SWHN registration revoked:

https://www.sec.gov/litigation/admin/2018/34-84484.pdf

SWHN SEC Suspension for severely delinquent Financials/Filings:

https://www.sec.gov/litigation/suspensions/2018/34-84185.pdf

Order:

https://www.sec.gov/litigation/suspensions/2018/34-84185-o.pdf

Admin. Proceeding:

https://www.sec.gov/litigation/admin/2018/34-84184.pdf

Before the joint venture there were annual shareholder letters and occasional news and filings. Since the joint venture no news, shareholder letters or filings. If I'm right, and they have abandoned SWHN to send possible profits elsewhere, they would never admit it. Dubai Investments has spent millions of dollars for production and marketing. They want all the profit, imo.

I don't think it's been so explicitly decided to abandon legacy SWHN shareholders, but I am significantly less optimistic that any commercial success with Kromatix will trickle back down to them. I guess the JV (and more specifically Glass LLC) will reap the lion's share of the profits.

For what it's worth, back in April I had a brief email exchange with Hanbali about my concern for SwissINSO shareholders and lack of SEC filings.

It's become my belief that the joint venture SWHN signed with Dubai Investments included a provision for the abandonment of the stock. Of course no mention of that in SEC filings or news. Can't win 'em all. Dubai Investments certainly has the resources to bring SWHN back into SEC compliance.

"We have secured investment for all of our product industrialization and marketing expenses through a joint venture with Glass LLC of Dubai Investments. This sizable investment during the past year went primarily to the acquisition of equipment, raw material purchases, logistics and product certification"
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10621479

http://test.dubaiinvestments.com/en/SitePages/emirates_insolaire.aspx

http://www.azuremagazine.com/article/solar-panels-school-denmark/

I agree. The CEO is so disappointingly silent.
It does not look good.

Looks to me like Dubai Investments must be calling the shots. I can't think of any other reason why the CEO and others would let all the money they've lent SWHN and all the stock they own go to waste for the lack of the money to keep current

The Company is indebted to InsOglass, a business organization controlled by the Company’s Chief Executive Officer for $1,430,114 of loans made by such entity to the Company through June 30, 2015 to meet the working capital needs of the Company and its subsidiary.

The Company is indebted to Salim Shaikh Ismail, the holder of 13,858,633 shares of our Common Stock, or 9.66%, for $491,696 as at June 30, 2015 of loans made by him to the Company to meet the working capital needs of the Company and its subsidiary.

Rafic Hanbali (CEO) 57,581,742
Clive D. Harbutt (CFO) 7,882,746

Coloured solar panels to be installed on buildings across Dubai

Found this article from about 2 months ago:

https://www.venturesonsite.com/news/coloured-solar-panels-to-be-installed-on-buildings-across-dubai/

More of the same though:
discussions with different authorities and companies across Dubai are in the final stages
will soon be installed on buildings across Dubai
eyeing a strong growth amidst a massive potential

I've all but given up hope of a turnaround here. CEO hasn't released anything in 2 years, SEC filings are non-existent for the last 1 year... Copenhagen school was way under-hyped IMO.. just not sure they'll ever get the traction they deserve.

And since then Musk has his own solar roof (colored!) which is reported to be less expensive than traditional tiles. Has the window of opportunity closed on Kromatix and SwissINSO?

I certainly don't mean to suggest than Hanbali is anything other than genuine and honest. In fact in my limited communications with him I've found him to be transparent and open, and I belive with conviction that he intends to turn around the business, and he's been working very hard over the years to do just that.

He's long since said his objective was commercialization, and that requires him to put his time into the JV. I guess I'm just growing weary of the lack of formal updates and legal obligations vis a vis shareholders of SwissINSO, where we have our money invested.

Thanks tykundegex. Me too I don't like this lack of transparency. How can you go for months (or years some would claim...) without communicating much to your shareholders or complying with your legal obligations (filings)...?

Hope that Hanbali is a decent, professional CEO who would recognize the contribution of early investors and disprove our scepticism.

Hanbali owns over 57,000,000 SWHN shares as of the last 10k. I'm surprised he'd be willing to lose that.

There isn't much to go on lately, they're not making a lot of noise. I keep seeing articles pop up about Emirates Insolaire's "new" opaque panels, and how they're going to be all over sky scrapers in the middle east, but no material updates from the CEO. They're still behind on their SEC filings, and the last time I heard from Hanbali he said that he'd issue a shareholder update once filings were caught up. That update is now 6 months overdue.

