Petra Solar Announces New Chief Financial Officer

John S. Rego, CPA, appointed CFO and Treasurer

(SOUTH PLAINFIELD, NJ – August 23, 2010) – Petra Solar Inc., the pioneer and market leader in grid-tied, pole-mounted, distributed solar generation systems for utilities, announced today that John S. Rego has been appointed chief financial officer and treasurer of the company. As CFO of the South Plainfield-based four- year-old company, Mr. Rego will be responsible for Petra Solar's accounting, finance, treasury, taxation, human resources, public relations, and information technology.

Mr. Rego brings to Petra Solar more than 25 years of executive leadership experience in building technology companies. He spent the past seven years with Vonage Holdings Corp., where he served as executive vice president, chief financial officer and treasurer. During his time at Vonage, Mr. Rego was responsible for raising over $1.3 billion in capital and building a finance organization for the startup which eventually grew to hold revenues in excess of $900 million.

Prior to joining Vonage Holdings Corp., Mr. Rego served as vice president finance - business operations of RCN Corporation, a publicly-held cable, internet and telephony provider. Additionally, Mr. Rego, a graduate of Rutgers University, served as vice president - finance at Winstar Communications, a publicly held competitive local exchange carrier. Prior to his Winstar experience, he worked as a certified public accountant with major firms.

Dr. Shihab Kuran, president and chief executive officer of Petra Solar, said, "John's proven leadership in managing companies through periods of exponential growth will be invaluable to Petra Solar as we continue to build our business. We are delighted to have John join our highly accomplished team."

"This is an exciting and important time for renewable energy technology as well as Petra Solar," said Mr. Rego. "Petra Solar is making major strides and is positioned to take off nationally and internationally. I am eager to be able to focus my attention on helping the company achieve its significant growth potential and take this business to the next level."

About Petra Solar:
Petra Solar, founded in 2006 by CEO and president Kuran, is the pioneer of SunWave™, a grid-tied, pole-mounted, distributed solar generation system. Petra Solar's success is the culmination of more than 16 years of research and development. For more information about Petra Solar visit www.petrasolar.com.