Company Relocates Corporate Headquarters to Chicago, Ill. Area
NAPERVILLE, Ill., March 31 /CNW/ -- Broadwind Energy, Inc. (OTC Bulletin
Board: BWEN) has promoted Lars Moller to executive vice president and chief
operating officer and Matt Gadow to executive vice president and chief
financial officer. The company also has relocated its corporate headquarters
from Manitowoc, Wis. to Naperville, Ill.
Broadwind also announced today that it is filing a Form 12b-25 as notice
of late filing of its Form 10-KSB due to the challenges of integrating three
acquisitions during the past six months: RBA, Inc., Brad Foote Gear Works,
Inc. and Energy Maintenance Service, LLC.
Moller previously was executive vice president of business development.
"Lars' operational expertise and leadership abilities are a tremendous benefit
that will serve our customers and employees well as we grow our organization,"
said J. Cameron Drecoll, Broadwind CEO.
"I look forward to leading the integration of our businesses into a
seamless suite of offerings for the North American energy industry," said
Moller, who has been active in the North American wind industry for more than
21 years and was most recently president of a wind tower manufacturing company
with more than 550 employees.
Gadow will replace Steve Huntington, Broadwind's current chief financial
officer, on May 1, 2008. Huntington will remain with the company as chief
financial officer of Tower Tech Systems, a Broadwind subsidiary in Manitowoc,
Wis. Gadow currently is the executive vice president of strategic planning at
Broadwind. Previously, he was chief financial officer of a leading wind tower
manufacturer. He has 15 years of experience in financial roles and is a
certified public accountant.
Broadwind plans to fill the previous roles of Moller and Gadow in
Broadwind also announced it has officially relocated its corporate
headquarters to Naperville, Ill. from Manitowoc, Wis. Tower Tech Systems'
headquarters will remain in Manitowoc and its tower manufacturing operations
will not be affected by the relocation.
"We have invested significantly during the past year in our Manitowoc
production capacity and employee base and look forward to continued strong
relations with the community," said Drecoll. "As we continue to grow our
customer base and expand our operations, it is strategically important that
our corporate office be located near a major international business center
where leading industry participants are located or frequently visit. It is
also important for attracting quality executives to our team."
Finally, Broadwind intends to file a Form 12b-25 on April 1, 2008
regarding the late filing of its Form 10-KSB with the Securities and Exchange
Commission. "Our recent acquisitions created resource challenges in
integrating the financial results of these nonpublic company acquisitions with
Broadwind," said Drecoll. "We anticipate that we will file our Form 10-KSB by
April 15, 2008."
About Broadwind Energy, Inc.
Broadwind Energy, Inc. (OTC Bulletin Board: BWEN), Naperville, Ill.,
owns, supports and strategically positions companies that manufacture, install
and maintain components for energy and infrastructure-related industries with
a primary emphasis on the wind energy sector. The company's operational
platforms include wind tower manufacturing, other heavy steel manufacturing,
service and construction and precision gear manufacturing. Its platform
companies currently include Brad Foote Gear Works, Inc., a precision gearing
systems manufacturer in Cicero, Ill.; Energy Maintenance Service (EMS), a wind
energy operation and maintenance service provider in Gary, S.D.; RBA Inc., a
heavy weld and machining fabricator in Manitowoc, Wis.; and Tower Tech
Systems, Inc., a wind tower manufacturer in Manitowoc, Wis. Broadwind and its
platform companies employ approximately 800 people across the United States.
Certain statements found in this press release may constitute forward-
looking statements as defined by Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on current expectations and include any
statement that does not directly relate to a current or historical fact. Such
statements are generally identifiable by the terminology used, such as
"anticipate," "believe," "intend," "expect," "plan," or other similar words.
Our forward-looking statements in this release generally relate to our
expectations with respect to the growth of our company, our plans to fill
vacancies in our executive management team, the impact of the relocation of
our corporate headquarters on our tower manufacturing operations, and our
ability to file our Form 10-KSB by April 15, 2008. Although it is not possible
to foresee all of the factors that may cause actual results to differ from our
forward-looking statements, such factors include, among others, the following:
(i) our ability to successfully implement our growth strategy both organically
and through acquisitions; (ii) unforeseen delays or costs associated with
identifying and hiring qualified executives to fill the vacancies; (iii)
unforeseen administrative or other challenges associated with relocating our
corporate headquarters; (iv) continued delays associated with the integration
of acquired businesses into our consolidated financial reports; (v)
fluctuations in general economic conditions; and (vi) those risks described
from time to time in our reports to the Securities and Exchange Commission
(including our Annual Report on Form 10-KSB). Investors should not consider
any list of such factors to be an exhaustive statement of all of the risks,
uncertainties or potentially inaccurate assumptions that could cause our
current expectations or beliefs to change. Shareholders and other readers
should not place undue reliance on "forward-looking statements," as such
statements speak only as of the date of this release. We undertake no
obligation to update publicly or revise any forward-looking statements.
For further information:
For further information: J. Cameron Drecoll, CEO of Broadwind Energy,
Inc., +1-630-637-0315, Cam.Drecoll@broadwindenergy.com Web Site: