PHOENIX, AZ--(Marketwired - Jun 11, 2013) - The Board of Directors of WindPower Innovations, Inc. (
Mr. Myers agreed to a fixed salary for the next 12 months of only $1.00 for the year as the Company's Chief Executive Officer. For his role as the President of the subsidiary WindPower Solutions he will be paid 7% of the revenue generated from the sale of that subsidiary's products as those sales are generated and collected.
In connection with this salary change Mr. Myers and the Corporate Secretary agreed to convert the previous compensation owed to them by the Company (deferred compensation) to corporate stock at a price of $1.00 per share. This means that the Company has converted $360,000.00 of debt to 360,000 shares of newly issued restricted common stock.
John Myers, CEO of WindPower Innovations, commented, "I believe in this Company and where we are heading and I felt that there was no better way for me to show my confidence than by being rewarded when my shareholders are rewarded from the increase in the value of our stock or when new revenue is generated."
The Company's incoming CFO, Ms. Kelly J. Anderson, stated, "I am very pleased with our Board of Directors and Mr. Myers for making these tough decisions -- it shows that they are committed to this Company and our shareholders." She continued, "It's this kind of dedication to increasing shareholder value that convinced me to join WindPower Innovations as its CFO and my contribution to company growth will begin June 29, 2013."
The Board will also make a similar offer to others who are owed deferred compensation. They will be offered the option to convert their deferred compensation to a 3 year note carrying an annual interest rate of 6% which will be convertible to restricted common stock at 80% of market value with a floor price of $1.00 per share upon 30 days notice.
Charles Brown, non-executive director of the Company, said, "I championed this conversion to create a longer term liability for the Company which should allow us to grow more effectively while building revenue unencumbered by short term debt. I am hopeful that others who are owed deferred compensation will not only convert their deferred compensation to the note but will also convert that obligation to the stock as Mr. Myers and our Corporate Secretary have done."
About WindPower Innovations:
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, that 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: www.wpienergy.com, 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. 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.