A U.S. wind turbine manufacturer has selected Broadwind Energy, Inc. (NASDAQ: BWEN) to supply approximately $14 million of wind towers for delivery in 2013. This order includes an option to purchase up to $27 million of additional towers which would have to be exercised in early 2013. The towers will all be delivered in 2013 and will be produced in the Company’s facilities in Manitowoc, WI and Abilene, TX.
Peter C. Duprey, president and CEO of Broadwind Energy, Inc., stated, “We are very pleased that Broadwind’s improved competitive position has led to new wind tower business, particularly given the regulatory uncertainty around the extension of the production tax credit. Assuming the option is exercised, orders for 2013 deliveries will exceed the low end of the production range guidance we previously provided. With wind tower supply and demand coming into better balance and the ongoing trade case, we have seen continued market share gains, and are increasingly optimistic about the outlook for the tower business in 2013.”
About Broadwind Energy
Broadwind Energy (NASDAQ: BWEN) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears and gearing systems for wind, oil and gas and mining applications to wind towers, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and industrial weldments, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team of 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com.Forward-Looking Statements This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995—that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company's forward looking statements may include or relate to the Company's plans to grow its business and its expectations regarding its operations, revenue growth, profitability and the business of its customers; the Company’s expectations regarding its plan to restructure its operations by consolidating its operations; the Company’s tower order intake, backlog, and tower production execution and the effect of such production on the Company’s inventory and working capital levels as well as the aggregate sufficiency of the Company's working capital; the Company's expectations regarding the state of the wind energy market, and the regulatory frameworks affecting the wind energy industry, as well as the Company's expectations relating to the economic downturn and the potential impact on its business and the business of its customers. For further discussion of risks and uncertainties, individuals should refer to the Company's SEC filings. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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