NORTH VERNON, IN--(Marketwired - July 01, 2014) - WindStream Technologies, Inc. (WSTI) announced today that it has received a $2 Million working capital line of credit through GBC International Bank of California (GBCIB). Backed by the Company's $4 Million Exporters insurance policy with the Export-Import Bank of the United States (EXIM Bank), the Company can now accelerate its delivery of products to key customers, most notably Jamaica Public Service Co. (JPS), which has purchase orders with the Company exceeding $22 million dollars. With this line of credit in place, WindStream Technologies can continue to build on its product manufacturing and distribution successes for customers around the world.
"We looked at the technology that WindStream has developed, and the vast marketplace for its products and wanted to be a part of this exciting story," said GBCIB Vice President Mr. Edward Tang. "We're proud to be part of the success story that is WindStream Technologies. We are optimistic about their future as evidenced by their recent sales across global markets."
Headquartered in North Vernon, Indiana, WindStream manufactures and sells its products to customers in need of low cost, distributed energy solutions. The Company has a line of "hybrid" renewable energy solutions that meet the needs of all types of installation requirements both on-grid and off.
WindStream Technologies recently announced its expansion into the India market through its subsidiary WindStream Energy Technologies, Pvt. Ltd. (WET). This new facility will handle all sales and marketing efforts as well as logistics and engineering support for WET in India and throughout South Asia.
"There are a lot companies out there with great ideas and great technology, but without strong financial backing it's next to impossible to succeed. With GBCIB, WindStream Technologies is able to move forward and meet the strong customer demand we are experiencing from our strategic partners and distributors globally and we look forward to a long and successful relationship with GBC," said Dan Bates, CEO of WindStream Technologies.
WindStream's patented SolarMill® products consist of Vertical Axis Turbines and solar panels all controlled by the Company's proprietary "smart" electronics. SolarMills are easily assembled, installed and scalable, allowing customers to grow their installation to meet their energy demand. SolarMills are 100% "Made In The U.S.A." and are being sold to customers all over the world.
About WindStream Technologies: Founded in 2008, WindStream Technologies, a public company (WSTI), is headquartered in North Vernon, Indiana. WindStream Technologies was established to create low-cost hybrid, renewable energy solutions for urban, suburban, and on and off-grid environments. Made in the USA, its patented SolarMill® technology is a distributed energy solution, which produces continuous renewable energy for customers 24/7/365. The company's products are sold around the world. For more information please visit www.windstream-inc.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products; weather and natural disasters; changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.