Worldwide’s impressive first quarter growth was largely driven by increased sales of the Company’s AmeriSolar brand of photovoltaic modules. The solar division posted record sales of $26.21 million, an increase of approximately 280.4% from $6.89 million in the first quarter of 2009. Gross profit for the solar division was $2.80 million in the first quarter of 2010, an increase of approximately 184.3% from $0.99 million in the same period of 2009. Solar is one of the fastest growing sectors of the clean tech industry. Despite a recent solar industry slowdown, Worldwide’s solar division has continued to grow. The division’s backlog currently stands at approximately $82 million dollars.

First quarter highlights include:

• Revenues for the first quarter of 2010 were $30.33 million, an increase of 195% compared to $10.28 million for the first quarter of 2009.
• Net income for the first quarter totaled $1.95 million, up 195% from $0.67 million in the same quarterly period of 2009.
• Basic and diluted net income increased 105% to $0.39 per share, compared to $0.19 per share for the first quarter of 2009.
• Gross profit increased to $3.79 million from $1.72 million, representing an increase of 120.6% for the same period a year ago.

Although the solar division accounts for the bulk of sales, Worldwide’s global customer base also includes the industries of wireless telecommunications, aerospace, automobiles and medical equipment, representing a $60 billion market in the U.S. alone. Fortune 500 clients include GE, GM Shanghai, Tyco, Danaher, Flextronics, Smith Industries, and Andrew.

In their May 18th earnings call, Worldwide President Jeff Watson stated that the Company expects 2010 to be another record year. Worldwide plans to release guidance for the full year after releasing their second quarter earnings in August 2010. The Company also anticipates acceptance to a senior exchange in the near future.

Disclosure: The subject security is a client of RedChip Companies, Inc. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. For full financial disclosures for all RedChip clients, please visit http://www.redchip.com/disclosures.asp?src=rcv.

Worldwide Energy and Manufacturing USA (OTCBB: WEMU)

In past quarterly reports WEMU has consistently cited the desire to transition into more direct solar manufacturing; however, the company has been constrained by having to lease factories and not owning them. Well that’s all about to change as WEMU is in the process of raising $8 million through a private placement of restricted common stock and warrants. By raising the remaining capital necessary to finalize the company’s much anticipated Nantong PV module factory in China and buying the remaining needed equipment, WEMU is now positioned to take on the direct manufacturing pursuits that they had envisioned. With the addition of the Nantong factory, the company will eliminate its reliance on subcontractors thereby controlling the entire production process while vastly improving profit margins. Bottom line, the addition of the Nantong factory allows WEMU to streamline its costs and differentiate itself as the low-cost, high-quality manufacturer.

By focusing on the enormous growth potential in WEMU’s solar division, the company looks to sustain triple-digit growth this year. According to CEO Jimmy Wang this financing “will allow us to accelerate our production schedules and increase capacity to meet the growing demand.” With the global solar energy market expected to double in the next three years, WEMU new facility is going to have a lot demand to look forward to.

Disclosure: The subject security is a client of RedChip Companies, Inc. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. For full financial disclosures for all RedChip clients, please visit http://www.redchip.com/disclosures.asp?src=rcv.