As you may recall, our last Newsletter outlined that we had received signed Letters-Of-Intent (LOI) from customers in developing regions including the Caribbean and Africa.
We are still very active with these sales opportunities, along with others, and we are working diligently to ensure that we respond quickly and provide any assistance necessary to help these customers complete their planning processes as quickly as possible.
In case you were wondering about the opportunities in Africa, according to a 2012 United Nations report, Africa's solar energy market will be worth USD 57 billion by 2020 - a sizable opportunity.
Since the completion of the assembly last November, we have been busy gauging and calibrating performance, conducting demonstrations, and analyzing processing results of our proprietary CIGSolar® evaporation designs. As we had anticipated, our proprietary heating, insulation, and nozzle technology have performed remarkably well and we are excited about the commercial prospects of our multi-source design.
Given the fact that this is a new "first-of-a-kind" design, we have also been monitoring the capabilities and performance of the balance of the systems such as software controls, material handling, vacuum, and cooling systems. We have invested extensive hours with our new system allowing us to identify, document, and implement several upgrades to the software and material handling systems. In fact, our licensing business model emphasizes our commitment to continued process and system improvements for the benefit our customers. This process of continual improvement is a key element of our long-term objective and revenue stream.
As always, we are working hard to capitalize the full potential of CIGSolar® for our shareholders and look forward to sharing more progress with you in the near future.
Thanks for your time.
Tom Djokovich, CEO
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