Dutton Associates Announces Investment Opinion: SES Solar Speculative Buy Rating in Initiating Coverage by Dutton Associates

  
    
  
  
    
      Dutton Associates initiates coverage of SES Solar (OTCBB:SESI) with a 
      Speculative Buy rating and a $2.10 price target. The 23-page report by 
      Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com 
      as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and 
      other leading financial portals.
    
    
      SES Solar researches, develops, produces and installs solar energy 
      (photovoltaic or PV) products, including PV modules and roof tiles, with 
      a special emphasis on high-quality products that can be architecturally 
      integrated into new or existing structures. We believe that SES is well 
      positioned to benefit from soaring demand for solar energy in Europe and 
      worldwide and that its prospects will be enhanced further when it 
      consolidates production in a new plant in Geneva Canton, Switzerland in 
      late 2007. This facility will be fully automated and incorporate 
      innovative manufacturing techniques, resulting in lower labor costs, 
      greater operating efficiencies and higher production volumes. Management 
      anticipates committing all of the Geneva plant’s 
      PV module production under long-term contracts with leading PV cell 
      producers. In the next 9–12 months, we project 
      that SES’s revenue will be modest, as the 
      Company focuses on building the new plant and preparing to bring it on 
      stream. After that, we expect a relatively rapid ramp-up in production 
      volumes, resulting in fast-growing revenue and profit for several years.
    
    
      About Dutton Associates
    
    
      Dutton Associates is one of the largest independent investment research 
      firms in the U.S. Its 31 senior analysts are primarily CFAs, and have 
      expertise in many industries. Dutton Associates provides continuing 
      analyst coverage of over 140 enrolled companies, and its research, 
      estimates, and ratings are carried in all the major databases serving 
      institutions and online investors.
    
    
      The cost of enrollment in our one-year continuing research program is US 
      $39,500 prepaid for 4 Research Reports, typically published quarterly, 
      and requisite Research Notes. Dutton Associates received US$35,000 from 
      the Company for 4 Research Reports with coverage commencing on 
      10/16/2006. We do not accept payment of our fees in company stock. Our 
      principals and analysts are prohibited from owning or trading in 
      securities of covered companies. The views expressed in this research 
      report accurately reflect the analyst's personal views about the subject 
      securities or issuer. Neither the analyst's compensation nor the 
      compensation received by us is in any way related to the specific 
      ratings or views contained in this research report or note. Please read 
      full disclosures and analyst background at www.jmdutton.com 
      before investing.
    
  
Dutton Associates initiates coverage of SES Solar (OTCBB:SESI)
with a Speculative Buy rating and a $2.10 price target. The 23-page
report by Dutton senior analyst Sally H. Wallick, CFA is available at
www.jmdutton.com as well as from First Call, Bloomberg, Zacks,
Reuters, Knobias, and other leading financial portals.

   SES Solar researches, develops, produces and installs solar energy
(photovoltaic or PV) products, including PV modules and roof tiles,
with a special emphasis on high-quality products that can be
architecturally integrated into new or existing structures. We believe
that SES is well positioned to benefit from soaring demand for solar
energy in Europe and worldwide and that its prospects will be enhanced
further when it consolidates production in a new plant in Geneva
Canton, Switzerland in late 2007. This facility will be fully
automated and incorporate innovative manufacturing techniques,
resulting in lower labor costs, greater operating efficiencies and
higher production volumes. Management anticipates committing all of
the Geneva plant's PV module production under long-term contracts with
leading PV cell producers. In the next 9-12 months, we project that
SES's revenue will be modest, as the Company focuses on building the
new plant and preparing to bring it on stream. After that, we expect a
relatively rapid ramp-up in production volumes, resulting in
fast-growing revenue and profit for several years.

   About Dutton Associates

   Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 31 senior analysts are primarily CFAs,
and have expertise in many industries. Dutton Associates provides
continuing analyst coverage of over 140 enrolled companies, and its
research, estimates, and ratings are carried in all the major
databases serving institutions and online investors.

   The cost of enrollment in our one-year continuing research program
is US $39,500 prepaid for 4 Research Reports, typically published
quarterly, and requisite Research Notes. Dutton Associates received
US$35,000 from the Company for 4 Research Reports with coverage
commencing on 10/16/2006. We do not accept payment of our fees in
company stock. Our principals and analysts are prohibited from owning
or trading in securities of covered companies. The views expressed in
this research report accurately reflect the analyst's personal views
about the subject securities or issuer. Neither the analyst's
compensation nor the compensation received by us is in any way related
to the specific ratings or views contained in this research report or
note. Please read full disclosures and analyst background at
www.jmdutton.com before investing.