XZERES Receives First Orders from VG Energy and Other New Dealers in the UK Market
WILSONVILLE, Ore., Oct. 19, 2011 /PRNewswire/ -- XZERES Corp. (OTCBB: XPWR), designer, developer and producer of advanced wind power systems and innovative power management and power efficiency devices for the renewable and clean energy markets, today announced significant progress in the UK market, including:
The Company received its first order from VG Energy worth approx $360k. On September 20th, XZERES had announced an agreement with VG Energy that is exclusive to both parties in defined areas of the UK and subject to minimum purchases of $5 million by VG over the next 15 months. According to XZERES CEO, Frank Greco, "Having received this initial order, out-of-the-gate within the first 3 weeks, we are excited to see immediate success from VG's marketing and selling initiatives and have solid confidence in VG's ability to meet or exceed their stated targets."
The Company also announced that Hutchinson Engineering, the UK market leader for towers and other wind turbine support structures (in the 1kW to 50kW size range) has completed and introduced a state-of-the-art adapter plate, to which design both XZERES and VG Energy will have the rights, enabling an XZERES turbine to sit atop a tower originally designed for a Proven P-35/2 turbine. "We believe there is a substantial retrofit opportunity with this adapter plate enabling potential customers to install a XZERES turbine on existing Proven tower structures," stated Greco.
The Company received its first order from a UK dealer taking advantage of the innovative Hutchinson adapter plate. These units will be placed on existing tower structures, thereby saving the customer significant time and expense to install the XZERES system on an existing tower.
Accelerating UK Market Stats:
The UK remains one of the largest and fastest growing markets in the world for small wind turbines - thanks to its outstanding wind resources and one of the world's most attractive feed-in-tariff programs. This unique combination provides an exceptional ROI for customers (which can often yield a 15%+ investment returns annually for 20 years). As a result of these attractive environmental and economic factors, the UK market witnessed 2,853 small wind systems installed in 2010. According to the British Wind Energy Association (BWEA), the market is expected to accelerate in 2011, growing at a 167% rate.
XZERES is well positioned as 1 of only 3 manufacturers in the 10kW size range that have received the critical MCS certification for the UK market. MCS certification is required in order for a customer to benefit from the feed-in-tariff program. In addition to our certification and the strong market forces at work, XZERES' positioning is further enhanced by our recent partners, VG Energy, which is the largest distributed-wind turbine dealer in the UK market, and Hutchinson Engineering, which is the market leader for towers and other wind turbine support structures.
According to David N. Baker, Chairman and Co-founder of XZERES Corp., "It is in the UK today that we are seeing the emergence of the first mass market for small wind turbines anywhere in the world. XZERES' vision is to become the largest seller of wind turbines in the UK within our device size range by calendar year 2013 -- a year in which we think the UK market for our products may reach $100 million+." We expect sales between now and calendar 2013 to accelerate steadily and strongly in the UK Market.
For more information about XZERES or any of its products, please visit www.xzeres.com and www.xzeresenergy.com as well as www.xzeres.co.uk
Media Contact:
XZERES Investor Relations
503-388-7331
About XZERES:
XZERES Corp. is a renewable energy and clean energy technology company that designs, develops, manufactures and markets distributed generation, wind power systems as well as power management and power efficiency solutions for the commercial, light industrial and residential markets. Our grid connected and off grid wind turbine systems, which consist of our 2.5kW and 10kW devices and related equipment, are utilized for electrical power generation for applications and markets such as residential, micro-grid based rural and island electrification, agricultural, small business, rural electric utility systems, as well as other private, corporate infrastructure and government applications. Our wind power systems are focused on distributed energy, where a specific machine's energy output is largely or entirely used on-site where the equipment is installed, as well as grid connected applications. While many of our customers take advantage of their local net-metering rules within the United States and Feed In Tariffs that are often available in Europe and Internationally (to sell power back to the grid), our wind power systems are not dependent on transmission needs to carry the energy produced to another location and are therefore well suited for remote electrification, available with or without a battery coupled solution. Our power management and power efficiency solutions are deployed primarily for commercial and light industrial applications, and secondarily residential usage and target both urban and rural customers. For more information please see the Company's web site at www.xzeres.com and www.xzeresenergy.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. XZERES Corp. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These "Forward-looking statements" are largely based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, in particular, projections about our future results included in our Exchange Act reports, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These forward-looking statements may be identified by the use of terms and phrases such as "anticipates", "believes", "can", "could", "estimates", "expects", "goals", "forecasts", "hopes", "intends", "may", "plans", "projects", "targets", "will", and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters such as new business models, new products, product enhancements, new technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, regulatory and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of our business or our industry to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a)new business models may be more difficult and/or take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse effects relating to the Company's business; (b) the challenge of compensating and retaining key employees; (c) the impact on the Company and our customers from the current domestic and international economic, geo-political and financial market conditions; (d) the success of our new products and new business models in achieving their expected benefits; (e) to perform as expected without material defects; (f) to be qualified and accepted by our customers, (g) to successfully compete with products, systems, technologies and services offered by our competitors; (h) we may not be successful in undertaking the steps currently planned in order to further develop the business; and (i) other risks and uncertainties described in our filings with the Securities and Exchange Commission.
Neither XZERES Corp. management nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We caution you not to rely on these statements without also considering the risks and uncertainties associated with these statements and our business that are addressed in our filings with the Securities and Exchange Commission that are available on the SEC's web site located at www.sec.gov. Certain information included in this press release may supersede or supplement forward-looking statements in our other Exchange Act reports filed with the SEC. We assume no obligation to update any forward-looking statement to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.
SOURCE XZERES Corp.
