TULSA, Okla., Feb. 20 /PRNewswire-FirstCall/ -- Global Power Equipment Group Inc. (OTC Pink Sheets: GEGQQ) ("Global Power") today announced that its Braden Manufacturing division has been awarded multiple contracts to produce and deliver exhaust, air intake, and other ancillary equipment used for gas turbine power generation projects in the Middle East. The equipment will be produced by Braden's US and European operations. The awards are expected to generate approximately $42 million in revenues for Global Power in 2007 and 2008.
John Matheson, President and Chief Executive Officer of Global Power, said, "Although the past several months have been challenging for our Company, our receipt of these contracts demonstrates that our operations are stabilizing and our customer relationships remain strong and are growing. As we move into 2007, momentum is on our side as we work to favorably position Global Power across its key markets both in North America and abroad."
Gene Schockemoehl, President of Braden Manufacturing said, "Building on key customer relationships and serving our customers' needs have been top priorities for our entire organization. Our receipt of these orders and our ability to capitalize on the growth in the Middle Eastern market represent a strong vote of confidence in our Company."
About Global Power Equipment Group
Oklahoma based Global Power Equipment Group Inc. is a leading design, engineering and manufacturing firm providing a broad array of equipment and services to the global energy, power infrastructure and process industries. The Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The Company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents and believes, in its product lines, it has one of the largest installed bases of equipment for power generation in the world. In addition, the Company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. Additional information about Global Power Equipment Group may be found at http://www.globalpower.com/ .
Statements contained in this release regarding the Company's or management's intentions, beliefs, expectations, or predictions for the future, including, but not limited to, those regarding anticipated operations and operating results, are forward-looking statements within the meaning of U.S. federal securities laws and are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected, including, but not limited to, completion of the audit of the Company's restated financial statements and 2005 annual financial statements; completion of the Company's 2005 quarterly financial statements; the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of any debtor-in- possession financing facility; the ability of the Company to obtain and maintain normal terms with vendors, suppliers and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the pending Chapter 11 cases filed by the Company and all of its U.S. subsidiaries on September 28, 2006 in the United States Bankruptcy Court for the District of Delaware (the "Chapter 11 cases") to reorganize their financial affairs on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/ or retain key executives and managers and employees; the ability of the Company to attract and retain customers; the Company's ability to obtain court approval with respect to motions in the Chapter 11 cases prosecuted by it from time to time; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the cases to Chapter 7 cases; and the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases. Some of the other factors that could cause actual results to differ materially from those in, or implied by, the forward looking statements, include decreased demand for new gas turbine power plants; the loss of any of the Company's major customers; the cancellation of projects; project cost overruns, including increases in prices for energy or for materials such as steel, and unforeseen schedule delays; competition for the sale of the Company's products or services; poor performance by the Company's subcontractors; warranty and product liability claims; changes in the economic, social and political conditions in the countries in which the Company operates, including fluctuations in foreign currency exchange rates; and other factors set forth under "Risk Factors" in the Company's Form 10-K for the period ended December 31, 2004, and other reports on file with the U.S. Securities and Exchange Commission. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors
Michael Hanson
Chief Financial Officer
Global Power Equipment Group
918-274-2357
Media
Joseph Kuo
Partner
Kekst and Company
212-521-4863
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