NORTH VERNON, IN -- (Marketwired) — 12/15/14 --
WindStream Technologies (OTCQB: WSTI), a company established to create
low-cost hybrid, renewable energy solutions for urban, suburban, and on
and off-grid environments, today announced that it has signed a lease and
will begin the build-out of its new manufacturing facility near the Rajiv
Gandhi International Airport in Hyderabad, India. The new 50,000 sq. ft.
facility will be built to the specifications of WindStream Technologies
Energy India, Pvt. Ltd., and mirror the Company’s first facility in North
Vernon, Indiana. The official groundbreaking ceremony will be held on
January 18, 2015, with a move-in date 70 days from the start of
construction.
The new factory will be funded though WindStream’s $2MM Joint Venture
agreement with West Coast Ventures and the Deepan Group. In the interim,
WindStream India will utilize an adjacent 10,000 sq. ft. fabrication
facility to begin prepping for manufacturing to accelerate the process
and meet its current customer demand. The space will also be used for the
assembly and shipping of the Company’s product, the SolarMillÂ@ which has
been provided by WindStream USA to acquire the needed certifications and
government approvals, seed the market, secure its distribution
partnerships and deliver on its growing customer list. WindStream USA has
shipped 160 units to India, which begin arriving in January.
Dan Bates, President and Chief Executive Officer of WindStream, said,
“India is a market of immense potential for any business given its
physical size and billion plus population. For WindStream, the
opportunity is ever greater owing to the country’s lack of generation
capacity, government initiatives and financial incentives to promote
distributed energy solutions and remote rural population who live off
that grid. In 2012, India’s grid failed and 700 million people, more than
twice the population of the US and Canada, were plunged into darkness.
The market potential is truly that big.”
WindStream recently attended the Agro Vision 2014 Renewable Energy Show
in Nagpur located in the State of Maharashtra, where it had the
opportunity to demonstrate its products to potential customers, local
businessmen, and Government officials. At the show it was announced that
the State of Maharashtra would be subsidizing the use of renewable energy
products to meet its goal of 500,000 solar powered water pumps and
1,000,000 renewable energy driven rooftops. With this new factory coming
on line early in 2015, WindStream India is well positioned to potentially
secure a significant portion of these initiatives.
WindStream’s patented SolarMillÂ@ products consist of Vertical Axis
Turbines and solar panels all controlled by the Company’s proprietary
“smart” electronics. SolarMills are easily assembled and installed and
are scalable, allowing customers to grow their installation to meet their
energy demand.
About WindStream Technologies: Founded in 2008, WindStream Technologies,
a public company (OTCQB: WSTI), is headquartered in North Vernon,
Indiana. WindStream Technologies was established to create low-cost
hybrid, renewable energy solutions for urban, suburban, and on and
off-grid environments. Made in the USA, its patented SolarMillÂ@
technology is a distributed energy solution, which produces continuous
renewable energy for customers 24/7/365. The company’s products are sold
around the world. For more information please visit
www.windstream-inc.com.
Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor provisions
under The Private Securities Litigation Reform Act of 1995. We have based
these forward-looking statements largely on our current expectations and
projections about future events and financial trends that we believe may
affect our financial condition, results of operations, business strategy
and financial needs but they involve risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements, such as business and political conditions in
the geographic areas in which we sell our products; weather and natural
disasters; changing interpretations of generally accepted accounting
principles; outcomes of government reviews; inquiries and investigations
and related litigation; continued compliance with government regulations;
legislation or regulatory environments, requirements or changes adversely
affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks.
You are urged to consider these factors carefully in evaluating the
forward-looking statements herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in their
entirety by this cautionary statement. The forward-looking statements
made herein speak only as of the date of this press release and the
Company undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company’s
expectations.
Media Contact:
Caitlin Ertel
certel@windstream-inc.com
Or
Mike Porter
Porter, LeVay and Rose
212.564.4700
mike@plrinvest.com
First Published: December 15, 2014, 11:08 a.m.
