Company Meets Hart Scott Rodino Conditions for Closing Second Round
HOUSTON, June 2 /CNW/ -- Broadwind Energy, Inc. (OTC Bulletin Board:
BWEN), Naperville, Ill., announced today that it has met the conditions
required under the Hart Scott Rodino Act to allow the second closing of an
investment by Tontine Associates, LLC. The company made the announcement from
the floor of the WINDPOWER 2008 Conference & Exhibition in Houston.
On April 25, 2008, Broadwind announced that it had entered into a
definitive agreement to raise approximately $100 million through the direct
sale of common stock to investment funds managed by Tontine Associates. The
company completed the initial closing for the sale of shares to Tontine for a
total purchase price of $40 million. The conditions to the second closing,
which primarily included the expiration of the waiting period under the Hart
Scott Rodino Act, now have been met. Broadwind anticipates it will close the
second round of financing within 10 business days.
Thomas Weisel Partners issued a fairness opinion in connection with the
Tontine Associates investment.
About Broadwind Energy, Inc.
Broadwind Energy, Inc. (BWEN-OTC), 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; heavy steel fabrication; wind facility
construction, operation and maintenance; precision gear manufacturing; and
specialized transportation services. 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.; R.B.A., Inc., a heavy steel
fabricator in Manitowoc, Wis.; and Tower Tech Systems, Inc., a wind tower and
monopile manufacturer in Manitowoc, Wis. Broadwind also has signed a
definitive agreement to acquire Badger Transport, Inc., a heavy hauler in
Clintonville, Wis. Broadwind and its platform companies employ close to 1,000
people across the United States. For more information, visit
The annual is The American Wind Energy Association (AWEA) and industry
leaders organize the annual WINDPOWER Conference & Exhibition. WINDPOWER 2008
features exhibitions by 750 of the leading companies from all facets of the
wind energy industry, an increase of 75 percent over WINDPOWER 2007. For more
information, go to http://www.windpowerexpo.org.
For further information:
For further information: Investor Relations of Broadwind Energy, Inc.,
+1-630-637-0315, firstname.lastname@example.org Web Site: