Dutton Associates Announces Investment Opinion: SES Solar Speculative Buy Rating In Update Coverage By Dutton Associates

  
    
  
  
    
      Dutton Associates updates its coverage of SES Solar (OTCBB:SESI) 
      maintaining a Speculative Buy rating and a $2.10 price target. The 
      10-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 was formed as a result of a September 27, 2006, reverse 
      acquisition between SES and Societe d’Energie 
      Solaire, a Swiss-based company that 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 once it consolidates production 
      in a new plant in Geneva Canton, Switzerland early in 2008. This 
      facility will be fully automated and will incorporate innovative 
      manufacturing techniques, resulting in lower labor costs, higher quality 
      electrical contacts, greater operating efficiencies, and higher 
      production volumes. Management expects to complete the plant by the end 
      of 2007 and to initiate production in the first quarter of 2008. During 
      2007, 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, and that it will report a small loss for the 
      year. After that, we expect a relatively rapid ramp-up in production 
      volumes, resulting in fast-growing revenue for several years. We believe 
      that SES’s share price may be driven in part 
      by the completion of Company-specific milestones in 2007 as discussed in 
      our report. Our current estimate of revenues in 2008 is $18 million.
    
    
      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 145 enrolled companies, and its research, 
      estimates, and ratings are carried in all the major databases serving 
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      The cost of enrollment in our one-year continuing research program is US 
      $35,000 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 
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      before investing.