The cynic in me fears the Swiss entity (the US listed entity) might declare bankruptcy, and it's IP be swept up by Emirates Insolaire for a song. Clearly this would wipe out shareholders. Hope I'm wrong and that Hanbali is true to his word.

I guess nobody ever made a great investment by betting on the ethical integrity of a CEO.

Does anyone have any "insightful" update on Swissinso? I mean other than the news releases like this one http://www.deccanchronicle.com/science/science/190217/the-school-with-the-largest-solar-facade-in-the-world.html

I hold some shares of the company. Should I give up hope on selling them and making a (small) profit?

Thank you for your feedback.

Yet more close-ups of the building. Hard to understand why this hasn't been picked-up more broadly.

https://plus.google.com/photos/112284386908682040090/album/6377684489351038353

Some great high quality photos of the Danish school building posted on Google+ by a director of Emirates Insolaire: https://plus.google.com/u/1/photos/112284386908682040090/album/6361183893776069473/6361183892409892162

Recent SWHN news. Good to see they're getting contracts, $6.8 million worth! Can't believe they seem to have ignored the US stock. Surprising to me with the CEO owning over 60 million shares.

"Offering unmatched efficiency
The world’s first coloured solar panels maker Emirates Insolaire is making significant inroads in Europe and the Gulf as demand for energy-efficient solar technology surges
November 2016
Emirates Insolaire, a pioneer in the development of new solar technologies, has till date achieved sale of 38,000 sq m of glass, about 15,000 panels of Kromatix solar glass and 28,000 panels of black glass/glass panels across the globe.

“There is a strong latent demand for building integrated photovoltaic solar glass, which is one of the specialities of Emirates Insolaire and we expect the growth trajectory to continue,” said Rafic Hanbali, managing partner of Emirates Insolaire.

Emirates Insolaire, a joint venture of Dubai Investments and SwissINSO Holding, manufactures the world’s first coloured solar panels. The company offers three families of products, namely: the Kromatix coloured solar glass for solar panels manufacturers (photovoltaic and thermal); finished ready-to-install photovoltaic solar panels, coloured and traditional non-coloured and consultancy and execution of turnkey projects for roofs, facades, carports and ground mounted panels – coloured as well as traditional non-coloured.


Hanbali: committed to growth
“In Dubai, where all our Middle East projects are located for the time being, we have to deliver two facades, three roof tops, three carports and two ground-mounted installations, with total projects’ worth Dh25 million ($6.80 million),” Hanbali said.

The total projected capacity contracted to Emirates Insolaire in the Middle East region is about 5 megawatts (MW), representing 26,000 sq m.

“No installation has been finished yet in the Middle East, but the installations done in Europe are showing equal or better efficiency yield than projected as well as perfect integration and robustness. The first-of-its-kind coloured solar panels by Emirates Insolaire not only cuts down on greenhouse gas emissions but considerably reduces the utility bills. Each photovoltaic module of Emirates Insolaire offers unmatched efficiency, as it is capable of generating 170 to 190 watts per sq m for roof or 110 to 130 watts per sq m for facades,” he said.
“The solar panels are in line with the Dubai government’s initiative to use solar power as a renewable source of energy, and integral to the Dubai Clean Energy Strategy 2050. The strategy aims to provide 7 per cent of Dubai’s energy from clean energy sources by 2020, 25 per cent by 2030 and 75 per cent by 2050,” he added.

Emirates Insolaire’s growth strategy is three-fold, in view of the potential for its products in the region. These include:

• Geographical expansion particularly with finished products and turnkey projects, depending on the maturity of the country in the solar field;
• Focus on turnkey projects for housing, commercial and residential buildings as well as carports; and

• Producing the entire supply chain in Dubai as of February 2017.
Emirates Insolaire coloured solar panels
Emirates Insolaire coloured solar panels
Since its products are first-of-its-kind in the world, Emirates Insolaire is committed to growth across the globe. The company’s expansion is currently focused on the region, North and South Americas, and introducing new solar products by mid-2017.

GLOBAL MARKET
Emirates Insolaire is making significant inroads in Europe and across the Gulf as demand for energy -efficient solar technology surges. The company is expecting sales of 50,000 sq m of coloured Kromatix solar glass during the year. Global installations of photovoltaic modules are forecast to surge by 43 per cent in 2016 to hit a record level of 73 gigawatts (GW).

