Bridge Bank Client Mariah Power and Its Windspire(R) Wind Turbine to Be Featured on ABC's "20/20" June 19
| Source: Bridge Capital Holdings
SAN JOSE, CA--(Marketwire - June 18, 2009) - Bridge Capital Holdings (NASDAQ : BBNK ), whose
subsidiary is Bridge Bank, National Association, a full-service business
bank headquartered in the Silicon Valley region of California, announced
today, that on Friday, June 19, 2009, ABC's "20/20" will feature the
Windspire® Wind Turbine on a one-hour special episode.
When the producers of ABC's "20/20" began research on a special episode
about the impact of the current economy, they searched for companies that
were adapting their old business models to better operate in the new
economy. They found a perfect example in Manistee, Michigan at the newly
opened Windspire® Wind Turbine factory (www.mariahpower.com); a former
auto parts automation facility run by MasTech Manufacturing that was
retrofitted to produce Windspires after nearly closing operations due to
the crisis in the automotive industry. The one-hour special episode is
scheduled to air Friday, June 19th at 10:00 p.m. Pacific time on ABC.
"Less than a year ago I had to lay-off almost all of our workers because of
the situation in the auto industry," said MasTech General Manager, John
Holcomb. "It was an amazing feeling to call some of them back in when
Mariah Power agreed to produce their Windspires here."
Bridge Bank provides Mariah Power with its state-of-the-art cash and
treasury management services to ensure maximum usage of the company's cash
flow. The Bank is also working collaboratively with the company's
management to position Mariah Power with the necessary resources to support
its projected growth.
The 30,000 square-foot facility began operation in April 2009, with 30 new
employees and will produce 100 Windspire® Wind Turbines per month with
the number potentially growing to 1,000 Windspires a month and 120
employees. Materials for the Windspire®, such as steel and aluminum,
will be supplied by local Michigan companies. Mariah Power markets the
Windspire® to homeowners, businesses, local governments and institutions.
"All of the skills and experience we need to build the Windspire® are
right here in Manistee, Michigan," said Mariah Power CEO Mike Hess. "We
worked with MasTech to change their business model from a focus on
automotive to renewable energy and are overjoyed that a news program like
"20/20" is going to share our story of adaptation and innovation with the
rest of the country."
Inclusion in the "20/20" program continues the Windspire® Wind Turbine's
recent market momentum, which included an installation on the season finale
of ABC's "Extreme Makeover: Home Edition" and being added to the California
Energy Commission's list of eligible wind turbines resulting in a $3,000
rebate in California, Nevada, Maryland, Arizona, and other soon to be named
states.
The Windspire® is a 30-foot tall, propeller-free, vertical-axis wind
turbine designed for harnessing wind power in urban, suburban, and rural
locations. It is the most affordable alternative energy appliance in the 1
kilowatt range, starting at $6,500 before installation and the federal
small wind tax credit. The unit's powerful, trim and sleek design enables
it to blend in well with a variety of environments, making it an attractive
alternative energy option for homeowners, businesses, and institutions.
Windspire's plug 'n produce™ design connects directly to the household
power supply, offsetting electricity use and reducing energy costs.
"We are very pleased and excited to be working with Mariah Power," said
Daniel P. Myers, President and Chief Executive Officer of Bridge Capital
Holdings and Bridge Bank. "Bridge has been an active supporter of Green
companies in their efforts to maximize their cash flow, particularly in
these challenging economic times. We congratulate Mike Hess and his team
for bringing new jobs and hope to the people in that community."
Bridge Bank specializes in providing superior service and customized
banking solutions to small and middle-market, and emerging technology
businesses in Silicon Valley, California and the Nation. The Bank's
product offerings include 24/7 internet-based business cash and treasury
management, online account statement and item imaging, remote deposit
capture, commercial lines of credit, growth capital financing, commercial
real estate financing, international Export-Import financing and foreign
exchange payment services, Small Business Administration 7(a) and 504 loans
as an SBA Preferred Lender Participant-accredited direct lender, and
factoring and asset-based loans through its Bridge Capital Finance Group.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National
Association. Bridge Capital Holdings was formed on October 1, 2004 and
holds a Global Select listing on The NASDAQ Stock Market under the trading
symbol BBNK. For additional information, visit the Bridge Capital Holdings
website at www.bridgecapitalholdings.com.
About Bridge Bank, N.A.
Bridge Bank, N.A. is Silicon Valley's full-service professional business
bank. The Bank is dedicated to meeting the financial needs of small and
middle-market companies, and emerging technology businesses, in Silicon
Valley, Northern California, and the Nation. Bridge Bank provides its
clients with a comprehensive package of business banking solutions
delivered through experienced, professional bankers. For additional
information, visit the Bridge Bank website at http://www.bridgebank.com.
About Mariah Power
Mariah Power provides low-cost, highly aesthetic, noise-free wind power
appliances for use with commercial, residential and government buildings.
The company's patented technology maximizes energy conversion from wind
into electric power, regardless of changing wind speed and direction.
Mariah Power's flagship product, Windspire® Wind Turbine, was released in
June of 2008. The product line is being expanded to include larger size
units, low-wind versions, and off-grid solutions. Mariah Power is based in
Reno, Nevada and currently has 21 employees and is growing rapidly. Mariah
Power is a privately held corporation, funded by VC's and other private
investors.
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Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
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actual results may differ materially from those presented, either expressed
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in general economic, real estate and financial market conditions, either
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