| Sustainable Energy Technologies Ltd announced today that Michael Carten currently Chairman of the Board will replace Sanjay Razdan as Chief Executive Officer of the Company. Mr. Razdan’s resignation is effective immediately. The Company announced that revenues for the nine months ending June 30 2010 totaled $1.3 million of which $817,000 was realized in the last Quarter, including $319,445 in respect of sales of SUNERGY II inverters. Additional information will be available on the release of Third Quarter financial filings prior to the end of this month. The Company also announced that it is experiencing strong demand for its products in North America and in Europe. However, shortages of certain electronic components will impact its ability to meet this demand for the balance of the calendar year. The Company believes that the shortages will be relieved by the end of the calendar year enabling it to increase production levels in early 2011. |
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