Emirates Insolaire has completed the installation of Kromatix Solar PV modules in Lausanne, Basel, Leysin, Austria and is currently installing 12,000 solar glass panels covering 6,600 sq m at Copenhagen International School Nordhavn in Denmark to create one of the largest photovoltaic buildings-of-its-kind in the world.

http://www.gulfindustryworldwide.com/news/14014_Offering-unmatched-efficiency.html

SWHN still SEC delinquent. Progress at the new Copenhagen school

"All the 12,000 solar panels have been mounted - and they're producing electricity, even in November! Check the live feed above and you will see the blue-green panels spreading like a mosaic on the facade at the center of the building, two stories up"

http://www.cis.dk/welcome/the-new-campus

a trade!

Looks like they inked another licensing agreement with AVANCIS, a BIPV provider recently bought by behemoth CNBM.

http://www.avancis.de/en/press/news/article/premiere-avancis-praesentiert-sein-photovoltaik-modul-skala-fuer-den-gebaeudebereich-cis-modul-fuer-solarfassaden-ist-skalierbar-in-groesse-und-farbe/

Kromatix-clad CIS is featured alongside Apple's HQ as one of "5 solar-powered buildings that will forever change architecture"

http://www.mnn.com/earth-matters/energy/blogs/5-solar-powered-buildings-will-forever-change-architecture

Post on LinkedIn from the CEO about CIS facade: https://www.linkedin.com/pulse/cis-copenhagen-kromatix-facade-rafic-hanbali?trk=prof-post

Progress, looks like most of the panels are installed

http://www.cis.dk/welcome/the-new-campus

Installation of solar facade has begun at CIS

http://www.cis.dk/welcome/the-new-campus

Not going to see it until they're current in their filings

We are way overdue for a formal update....

"The company expects the next two months to install the colored panels in ten to fifteen buildings in Dubai."

https://translate.google.com/translate?hl=en&sl=nl&u=http://www.onderwijsenbouw.nl/deense-school-krijgt-grootste-energieopwekkende-gevel/&prev=search

Two great new projects have leaked out recently, without the CEO making any formal noise about them. The first is a 12,000 Kromatix panel-clad school in Copenhagen, and another smaller one in Leysins, Switzerland.

http://inhabitat.com/worlds-largest-solar-glass-facade-will-supply-half-the-electricity-for-copenhagen-international-school/emirates-insolaire-kromatix-solar-glass-2/

https://www.instagram.com/p/BF4S9AZG4eA/?taken-by=rafichanbali

Another overdue 10Q just filed... nice to see them still catching up. The company never did any PR about the Danish school building, despite it being the first of it's kind in the world. I'm still holding out for a catch-up with all SEC filings followed by a comprehensive commercial update from the CEO. This _should_ be the year their colored panels finally get the limelight they deserve.

A post by the CEO about a new Swiss project, on LinkedIn.com: https://www.linkedin.com/pulse/watt-beauty-rafic-hanbali?trk=prof-post

A post by the CEO about a new Swiss project, on LinkedIn.com: https://www.linkedin.com/pulse/watt-beauty-rafic-hanbali?trk=prof-post

Yes, very nice to see. But the lack of filings bothers me at this point because this should have been resolved by now. What are we to think? Still, I'm holding my shares with cautious optimism. I do like the company, Mr. Hanbali, and the product.

SwissINSO is getting some love, albeit still with very modest volume. Still, it's nice to see. Maybe one of these weeks we'll see the SEC filings get caught up and finally have a letter from the CEO about commercial progress? I'm surprised they didn't PR the heck out of the Danish school project!

Small project for SWHN, maybe, but noteworthy

"Also designed by C.F. Møller, the new Copenhagen International School will become the largest school in Copenhagen, covering an area of 25,000 m² and accommodating 1,200 pupils. The unusual school building will be clad with 12,000 solar cells and consist of four sections adapted to the different age levels, with a communal base featuring a canteen, library and sports facilities, which will also benefit the surrounding city."

Small project, but great exposure IMO. A few more high-profile projects like those will fill our sails with wind...

nee, sorry hoor. twintig = twenty

"de komende twintig maanden"

"The company expects the next two months to install the colored panels in ten to fifteen buildings in Dubai."

http://www.duurzaambedrijfsleven.nl/vastgoed/13493/deense-school-krijgt-grootste-energieopwekkende-gevel

Great contract win and beautiful/impressive building.

FYI, we may also hear something in the next month about Malibu City Hall. Here is the RFP; the schedule for proposal selection is on page 8.
https://www.malibucity.org/DocumentCenter/View/12634

Amazing project, and such a beautiful looking building.

