– USA, CA – Sunworks, Inc. (Nasdaq:SUNW), a premier provider of high performance solar power solutions for agriculture, commercial, industrial (ACI), public works and residential markets, today announced that Joshua Schechter has been appointed as an independent member of the board of directors. Mr. Schechter is a private investor who has broad experience serving on public company’s board of directors. James Nelson, Executive Chairman and Frank Hunt, who has served as a director and chair of the audit committee since December 2014, retired from the Board of Directors.
Sunworks also announced that it has secured a $3.75 million, two-year term loan. The loan is comprised of $3.0 million from CrowdOut Capital, LLC and a combined $750,000 from Chuck Cargile, Sunworks’ Chief Executive Officer and Kirk Short, Sunworks’ President of Commercial Operations.
Chuck Cargile, Sunworks’ Chief Executive Officer commented, “Strengthening our balance sheet is an important step as we advance our profitable growth strategy. The infusion of cash coincides with a rebound in the overall solar industry and comes at a time when Sunworks’ pipeline of opportunities continues to grow. We entered the year with more than $40 million of backlog scheduled for installation in 2018. In addition, in the first four months of this year, we have won more than $35 million of new projects, much of which is scheduled for installation over the next three to four quarters. Although we anticipate being profitable and generating positive cash flow from operations for the remainder of this year, the cash infusion will give us greater flexibility as we work through this large backlog of projects. In addition, securing a term loan provides necessary capital to support our profitable growth without an equity issuance that would be dilutive to our shareholders.”
Cargile added, “I wish Jim and Frank the best of luck in their future endeavors. I appreciate the dedication that both of them have shown for Sunworks. At the same time, we are fortunate to have solar industry experts Rhone Resch and Daniel Gross serving on our board of directors and the board is further strengthened by adding Mr. Schechter. For more than a decade, Josh has developed a stellar track record in board governance with an intense focus on enhancing shareholder value. The four current directors are in the process of reviewing candidates for the fifth position on the board and anticipate announcing the appointment within the next month.”
About Sunworks, Inc.
Sunworks, Inc. (SUNW) is a premier provider of high performance solar power systems. We are committed to quality business practices that exceed industry standards and uphold our ideals of ethics and safety.
Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, public works, and residential.
Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we stand by to support our customers above and beyond their expectations. Sunworks’ diverse, seasoned workforce includes distinguished veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power.
For more information : https://www.sunworksusa.com
About CrowdOut Capital, LLC
CrowdOut Capital is a debt syndication platform for middle-market companies. The firm provides companies senior, uni-tranche and subordinated debt through its platform while offering family offices, institutions and accredited investors the opportunity to invest in private debt on a deal-by-deal basis.
For more information : https://www.CrowdOut.com
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