Company Signs Exclusive Agreement With Surland Technologies
NORTH VERNON, IN--(July 08, 2015) - WindStream Technologies, Inc. ($WSTI) ("WindStream" or the "Company") announced today that it has signed an exclusive distribution agreement with Surland Technologies for the territory of Argentina. Surland is one of Argentina's leading technology importers and has partnered with WindStream to accelerate its growth in the clean technology industry in the country.
As part of the exclusive distribution rights for the SolarMill®, Surland has delivered its first project to the Company, a 2MW purchase order for the distribution and deployment of the Company's products to be delivered in two phases. In Phase 1 Surland will install the SolarMill® in key locations throughout Buenos Aries for a total of 1.35MWs, to be completed by October 2015. The second phase of the project will begin as soon as Phase 1 is completed and the additional locations have been selected, rounding out the 2MW purchase.
The project is being championed by Chamber of Electric Distribution Companies from the Provence of Buenos Aires (Freba: http://www.freba.org/) as well as the Government of the Province of Buenos Aires as a means of promoting the use of renewable energy within the more than 100 member utility companies. The choice of the SolarMill® is an example of their commitment to see hybrid clean energy technologies make their way into the Country's energy landscape. "This project will not only showcase the SolarMill® hybrid technology in Buenos Aires, but serve as an introduction to all the other utility companies throughout Argentina that are looking for distributed generation solutions as a means of adding clean energy to their existing energy portfolios," said Claudio Chami, WindStream's Senior Vice President of Sales for Latin America.
Surland has identified the first five locations to begin the project for a total of 360kWs, which will ship from WindStream's North Vernon's factory later this month. "We are very excited and enthusiastic about the SolarMill® technology and see it as an important product not just for Buenos Aires, but for the country. I am confident that as we begin installing the SolarMills, other utility companies and customers will want to buy the products and begin generating their own energy from renewable resources," added Mr. Christian Schiano, CEO of Surland Technologies.
Surland has direct experience with the SolarMill® after it successfully piloted the technology in Tandil at the Cristo en las Sierras, which launched December 23, 2014. A video of the Tandil installation can be seen on the Company's website here: https://www.windstream-inc.com/products/powermill
Argentina is currently assessing its energy policies and through feed in tariffs is believed to leaning towards mandating and supporting the use of clean energy to supplement the country's energy need.
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 SolarMill® technology is a distributed energy solution, which produces continuous renewable energy for customers that is always available. The Company's products are sold globally. For more information please visit www.windstream-inc.com.
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. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect" and "intend," among others. 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.
Investors should read the risk factors set forth in the Annual Report on Form 10-K/A filed with the SEC on April 22, 2015 and future periodic reports filed with the Securities and Exchange Commission. 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.