I also found this article about it, containing some additional information (emphasis added):

http://www.thenational.ae/business/energy/dubai-firm-to-create-one-of-worlds-largest-solar-glass-facades-at-danish-school

A Dubai company has won an order to supply a solar glass facade to a school in Denmark in what is one of the largest projects of its kind in the world.

Now it wants to wants to introduce the same technology in buildings across the UAE.

Emirates Insolaire, a unit of Dubai Investments, will supply about 12,000 coloured solar glass panels to the Copenhagen International School.

Once fitted, the panels will create one of the largest photovoltaic (PV) facades of its kind, the company said.

The facade will supply more than half of the school’s annual electricity consumption, producing about 300 megawatt hours per year.

The panels are part of the building’s photovoltaic system, which allows solar panels to be integrated directly into building structures such as windows.

“The project is very important for Emirates Insolaire and offers the company significant inroads into Europe and the rest of the world for its unique technology," said Rafic Hanbali, a managing partner of Emirates Insolaire. “Emirates Insolaire has brought in a paradigm shift in solar applications by introducing aesthetic appeal to facades coupled with added efficiency."

Construction has started and is expected to be completed by the end of June.

It also plans to install its Kromatix technology on two buildings in Dubai Investments Park.

Mr Hanbali said the company was targeting a little more than 1 MW by the end of the year. “But what I expect is to have about 15,000 to 20,000 square metres of our technology installed on 10 to 15 buildings over the next 20 months in Dubai, and about 50,000 to 70,000 sq metres worldwide."

He said the technology could meet from 10 to 50 per cent of a building’s energy requirements. In Dubai, each square metre will produce above 200 kWh annually.

Stephane Le Gentil, the chief executive of Etihad Esco, a Dubai Electricity and Water Authority joint venture service company, said the priority should be to reduce energy consumption. “We look at how to make savings, and then we’ll look at what we can do for alternative power," he said.

Worth highlighting some bits of this news:

one of the largest photovoltaic buildings-of-its-kind in the world with photovoltaic modules

the first school across the globe to have complete photovoltaic façade and one of the largest building integrated photovoltaic [BIPV] projects in the world

will supply more than half of the school’s annual electricity consumption

one of the largest building-integrated solar power plants in Denmark

the project has begun and is expected to be completed by end of June 2016

Good find, thanks

http://www.cfmoller.com/p/-en/copenhagen-international-school-nordhavn-i2956.html

News: Emirates Insolaire’s Solar Glass At Danish School To Create One Of World’s Largest Photovoltaic Facades

Emirates Insolaire LLC, a pioneer in the development and application of the unique KromatixTM solar technology and a joint venture of Dubai Investments & SwissINSO Holding Inc., has announced that it has won the supply contract of over 12,000 coloured solar glass for Copenhagen International School [CIS] Nordhavn in Copenhagen, Denmark, to create one of the largest photovoltaic buildings-of-its-kind in the world with photovoltaic modules.

A total of 12,000 solar panels, covering a total area above 6,000 square meters, will be installed on the façade of CIS Nordhavn, making it the first school across the globe to have complete photovoltaic façade and one of the largest building integrated photovoltaic [BIPV] projects in the world. Construction of the project has begun and is expected to be completed by end of June 2016.

SolarLab is producing the photovoltaic modules with Emirates Insolaire’s KromatixTM solar glass while C.F. Moller Architects, one of Scandinavia's oldest and largest architectural companies, are the project architects.

Once completed, the panels, which will be individually angled to create a sequin-like effect, will supply more than half of the school’s annual electricity consumption – producing about 300 MWh per year, which is equivalent to energy needs of 70 single-family homes – and will be one of the largest building-integrated solar power plants in Denmark, thus setting new benchmarks in sustainability in the country.

The KromatixTM solar glass for the project are ready to ship, and Emirates Insolaire, along with its partners, organized a special reception at Dubai Investments House, Dubai Investments Park to mark the milestone. The reception was attended by H.E. Morten Siem Lynge, Consul General of Denmark in Dubai, Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, as also senior representatives from Emirates Insolaire, SolarLab and CIS.

Khalid Bin Kalban said: “The project in Copenhagen, being executed by Dubai Investments-Emirates Insolaire with KromatixTM technology, falls within the scope of the Memorandum of Understanding signed between the governments of UAE and Denmark to boost cooperation in the fields of renewable energy and sustainability. Dubai Investments is committed to sustainable business practices in line with the initiatives undertaken by the UAE government to diversify energy sources. Through Emirates Insolaire, Dubai Investments is thrilled to offer its world-class technology to prestigious projects across the globe.”

