Jackgreen Jackgreen Update Fri, 3 Jul 2009 17:55:00 +1000       8 months, 3 weeks ago

Friday, 3 July 2009 Australian Stock Exchange Limited Level 3 Stock Exchange Centre 530 Collins Street Melbourne VIC 3000 Jackgreen Limited (ASX:JGL) announced today that the Company will continue its strong growth for the 2009 calendar year, despite falling short of its $80 million revenue projection by approximately 16 per cent. The Company remains on track to achieve its 2010 forecast earnings. Early challenges around the roll out of the Easy Being Green business meant it was unable to provide profit offset for anticipated losses in Jackgreen Energy from the initial months of this calendar year.

The recent appointment of an experienced senior executive to run the Easy Being Green business has provided the right impact on sales and revenue. While the company will record a loss for the year, the last three months have turned operationally profitable as projected and will ensure a strong start to the new financial year. As part of the annual audit process the Company will review accounts for impairment and enable the Company to move into the new financial year without any historical issues remaining.

“The key variable drivers for the energy retailing business are now all in place,” Jackgreen Managing Director, Mr Andrew Randall said, and we shall be shortly announcing some exciting changes to our new phase of development. “Our forecast customer levels are being met, revenue per customer will rise significantly with the announced price increases in NSW and QLD and wholesale energy prices have reduced. As previously announced, the Company is concentrating on driving its core business in the immediate future prior to any investment in generation assets recently reviewed.

Jackgreen is Australia’s dedicated renewable energy retailer, licensed in New South Wales, ACT, Queensland, South Australia, and Victoria. It also operates Easy Being Green, one of Australia’s leading creators of carbon credits through the provision of energy efficiency products. For further information on Jackgreen visit www.jackgreen.com.au.

For information or comment please phone Andrew Randall, Managing Director of Jackgreen Limited on (02) 8302 3812. Signed Andrew Woodward Company Secretary.