Three Sixty Solar Receives First Purchase Order

Rhea-AI Summary

Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) has successfully converted a Letter of Intent (LOI) into a formal purchase order from Rocky Mountain Log and Timber (RMLT) for the sale and installation of a solar tower in Hamilton, MT, USA. The purchase order, valued at high six figures, marks a significant milestone in the company's commercialization process. Three Sixty Solar's CEO, Brian Roth, expresses excitement about the collaboration and highlights the potential success for both companies in the new year.

Company converts LOI into Sale

VANCOUVER, British Columbia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to announce that they have received a purchase order from Rocky Mountain Log and Timber (“RMLT”) to proceed with the sale and installation of a Three Sixty Solar Tower in Hamilton, MT, USA.

Key Points:

• Valued at high six figures, RMLT issued a formal purchase order on November 27, 2023.
• Previously reported on October 19, 2023, Three Sixty signed an LOI with RMLT indicating their intent to install a solar tower at their headquarters in Hamilton, MT, USA.
• The purchase order is subject to final optimization engineering, permitting, and any necessary geotechnical and environmental assessments.
  

Three Sixty Solar’s CEO, Brian Roth states, “I’m excited to be working with Jake and Rocky Mountain on our first installation in the US. This first Purchase Order is an important milestone in our commercialization process and I’m proud of everyone who has worked so hard to get us to this point. Our whole team is excited to push this project into the delivery stage and we’re pleased to be doing it with Rocky Mountain. I believe that Jake’s commitment to moving this project forward and to helping promote solar towers with his customers will lead to success for both Three Sixty and Rocky Mountain in the new year.”

Rocky Mountain Log and Timber is a builder of premium log homes based in Hamilton, Montana, and operating throughout the northwestern United States. With substantial energy demands to run their timber operation, the solar tower is intended to provide renewable energy to the operations while fitting in the space available on site. As previously reported, both parties were working toward a November 30 target to perform a preliminary energy assessment and move to this purchase order.

Rocky Mountain Log and Timber Owner, Jake Hayes, adds, “We were looking for ways to add renewable energy to power our operations and to offer to our customers. We’re also excited that we will be able to include the Hook’d Broadband technology with this tower and that we can offer a connectivity solution to our clients on future projects. We are pleased to be working with Three Sixty and look forward to breaking ground in the spring.”

“More broadly, this purchase order demonstrates that the Three Sixty team was able to convert a letter of intent to a formal purchase order in fairly short order,” Brian Roth summarizes.

On Behalf of the Board of Directors,

--Brian Roth—

Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com

About Three Sixty Solar Ltd. (NEO: VSOL)

Three Sixty Solar Ltd. is an all-Canadian enterprise which focuses on solar equipment supply to the global market. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).

Forward Looking Information Disclaimer

This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to satisfying the conditions of the purchase order, the timing of breaking ground on the installation of a solar tower under the purchase order from RMLT, the addition of Hook’d Broadband technology on the solar tower and RMLT using the Company’s products as a solution for clients on future projects.

Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s annual information form dated December 29, 2022 filed under the Company’s profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.

CONTACT INFORMATION

Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743

Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972

FAQ

What is the recent announcement from Three Sixty Solar Ltd.?

Three Sixty Solar Ltd. has received a purchase order from Rocky Mountain Log and Timber for the sale and installation of a solar tower in Hamilton, MT, USA, converting a previous Letter of Intent (LOI) into a formal agreement.

Who is the CEO of Three Sixty Solar Ltd.?

The CEO of Three Sixty Solar Ltd. is Brian Roth, who expressed excitement about the collaboration with Rocky Mountain Log and Timber.

What is the value of the purchase order received by Three Sixty Solar Ltd.?

The purchase order received by Three Sixty Solar Ltd. from Rocky Mountain Log and Timber is valued at high six figures.

What is the focus of Rocky Mountain Log and Timber?

Rocky Mountain Log and Timber is a builder of premium log homes based in Hamilton, Montana, with substantial energy demands to run their timber operation.

What are the future plans for the solar tower installation?

The solar tower installation is intended to provide renewable energy to the operations of Rocky Mountain Log and Timber while also offering a connectivity solution to their clients on future projects.