New Investor Website, www.lgcskyrota.com, Launched Today
VANCOUVER, Nov. 10, 2009 /CNW/ - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS) announced today that its large wind turbine maintenance and refurbishment division, LGC, reported exponential growth in both its customer base and number of units serviced during its 2009 financial year. The Company expects to report fourth quarter and year-end financial results in January 2010.
For the year ended September 30, 2009, the number of units serviced increased by 100% from a year ago, with 16 gearboxes undergoing refurbishment or due for maintenance. Each wind turbine contains a gearbox that requires full maintenance and repair services every seven to eight years at an average cost of approximately C$50,000.
In the same period, LGC's customer base tripled to include nine major wind farm developers and operators.
LGC Skyrota's ability to sustain long-term growth within the rapidly expanding European wind energy market is supported by the Company's recently purchased 180,000 sq. ft. state-of-the-art facility in Limavady, Northern Ireland. The facility contains overhead cranes capable of lifting up to 32 tonnes, enabling the LGC division to service wind turbines up to 3MW in generating capacity. The Company plans to install cranes capable of lifting up to 50 tonnes, which will expand its operational capabilities to service the next generation of ultra-large offshore wind turbines.
"The LGC division is well prepared for continued growth as the wind energy sector expands," said Richard Hogg, Managing Director of LGC. "Our refurbishment services include in-house manufacturing capabilities that enable us to machine replacement gears, eliminating the need to outsource for this service and allowing LGC to serve its customers in a more efficient and cost-effective manner than its competitors."
LGC Skyrota's existing maintenance customers include:
- Vestas Wind Systems, the largest wind turbine manufacturer in the
- Airtricity, a wind farm developer with 40 wind farms across Europe and
- Viridian Group, the leading independent energy company in the all-
- Hibernian Wind Power, a Dublin-based company that develops, operates
and maintains wind farms throughout Ireland; and
- Eco Wind Power, a Dublin-based wind farm operator that owns five
operational wind farms and is in the process of developing further
sites within the Republic of Ireland and Northern Ireland.
The Company also announced today the launch of its new investor website, www.lgcskyrota.com.
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.lgcskyrota.com.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE LGC SKYROTA WIND ENERGY CORP.
For further information: For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy Corp., Telephone: (604) 605-1635, email@example.com