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ONYX Receives Confirmation That Solar Panels For Honduras Project Have Been Shipped

Stocks in this article: ONYX

Onyx Service & Solutions Inc (OTCQB: ONYX) received confirmation today that their shipping consolidator in China has collected and shipped the solar panels and associated equipment for their new West Bay Lodge Project in Roatan, Honduras. The consolidator expects arrival in Roatan early next week via air freight.

ONYX Management has arranged for Company installation personnel to arrive on Roatan on December 29 th and 30 th, ahead of the solar equipment delivery. Arrangements have also been made for local personnel to participate in the project installation.

ONYX had announced a Letter of Intent (LOI) with West Bay Lodge back on October 10 th, which called for constructing a solar power project to power the resort – which is located near the famous West Bay Beach, the most popular tourist destination on the Island of Roatan, Honduras. Since the announcement of the LOI, ONYX and West Bay Lodge have worked together to specify the project scope and finalize the project parameters.

ONYX management has purposely taken a different course than most other solar companies, deciding to forgo competing against coal-fired electricity producers or depending on government subsidies to make a profit. After detailed research of the worldwide markets for power, ONYX management identified sectors that relied on costly diesel generated electricity, such as Roatan, to focus on as its target market – due to the opportunity for greater profit margins. The Company has focused primarily on competing in Latin America and the Caribbean, but international recognition has led to recent invitations for the Company to apply their business model in India and the Philippines.

ONYX is currently developing the construction of multiple solar power projects in Honduras - one as large as 22 megawatts, as well as developing solar projects in Panama and solar product distribution arrangements in Peru and Columbia.

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