WORCESTER, Mass., Sept. 22 /PRNewswire-FirstCall/ -- Mass Megawatts Wind Power, Inc. (BULLETIN BOARD: MMGW) reports a net loss of 5 cents per share or $273,483 in the fiscal quarter ending July 31,2008. In the previous fiscal year for the quarter ending July 31,2007, there was a net loss of one cent per share or $58,353. The reason for the greater loss was an increase in expenditures directly relating to the current Army project, further refinement of the new adjustable augmenter technology, building small mobile display units as well as funding expanding ongoing operations. The company is becoming much more proactive.
In the next (current) fiscal quarter ending October 31,2008, revenue is anticipated from the United States Army sale. Additionally a sale of equipment to a private developer will add to the bottom line. Also, expectations are that initial test results from the 50 kilowatt wind power project constructed at Fort Huachuca, Arizona will be in by the end of 2008. The testing will include the newly developed, adjustable augmenter which increases the harnessed wind velocity in order to increase power output. Heavy and expensive components are no longer needed as required by previous augmenter versions, thereby reducing costs.
The company's signature wind turbine is the uniquely designed and patented Multi-Axis Turbosystem, also know as MAT. With the augmenter, electric generation costs are below traditional wind turbine technologies and are directly competitive with fossil fuel power plants such as coal and natural gas. More potential power plant locations are available to the MAT, as compared to traditional turbines, due to their ability to be profitable even at lower wind locations.
In the year 2007, the wind industry achieved a growth rate of more than 42 percent per year in the USA. In recent years, more than $7 billion has been invested in new wind power plants.
For more information, the web site is http://www.massmegawatts.com/ and the company can be reached at the phone number of (508) 751-5432.
This press release contains forward-looking statements that could be affected by risks and uncertainties, including but not limited to Mass Megawatts Wind Power, Inc. ability to produce a cost-effective wind energy conversion device. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, Inc. to achieve or maintain necessary zoning approvals with respect to the location of its MAT power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power, Inc.
