SOURCE: XZERES Corp.

XZERES Corp.

April 07, 2015 08:31 ET

XZERES Closes $1.5 Million Equity Financing

WILSONVILLE, OR--(Marketwired - Apr 7, 2015) - XZERES Corp. (OTCQB: XPWR), a global clean energy solutions company focusing in distributed wind, has closed a private placement through which 10 million shares of the company's common stock were purchased by Ravago Holdings America Inc. and Paul DeBruce, two of the company's largest shareholders. Gross proceeds of the private placement totaled approximately $1.5 million.

"Proceeds from the transaction will be used to address growing demand for our small wind systems in Japan, where feed-in-tariffs are among the highest in the world," said David Hofflich, CEO of XZERES. "It underscores the fact we've arrived at a pivotal point in terms of our growth, given our recent order momentum. In fact, we recently announced surpassing 100 orders in the country that are expected to generate $7 million in sales, and we continue to expect additional near-term orders."

"We see demand driven by our expanding in-country, dealer network and limited competition in the 10kW size range due to the strict Class NK certification standards," continued Hofflich. "We continue to receive interest from businesses, investors, and renewable energy developers in wind projects, supporting our strong outlook for Japan this year."

Management Transition
In September 2014, the company announced R. Michael Williams was appointed chief financial officer, succeeding Steven Shum. Williams brings more than 30 years of experience in finance and accounting for publicly traded and privately held manufacturing and distribution companies. As part of the planned transition, Shum recently resigned as company director and chief operating officer. Shum will serve as a consultant to the company.

About XZERES
XZERES Corp. is a global renewable energy company. The company designs and manufactures on- and off-grid distributed wind turbine systems as well as energy efficiency solutions for commercial, light industrial and residential markets. XZERES products reduce energy costs and carbon footprints. Headquartered in Wilsonville, Oregon, the company's international distribution network supports the deployment of its products in 110 countries and on all seven continents. For more information please visit www.xzeres.com

Forward-Looking Statements and Safe Harbor Statement
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under "Risk Factors" in the Company's filings made with the Securities Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release. 

Contact Information

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