PENNINGTON, N.J., May 16, 2005 (PRIMEZONE) -- WorldWater & Power Corp. (OTCBB:WWAT), maker of proprietary solar power systems, announced it is filing today its 10Q for the first quarter of 2005. "The first quarter results will show no equipment sales revenues and a net loss of $1,344,729, but it was nonetheless a very productive quarter with the signing of two additional contracts, bringing our backlog of signed contracts to $4.4 million as of the end of the quarter," explained Quentin T. Kelly, Chairman and CEO.
Comparative first quarter 2004 results showed combined equipment and grant revenues of $780,846 and a net loss of $1,667,220. "Because of the nature of our business, quarterly comparisons are not reflective of our year-to-year progress. A more accurate reflection is a comparison of 2004 annual revenues of $5.8 million to our backlog of three signed contracts, totaling $4.4 million as of March 31, 2005," Mr. Kelly said. "We did not expect revenue for the first quarter, but we initiated projects which should be completed and recognized in the remaining quarters of 2005."
The company started construction on two projects in April valued at $2.6 million and expects to begin construction on the third contract valued at $1.8 million by the end of the second quarter. The first two contracts are for supplying solar power to water districts in California (Idyllwild Water District) and New Jersey (Atlantic County Utility Authority). The third contract calls for the supply of solar pumping and electric power to the Cocopah Tree Farm in California.
About WorldWater & Power Corporation
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.
Forward Looking Statement
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.