Rafic Hanbali, Managing Partner of Emirates Insolaire, said: “Emirates Insolaire is privileged to receive the contract for the Copenhagen International School Nordhavn. The project is very important for Emirates Insolaire and offers the company significant inroads into Europe and the rest of the world for its unique technology. Emirates Insolaire has brought in a paradigm shift in solar applications by introducing aesthetic appeal to façades coupled with added efficiency.”

John Bo Jacobsen, Chairman of the Board of the Property Foundation Copenhagen International School, said: “We are proud that with the construction of the new school we can integrate innovative architecture into our teaching principles. The goal of the school is to enhance students’ competences in an international environment so that they become responsible citizens of the world with a focus on sustainability.”

Peter Roedder, Managing Director of SolarLab, added: “SolarLab is privileged to have won this iconic project for Copenhagen International School; and is a major milestone in our journey. Our partnership with Emirates Insolaire will go a long way in introducing this unique coloured solar panel technology for our projects.”

Emirates Insolaire, which installed the world’s first KromatixTM coloured solar PV modules in Switzerland and Austria last year, is witnessing considerable interest for its solar panels globally, amidst rising demand and awareness towards a more sustainable future. The company is expecting an exponential demand with projects and products rapidly entering all markets.

One of the important advantages of the Emirates Insolaire technology, apart the beauty of its products, is that the coloured KromatixTM solar panels offer high efficiency while allowing vertical integration and less demand on horizontal required space.

src: http://www.dubaicityguide.com/site/news/news-details.asp?newsid=58432

an $8.50 trade.

That is another aspect of investing in SwissINSO that worries me. Even if they start to selling large volumes of their colored panels/glass, and quickly turn a profit... it's still an OTC stock, and this "exchange" is anything but stable. The share price won't necessarily be correlated to the company's performance -- it can be manipulated in whatever direction the MM's please.

Still, I expect some decent upside quickly, once this starts to take off. Timing an exit may be tricky though. I doubt they'll ever uplist. Maybe be bought out?

10-Q filed for Q1 2015. Nothing of interest, but nice to see they're catching up on the filings. I expect the next 2 will follow quickly, but I guess it's likely that only Q4 will show revenue.

I just noticed the sub-title of the article says "Increasing demand in Europe and the United States", but there is no more mention of it. Indeed I'm frustrated that the growth and projects (other than small sites in Switz and Austria) seem to be very GCC centric.

It would be nice to see a large PV manufacturer in the US, Germany or even China (especially China!) certify and bundle Kromatix glass in their offering.

Very interesting article, thanks for finding it.

So, the JV earned $3m in 2015 and projects $7m in revenue for 2016. I suppose the lion's share of that included sales of PV modules (not just colored glass), and given that the PV modules themselves were 3rd party ones, the margin was likely very thin. Nevertheless, Hanbali said Insolaire was "profitable" in 2015.

Whether the PV panels are fabricated in Dubai or not, makes little or no difference to the revenue for SwissINSO. Mr. Hanbali said that revenue to SwissINSO will "come from both the royalties and the sales by Insolaire".

The article cites capacity numbers far inferior to what we'd seen before I believe (1 million sqm comes to mind, by EOY 2016??). In square meters, it suggests 45k in 2015, up to 105k for 2016, 220k in 2017, and 500k in 2018.

While a doubling every year is outstanding, I'd kinda hoped for more

We're still left guessing, for now, what any of this translates to in terms of revenue for the company in which we hold shares. But when the 10K finally comes out, we can do the math.

Nice find, thanks

New Article: http://gulfnews.com/business/sectors/energy/emirates-insolaire-to-increase-revenue-to-7m-in-2016-1.1661804

Once SEC - current and with "adequate public information" available I'm expecting some good news

Something good, or bad?

I reached out to the company recently.. they are on the verge (still) of submitting overdue SEC filings (US auditor is dragging their feet), and as soon as that's done the CEO will issue another shareholder update letter discussing commercial progress and deals done thus far.

I read an article that the UAE alone is investing $35bn in renewables. Let's hope all those 1000m+ towers they're building over there are clad is lovely Kromatix colored panels.

Think something's going to happen here soon. Imo of course; base it on some unusual trading and L2 activity.