$WPNV :: New subsidiary has great financials!
WindPower Innovations Releases Financial Information For Its Newly Acquired Subsidiary for the Quarter Ended March 31, 2013
QUEEN CREEK, AZ--(Marketwired - Apr 25, 2013) - WindPower Innovations, Inc. (PINKSHEETS: WPNV) today released select financial information about RIG Construction, Inc., D/B/A The Cameo Group.
Since WindPower Innovation's acquisition of RIG Construction, Inc. was completed on April 19th, 2013 and its financial results will not be contained in the FINRA report which the Company will file in May 2013, management has elected to provide select financial information about the acquired company to the public.
For the year ended December 31, 2012, RIG Construction, Inc. reported gross revenues of $4.759 million versus $4.883 million during the same period a year earlier. The slight drop in revenues occurred when the market reached a bottom, but growth has recently returned as shown by the significant growth in revenues for first quarter 2013. For the three months ended March 31, 2013, RIG Construction reported gross revenues of $1.592 million, an 18% increase over the same quarter in 2012, and gross profit of $765,000, a 109% increase over the same quarter in 2012.
The Company is reviewing the financial reporting and controls of RIG Construction and will wait to report profit and loss numbers for the same periods shown above until it has finalized all of the footnotes and policies for the acquired Company.
The Company will now focus on decreasing both long- and short-term debt as well as bringing strategic relationships that lower operating expenses and increase gross revenues with the objective to enhance margins and net profit. As part of that process, the Company will look to rebrand itself to better take advantage of the well-recognized Cameo brands that it has acquired.
The Company will be posting its Company Profile on its website at www.wpienergy.com for shareholders and potential investors to obtain more information about the Company and its recent acquisition.
About WindPower Innovations:
WindPower Innovations, Inc. is an acquirer and operator of fundamentally sound, "renewable," and "sustainable" "green" technology companies or those companies that benefit from "going green" that are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is on organizations that have strong market presence, brand awareness and talented and dedicated management teams with the potential to achieve exceptional performance over time. As subsidiaries of WindPower Innovations, these companies can gain access to our operational support, management approach, and ability to access financial markets for operational and growth capital. By focusing on "sustainable" companies with wind, solar, and other alternative energy technologies, as well as companies utilizing green technologies to make consumer products more affordable and convenient that lower the "carbon footprint," we believe that we can create value for humanity at large and enhance shareholder value. WindPower Innovations has two subsidiaries: WindPower Solutions, Inc., which remanufactures wind power turbines for operators across the U.S., and RIG Construction, Inc., which under the Cameo brand name, markets sustainable outdoor products to consumers in the southwestern United States. For more information, go to our website at www.wpienergy.com .
About RIG Construction, Inc.
RIG Construction, Inc. operates two subsidiaries, Cameo Pools and Cameo Landscaping, and operates one division of Cameo Pools by the name of Cameo Solar. The Cameo Group is the oldest pool company in Mesa, Arizona whose quality brand is over 35 years old. By being in business for so many years, Cameo's lifetime warranty contains much value. Cameo focuses on the overall quality of their businesses, including their ability to provide quality products and services that their customers appreciate and at a price they can afford. The quality of our service does not end at installation; it extends many years beyond as we continue to offer quality lifetime service. We also provide solar options that greatly reduce annual operating costs and reduce carbon emissions. Cameo Pools repairs, maintains designs and installs pools, water features, and landscaping with solar options along with a lifetime guarantee and 100% satisfaction guarantee policy anywhere in Arizona and is looking to make acquisitions in other high growth regions. For more information, go to our website at: www.cameopools.com
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding WindPower Innovations, Inc.'s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to WindPower Innovations, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those that management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
