TORONTO and KNOXVILLE, Tenn., Oct. 18, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. ('Solar Alliance' or the 'Company') (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces the resignation of Michael Clark as CEO, President and Director, and the appointment of Brian Timmons as President and CEO, both effective October 18, 2024. Mr. Clark is leaving Solar Alliance to pursue other opportunities and will assist the Company to ensure a seamless transition.

Mr. Timmons is a Fellow of the Association of Chartered Certified Accountants, with over 30 years of experience in senior positions within companies across a range of industries, including fund management, investment banking, healthcare technology, bioscience, alternative energy and resource companies, telecoms and software IT. A number of these were entrepreneurial, early stage companies, in which he led the process of raising significant levels of finance to fund ambitious growth targets. Mr. Timmons has been the Chairman of the Solar Alliance Board of Directors since February, 2022 and has been integral to the Company's recent growth and large project execution strategy.

"On behalf of the Board, I want to express our gratitude to Mr. Clark for his outstanding leadership and resilience during his time as President and CEO. Under his guidance, Solar Alliance has evolved into a leading commercial solar provider in the U.S. Southeast, experiencing revenue growth and achieving profitability for the first half of 2024. I look forward to growing Solar Alliance and building on the work he has done to date. The prospects for continued growth remain high and I am determined to accelerate that growth for the benefit of our customers, shareholders, and the planet," said Chairman Brian Timmons.

"It has been an honour to work alongside a great team," said Mr. Clark. "The appointment of Mr. Timmons as CEO brings significant financial and operational experience to the team. He has been integral to our growth and large project execution strategy and he now brings his expertise to Solar Alliance full time as CEO. Additionally, the financial experience he brings to Solar Alliance is ideally suited for this company at this time given our remarkable growth prospects. I will always remain a strong supporter of Solar Alliance. I look forward to seeing great things from the company as it continues to bring solar energy to the growing commercial solar market," said Mr. Clark.

Anton Shihoff, Ken Stadlin and Bob Miller remain as members of the board of directors alongside Mr. Timmons, who remains as Chairman. In connection with this transition, the Company has agreed to issue Mr. Clark an aggregate of 1,000,000 common shares of the Company as part of his severance, subject to the approval of the TSX Venture Exchange.

Brian Timmons, Chairman

About Solar Alliance Energy Inc. ()

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance's strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information in this press release include, but is not limited to focus on larger, higher margin commercial solar projects, the assessment of acquisition opportunities and pursuit of corporate opportunities, the ability to scale, increasing project margins, targeting profitability, the expectation that the completion of several larger projects post-quarter end will result in revenue to be recognized in future quarters and the Company offering a unique investment opportunity in the renewables sector space. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company's strategies, the ability to complete the Company's current and backlog of solar projects, the ability to grow the Company's market share, the high growth US solar industry, the ability to convert the backlog of projects into revenue, the expected timing of the construction and completion of the Company's solar projects, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."