GLOBE-Net, November 15, 2011- Solar Industry
Magazine is reporting that Day4 Energy Inc., a provider of solar
photovoltaic products, says Dr. John MacDonald, chairman and CEO,
has resigned as CEO.
According to the press report, the board of directors has
appointed George Rubin to the role of president and CEO. MacDonald
will continue in his role as Day4 Energy's chairman of the
board.
For the third quarter, the company reported revenues of $14.5
million, a decrease of $26.8 million - or 65% - from the same
quarter in 2010 and by a decrease of $8.8 million - or 38% - from
the second quarter of this year. The gross loss was 20.4%, and net
loss was $9.3 million.
"Today, the PV industry is in the midst of a deep crisis,"
MacDonald is quoted as saying. "The European sovereign debt issue,
an uncertain U.S. economic recovery and severe PV module
overcapacity due to a dramatic manufacturing expansion over the
prior year have all contributed to a perfect storm in our
industry."
The company initiated a reduction in workforce during the fourth
quarter, affecting approximately 28 people located primarily within
its British Columbia offices. Once this reduction in workforce is
complete, Day4 Energy and its subsidiaries will employ 108
full-time employees globally.
Day4 Energy initiated a reduction in workforce during the fourth
quarter affecting approximately 28 people located primarily within
its B.C. based offices. Once this reduction in workforce is
complete, Day4 Energy and its subsidiaries will employ 108 full
time employees globally.
Day4 Energy's strategy is based on four fundamental pillars:
1. Roll out licensed PV module manufacturing capacities with a
focus on new technology partnerships and niche markets with captive
local demand;
2. Realign operating costs to reflect current market realities and
allot company resources to high-yield business activities;
3. Secure additional near-term operating liquidity;
4. Establish a strategic alignment with a vertically integrated
manufacturing partner, accelerating the development and roll out of
next-generation PV cell technologies
In addition, Solar Industry Magazine reports Day4 has signed a
letter of intent to merge its operations through a plan of
arrangement with Ever Energy Ltd., a Taiwan-based manufacturer of
solar cells that is majority owned by Wang's Brother Motor Co. Ltd.
Day4 has since confirmed this.
Day4 had entered into a technology partnership with this company
earlier this year.
Former Chairman and CEO John MacDonald, is a widely recognized
global leader in the development of high end technology products
and solutions.
In addition to his many achievements and recognitions, he was
recently awarded the British Columbia Export Leadership Award in
recognition of the contributions he has made to B.C. exports
throughout his career. Before co-founding Day 4 Energy, MacDonald
co-founded MacDonald Dettwiler, Canada's largest space technology
company.
He will remain with Day 4 Energy as its Chairman