SOURCE: WindPower Innovations, Inc.

WindPower Innovations, Inc.

November 26, 2013 09:00 ET

WindPower Innovations Letter to Shareholders

QUEENCREEK, AZ--(Marketwired - Nov 26, 2013) - WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced today that its Chief Executive Officer has provided the following Letter to WindPower's shareholders

LETTER TO SHAREHOLDERS

Dear Shareholders;

This has been a banner year for your Company! During the last twelve months your management team has undertaken major steps to enhance the value of our Company for the benefit of our shareholders.

Consistent with our business plan to acquire operating companies that are scalable and could benefit from our access to capital and management expertise on April 19th, 2013 we acquired RIG Construction, Inc. d/b/a Cameo Pools ("Cameo") a well known swimming pool construction and renovation Company who's brand is over 37 years old. Prior to our acquisition Cameo had annual sales of almost $ 5 million dollars, losses of $450,000 in 2012 and $180,000 in fiscal 2013 and was saddled with almost $1.4 million in debt. During the two quarters since our acquisition we raised almost $1.2 million in debt and equity for Cameo, paid down the debt and increased sales and net income. As of September 30th, 2013 our backlog in customers sold had increased 72% over the same quarter last year. In the first quarter since the acquisitions (quarter ended June 30th, 2013) we trimmed Cameo's losses to $539 and in the quarter ended September we earned a profit of over $147,000.00 Cameo is now entering its slowest season of the year and we are reducing expenses to somewhat compensate for the expected lower revenue in the quarter ending December 31, 2013. We expect Cameo to post revenues in excess of $ 6.5 million and net income of $500,000 in fiscal 2014 (October 1, 2013 to September 30, 2013).

Our renewable energy division (WindPower Solutions, Inc.) has finally begun to receive payments for its signature wind turbine that was installed in 2012 in Palm Desert. We hired Nicholas Palumbo as our Vice President for business development and expanded our offerings with solar power through a joint venture partnership with CES. These types of transactions take time to develop but once closed will provide revenue and income for the longer term. While it is too early to make predictions as to revenue and earnings for the division we are confident that we will post significant improvements in revenue and net income from this division in fiscal 2014.

We entered into a Letter of Intent to acquire GearStar Performance, Inc. a remanufacturer of gearboxes for the automotive and wind turbine industries located in Ohio. GearStar is anticipated to have gross revenue of $1.5 million dollars and net income of $350,000 in calendar year 2013. Discussions are ongoing and management anticipates that final terms may be reached before the end of the year.

We retained the accounting firm of Malone-Bailey. LLP with the intent of performing audits on the books and records of the Company so that we can become fully reporting and move up from the "Pinks" to the OTCQB in the not too distant future. At the present time management is conserving cash for the slower winter months for its Cameo division and may elect to delay the completion of the audit until sometime in calendar 2014.

The Company's stock has performed better than in any recent previous year as a reflection of the market's recognition of your Company's accomplishments. We are now a public company that has, assets, revenue and earnings and is poised for additional growth as we continue to execute our business plans. I, as CEO of our Company want to take this time to thank our loyal shareholders for their support and look forward to meeting many of you at our annual shareholders meeting which will be help sometime in the spring of 2014.

About WindPower Innovations, Inc.

WindPower Innovations, Inc. is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. WindPower Innovations Inc. currently has two subsidiaries: WindPower Solutions, Inc. which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and R.I.G. Construction, Inc., which under the Cameo brand name, (Cameo Pools, Cameo Landscaping and Cameo Solar) builds and renovates swimming pools and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area. -- For more information go to our websites at: www.wpienergy.com, www.cameopools.com

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding NexGen Holdings, Inc. expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to NexGen Holdings, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those which management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

Contact Information

  • Investor Relations Information:
    Contact: Tom Nelson
    Phone Number: 480-326-8577