XZERES Corp. Obtains New $6.5 Million Credit Facility
WILSONVILLE, Ore., April 5, 2013 /PRNewswire/ -- XZERES Corp. (OTCQB: XPWR), designer, manufacturer and marketer of small (2.5 – 10KW) wind-powered, distributed energy turbines and other renewable energy products, today obtained a new $6.5 million credit facility.
Renewable Power Resources, LLC, comprised of a group of world-class strategic investors with strong interest in distributed renewable power generation, provided the credit facility to support XZERES' 2013 near term and strategic growth objectives. According to XZERES CEO, Frank Greco, "Renewable Power Resources offers a wide array of interests and relationships in areas such as agriculture, commercial/industrial real estate, and other unique global industrial markets, something we look forward to leveraging in an effort to further the added values to the Company's growth opportunities."
Additionally, Frank Greco stated, "As the Company's largest single funding to-date, coupled with our improved market position, global demand, and lower cost structure, we believe this financing will enable XZERES to achieve its goals and dramatically improve delivery times, order flow with vendors, and build out of finished units to react quickly to the growing demand for Xzeres products."
Expanded Global Opportunities for 2013To date, XZERES' has developed a strong global presence primarily driven by the US and UK markets. XZERES' is highly recognized for its uptime and durability, as well as its highly engineered products including its marine grade turbine. According to Greco, "while we anticipate the U.S. and particularly the UK to remain major drivers in our business, 2013 expects to benefit from our efforts to further expand globally. Already, XZERES has meaningful activities in process and developing in Vietnam, Japan, the Caribbean and other parts of continental Europe." In addition to the expanding global market opportunities for our turbine products, the Company is equally excited about the growing domestic interest in its Power Efficiency products. "An increasing number of dealers and potential customers are beginning to recognize the ability of our PE products to help drive savings in their energy bills" stated Greco. XZERES anticipates the PE product line to add a meaningful contribution in 2013.
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