Global Power Equipment Group Inc. Awarded Contract With Siemens
IRVING, Texas, Jan. 19, 2012 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power (GLPW.PK)") today announced that its Braden Manufacturing division has been awarded a contract to provide gas turbine auxiliary equipment to Siemens Energy Inc. ("Siemens Energy") for the expansion of its Riviera Beach Next Generation Clean Energy Center project.
Under the contract, Braden will provide filter houses, inlet systems and filter elements for the new advanced Siemens H-class gas turbines. The contract value is estimated to exceed $9 million and Braden's products in support of this project are expected to ship in the second half of 2012.
"We look forward to working with Siemens Energy on this advanced technology project," said Dean Glover, President of Global Power Products division. "Braden's long track record of engineered solutions for the power generation industry puts us in a strategic position to support this new technology. Our products will be an integral part of one of the first 60-Hz H-class Siemens next-generation gas turbine power plants worldwide."
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States and maintenance services to fossil and hydroelectric power plants and other industrial operations. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power Equipment Group Inc. may be found at www.globalpower.com .
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 22, 2011 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.
CONTACT: Jennifer Gordon ICR (918) 274-2280 email@example.comSource: Global Power Equipment Group Inc. 2012 GlobeNewswire, Inc.