SOURCE: WindPower Innovations, Inc.
QUEEN CREEK, AZ--(Marketwire - Mar 27, 2013) - WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced today it has executed definitive agreements to acquire RIG Construction, Inc. in an all stock transaction.
The terms of the acquisition are a share exchange whereby The Company will issue 10 million of its newly issued common shares in exchange for all of the issued and outstanding shares of RIG Construction, Inc. Closing is anticipated to occur in less than 30 days as all of the due diligence the Company required has already been completed. RIG Construction, Inc which operates two subsidiaries posted unaudited results of over $ 6 million in revenue in 2012 and so far in 2013 is exceeding those numbers by 30%.
John Myers, CEO of WindPower Innovations, commented, "We are very pleased that RIG Construction has agreed to become part of our Company. This is consistent with and our first step towards our vision of becoming a sustainable technology holding company focused on enhancing value for all of our shareholders."
Larry Duffy, CEO of RIG Construction, said, "The last few years since the financial crises have been challenging for everyone in our industry, but growth is coming back in our primary market for those of us that persevered." He continued, "We are therefore ever excited to become part of WindPower so that we can focus more on the 'sustainable' aspects of our business and utilize the public markets for the growth capital we will need."
Steven Vollero, President and Chief Operating Officer of RIG Construction, commented, "Our experience in construction and especially concrete will greatly benefit WindPower's other subsidiary, WindPower Solutions, that currently only refurbishes wind turbines. We will be able to supply the footings and pads so that they can even sell brand new wind turbines."
As a result of this acquisition and the ones WindPower hopes to make in the future, WindPower will be making significant changes to its branding and online presence in the immediate near term future.
Belmont Acquisitions, LLC Advised on this transaction.
About WindPower Innovations:
WindPower Innovations, Inc. is an acquirer of fundamentally sound sustainable technology, & renewable energy companies or those companies that benefit from "going green" which are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is on organizations that have strong market presence, brand awareness and talented and dedicated management teams with the potential to achieve exceptional performance over time. By being acquired by WindPower these companies get access to our operational support, management approach and ability to access financial markets for operational and growth capital. By focusing on "sustainable and renewable" companies such as wind, solar, and companies utilizing sustainable technologies to make everyday products more affordable, more convenient and that may lower the "carbon foot print" we believe that we can create value for humanity at large and enhance shareholder value. WindPower Innovations has one subsidiary; WindPower solutions, Inc, that remanufactures wind power turbines for operators across the U.S. For more information go to our website at: www.wpenergy.com
About RIG Construction, Inc.
RIG Construction, Inc. operates two subsidiaries; Cameo Pools and Cameo Landscaping and operates on division of Cameo Pools under the name Cameo Solar. The Cameo Group of companies is the oldest pool company in Mesa, Arizona whose quality brand is over 35 years old. By being in business for so many years Cameo's lifetime warranty actually means something. Cameo focuses on the totality of their businesses providing quality that their customers appreciate at a price they can afford, not just at installation but for many years to come by for example, providing solar options that greatly reduce annual operating costs and reduce carbon emissions. Cameo repairs, maintains designs and installs; pools, water features, landscaping, and solar energy with its available lifetime guarantee and 100% satisfaction guarantee policy anywhere in Arizona and is looking to make acquisitions in other high growth regions. For more information go to our website at: www.cameopools.com
About Belmont Acquisitions, LLC
Belmont Acquisitions is a specialized Advisory firm which strives to provide the highest quality level of service, within a broad spectrum of advisory services and attentive support including but not limited to; Institutional financing & private funding introductions, merger, acquisition & divesture advice, restructuring and other negotiations assistance, investor relations advisory services, for small to medium-sized businesses, as well as business restructuring, turnarounds, and strategy consulting, Investor relations, collateral enhancements. For more information visit our website at www.belmontacquisitions.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 WindPower Innovations, Inc.'s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to WindPower Innovations, 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.