150 billion in electricity annually, the company’s transparent electricity-generating windows could reduce energy costs by up to 50% and achieve a one-year financial payback for building owners, the industry’s fastest financial return, according to independently-validated company power and financial modeling.
For additional information, please call Briana Erickson at 800-213-0689.
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Power and Financial Model Disclaimer
The company’s Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations, which are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 360 degrees building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide equivalents. Actual power, energy production and carbon dioxide equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.
Social Media Disclaimer
SolarWindow investors and others should note that we announce material information to the public about the company through a variety of means, including our website (https://www.solarwindow.com/investors), through press releases, SEC filings, public conference calls, via our corporate Twitter account (@solartechwindow), Facebook page (https://www.facebook.com/SolarWindowTechnologies) and LinkedIn page (https://www.linkedin.com/company/solar-window-technology/) in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.
Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “Company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving SolarWindow, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb7305cb-32c3-407d-9bf9-3f761b502ac9