VANCOUVER, Oct. 5, 2009 /CNW/ - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS) announced today that it has completed the purchase of a fully equipped state-of-the-art facility that enhances the capabilities and growth prospects of its large-turbine maintenance and small-turbine development divisions.
The 180,000 sq. ft. facility, located near the Company's former operations in Limavady, Northern Ireland, was purchased from digital storage provider Seagate Technology for C$3.0 million (net (pnds stlg)1.65 million) on an asking price of C$5.4 million ((pnds stlg)3.0 million). Among the building's features are production, office and laboratory spaces and an on-site security pavilion. The installation of overhead cranes capable of lifting up to 32 tons enables the Company to service the largest wind turbines in operation. The facility also contains ample storage space for customer turbines.
"The dramatically enhanced capabilities offered by the new Limavady facility place LGC Skyrota at the forefront of the wind energy industry. Owning this attractive asset is an exciting step forward in our progression as a strong and unified business," said Thomas Braun, CEO of LGC Skyrota. "The size and location of our new base at the geographic and economic centre of the wind energy sector will both support the long-term expansion of our two divisions. Approximately 40% of Europe's wind energy resource is in the UK and Ireland so we are well-positioned to continue benefiting from this natural advantage. Our modern building has favourably impressed the global OEM customers and potential customers who have visited."
"This new world-class facility will help establish LGC Skyrota as the premier provider of gearbox services to the large wind industry and the premier manufacturer of small turbines. We have the most advanced 5kW turbine in the world, and it will now be manufactured on a brand-new production line in the best factory of any such company in all of Europe," said Richard Hogg, Managing Director of LGC. "We have also initiated the planning process to install large wind turbines on the property and intend to eventually achieve a net zero carbon footprint by having an entirely wind-powered wind energy factory."
About LGC Skyrota Wind Energy Corp.
LGC Skyrota Wind Energy Corp. is a leader in the development and maintenance of clean-energy producing wind turbines. With operations based in Northern Ireland and executive offices located in Vancouver, B.C., the Company is well-positioned to expand throughout Europe and enter the North American market. The Company operates two business divisions: LGC, which rebuilds gearboxes for large wind turbines, and Skyrota, which manufactures a revolutionary 5kW small vertical-axis wind turbine. LGC Skyrota trades on the TSX Venture Exchange under the symbol LGS. For more information, please visit www.limgear.com and www.skyrota.com. (Note that these websites contain product information only - a new investor-friendly website, www.lgcskyrota.com, will be launched in October 2009.)
Forward Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. A complete discussion of risk factors is available in the Company's prospectus available on SEDAR.
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SOURCE LGC SKYROTA WIND ENERGY CORP.
For further information: For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy Corp., Telephone: (604) 605-1635