XZERES Corp. (OTCBB: XPWR), designer, developer and producer of distributed generation, wind power systems for the small wind market (2.5kW-100kW) and power management and efficiency devices for the commercial and light industrial market
Wlsonville, Oregon, August 10, 2011 - XZERES Corp. (OTCBB: XPWR), designer, developer and producer of distributed generation, wind power systems for the small wind market (2.5kW-100kW) and power management and efficiency devices for the commercial and light industrial market, announced today that it has received a Letter of Intent for a $3.2 million turbine order from its Vietnam customer following the successful completion of a pilot installation earlier this year.
"We are very pleased to have received this Letter of Intent for a $3.2 million turbine order, starting with a near term initial turbine purchase of 11 units from our Vietnam customer," said Frank Greco, CEO and President. Mr. Greco further commented, "this Letter of Intent and initial purchase is our first turbine sales into the Vietnam market. These turbines are being deployed for commercial and military applications and represent an initial estimated quantity of 100 turbines, for our Off Grid, Battery Charging, Marine versions of both our new 442SR next generation 10- kilowatt turbine, as well as our 2.5kW turbine small wind power system, to be deployed for remote island electrification. We expect these 100 turbines will be delivered over the next 17 months; and while this is a substantial milestone for XZERES and particularly with respect to our initial penetration into Vietnam, we believe that there is potential for even more substantial business with this customer, as there are over 3,000 islands in Vietnam that will need power. Accordingly there is a significantly larger opportunity than our initial business with this customer, as island electrification projects continue to develop and such opportunities could potentially evolve to be XZERES' largest, single, global, turbine opportunity." David N. Baker, Chairman added "Our gratitude to Frank for his dedication and tenacity in turning a potential opportunity into a significant, realized business outcome with tremendous results and strong prospects for further future business."
The Company believes that this first project in Vietnam will be its "anchor tenant" for Asia and looks forward to expanding its business beyond Vietnam to the Philippines, Japan and throughout Asia.
About XZERES:
XZERES Corp. is a renewable energy and clean energy technology company that designs, develops, manufactures and markets distributed generation, wind power systems for the small wind (2.5kW-100kW) market 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.
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.
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Suzanne Holbrook
Contact:
Tina Mortensen
XZERES Corp
9025 SW Hillman Court
Suite 3126
Wilsonville, OR 97070
503-388-7331
