Three Sixty Solar Receives Positive Engineering and Economics Study for Inaugural Tower Installation
Company builds sales momentum as independent assessment shows value
VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to advise that a requisite solar tower engineering feasibility study (as noted in a July 24th news release) commissioned for the Cattail Crossing Golf Club adjacent to Edmonton, Alberta has recently concluded. The results of the study have been delivered and are favourable and are anticipated to help pave the way towards a definitive sale and installation agreement at the state-of-the-art facility.
Key Points:
Cattail Crossing Golf and Winter Club (“Cattail Crossing”) is located in Sturgeon County, directly adjacent to the northern boundary of Edmonton, the capital city of Alberta and home to over twenty golf related facilities.
Cattail Crossing signed a non-binding letter of intent with Three Sixty Solar indicating intent to install a solar tower to generate power in support of facility operations.
The feasibility study was undertaken by Silver Fox Management (“Silver Fox”), an independent 3rd party arms-length development and feasibility engineering company focused on community scale energy projects.
Silver Fox reported positive results for both technical and economic feasibility at the proposed location.
Three Sixty Solar is now moving to engage additional contract vendors through competitive tenders for the primary tower components as the project shifts towards the procurement phase.
Three Sixty Solar’s CEO, Brian Roth states, “Led by Mr. Keegan Lang and his team of professionals, Silver Fox have provided assessment and feasibility, financial viability, and project design, planning, construction, operations and monitoring oversight services in California, Texas and Alberta. Their engineers and co-consultants have been diligent in evaluating our technology and in demonstrating its effectiveness both technically and economically at Cattail Crossing. I’m very pleased to have had them work through this process with us and I expect that we will continue to work closely with Keegan and his team on similar future projects.”
Cattail Crossing Owner, Mark Beck, adds, “We are very excited about the positive results from the feasibility study. It demonstrates that the reality of the solar tower approach aligns with our original discussions and expectations. We are looking forward to seeing the updated economics after the tender results are complete, and plan to move ahead with the project as quickly as we can. With the additional information that we’ve learned in the feasibility study, we continue to actively advocate for Three Sixty Solar’s innovative tower solution to our friends throughout the golf community.”
“Todays announcement is another milestone achievement,” adds Three Sixty’s CEO Roth. “Industrial projects by their very nature can take some time to work through the various processes involved, so having two new projects arrive within weeks of each other (see August 1st news release), shows that we are beginning to build momentum, and our sales pipeline continues to strengthen for the latter half of the year and beyond. Operationally, I look forward to moving ahead with the Cattail project and in completing the competitive tender for the primary components so that we can begin to build the first solar tower in Sturgeon County, which will in itself help generate and close future business for our growing venture.”
On Behalf of the Board of Directors,
--Brian Roth--
Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com
About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)
Three Sixty Solar Ltd. is an all-Canadian enterprise which focuses on solar equipment supply to the global market. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts.
Forward Looking Information Disclaimer
This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the economic and technical benefits of the Company’s products to Cattail Crossing, the engagement of vendors through a competitive tender offer process, the Company’s plans to enter into a binding purchase order to install a solar tower at Cattail Crossing and the timing thereof.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s annual information form dated December 29, 2022 filed under the Company’s profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.
CONTACT INFORMATION
Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743
Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972
