Friday, 27 May 2016
Last updated 1 hour ago
Nov 24 2009 | 8:44am ET
Clear Skies Solar, Inc. (CSS) will sell approximately one third of its wholly owned subsidiary C612 to a group of private investors.
C612 was formed last year to house the patented and patent pending technologies developed in-house by CSS.
The sale is expected to increase working capital available at CSS.
CEO Ezra Green said in a statement the sale would reduce the company’s monthly expenses by about 25%, allowing for increased flexibility to meet upcoming growth plans and permit C612 to support its own working capital needs. Green said the move will also facilitate Clear Skies’ move into the smart grid market.