PHOENIX, AZ — (Marketwired) — 10/10/13 — WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced today that its Cameo subsidiary recorded record sales during the Company–s 4th quarter (period ended 9/30/13) of over $ 1.6 million dollars which represents an increase of $ 681,415 or 72% from the $929,000 booked in the same quarter last year.
In the swimming pool business, sales represent contracts to build new or remodel existing pools but do not yet represent revenue. Revenue is reported based on the percentage of completion accounting rules under GAAP (generally accepted accounting principles). Swimming pools can take up to 60 days or more to build and these sales numbers represent the Company–s backlog of work that will represent its revenue in the coming slower winter months as these pools are built or remodeled.
Steven Vollaro, President of RIG Construction d/b/a Cameo Pools, said,” John Myers and his team have more than delivered on every commitment they made to us when we agreed to be acquired. They have provided management expertise when we requested it while they recapitalized the company, and restructured our debt so that we could focus on our core business and the results are already beginning to show.” Mr. Vollaro continued, “Sales and margins have both increased since the acquisition and our backlog is larger than it has ever been at this time of the year.”
John Myers, CEO of WindPower Innovations, commented,” We are very pleased with the results from our subsidiary. It validates our business plan and abilities and we expect to achieve similar results with our future acquisitions and thereby continue to enhance shareholder value.”
The Company is focused on completion of its year end audit as its fiscal year ended on September 30, 2013. RIG Construction, Inc. previously reported its revenue and earnings on a cash basis which is being recast based on percentage of completion accounting so that it complies with GAAP and the Company–s auditing firm. Malone-Bailey can proceed to complete the Company–s annual audit. The Company will report full financial results once the audit is completed in the form of a 10-k filing with the United States Securities and Exchange Commission.
WindPower Innovations, Inc. is an acquirer of fundamentally sound sustainable technology, and renewable energy companies or those companies that benefit from “going green” which 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. By being acquired by WindPower these companies get access to our operational support, management approach and ability to access financial markets for operational and growth capital. By focusing on “sustainable and renewable” companies such as wind, solar, and companies utilizing sustainable technologies to make everyday products more affordable, more convenient and that may 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 R.I.G. Construction Inc. which markets under the “Cameo Brands” — Cameo Pools, Cameo Landscaping and Cameo Solar. For more information go to our websites at: ,
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. 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 which 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.
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Tom Nelson
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