$2 Million Dollar Commitment to Accelerate Manufacturing and Growth
NORTH VERNON, IN -- (Marketwired) -- 12/04/14 -- WindStream Technologies, Inc. (OTCQB: WSTI) announced today that it has closed a Joint Venture agreement with West Coast Ventures (India) Pvt. Ltd., (WCV) based in Chennai, India and a group of strategic investors. The new entity, DEEPAN Energy Venture LLP, has committed $2 million dollars for an equity stake in the JV, which will establish a manufacturing and distribution presence in India and South Asia. The new JV company, WindStream Energy Technologies, India, Pvt. Ltd., is slated to begin manufacturing WSTI's SolarMill® products the first quarter of 2015 in India and rapidly accelerate the Company's penetration into that market.
Dan Bates, President and CEO of WindStream Technologies, said, "Establishing this JV with West Coast Ventures and DEEPAN comes at an important time for WindStream. It will enable the Company to execute its India business plan and begin to deliver products faster within an already robust sales pipeline. Having a manufacturing facility closer to the point of sale will reduce cost and accelerate our revenue generation not just in India but also in emerging economies in the region."
West Coast Ventures and DEEPAN are strategic investors with interests in mining, energy, real estate, infrastructure and the environment. WCV/DEEPAN's principals have extensive experience in government, municipal and private sectors. "We took a close look at WindStream and the products and clearly identified that there was a huge market for their offerings in India and throughout South Asia," said Amogh Dalvi, Director of WCV/DEEPAN. "India is a vast market and one that has unique energy challenges, the SolarMill® and our Joint Venture will meet these challenges head on to help solve India's growing energy shortfall."
The new Company has begun setting up its 50,000 sq. ft. manufacturing facilities in Hyderabad and expects to see its first products become available late in Q1 2015. Mr. Venkat Kumar Tangirala, President of WindStream Technologies, South Asia will lead the new company heading up operations and business development. "I am truly excited to be a part of this effort. West Coast Ventures shares WindStream's vision for deploying the SolarMill® as a mass market product throughout India and serving the 1 billion plus people in need of inexpensive renewable energy," said Mr. Tangirala.
In addition to India, the new joint venture is geographically situated to provide products to Pakistan, Bangladesh, Indonesia, Malaysia and Southeast Asia, markets representing hundreds of millions more whose needs and means are well suited to the products the joint venture will produce.
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 and installed and are scalable, allowing customers to grow their installation to meet their energy demand.
About WindStream Technologies: Founded in 2008, WindStream Technologies, a public company (OTCQB: 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
About West Coast Ventures and DEEPAN: West Coast Ventures/DEEPAN consists of a group of highly skilled, strategic investors with expertise and access to government channels, policy formation, distribution and marketing. WCV/DEEPAN connects the investors and investees in order to enable better business prospects. Its services would stretch to a varied extent by encompassing different sectors within Mining and Energy. With confidence management assures that West Coast Ventures will remain reputed for managing even the most complex engagements with our systematic approach and skilled professionals. The Company's business focus is to identify potential opportunities in the mining & energy, infrastructure & environment and real estate sector. It aims to evaluate these opportunities, provide the investment required for the entire supply chain and manage the returns as well. The services to be offered have strongly rooted strategies to ensure successful exploration, management of resources, systematic project developments and logically executed operations. Moreover West Coast Ventures will undertake projects that concentrate on every field of real estate, waste management, solar energy renewal, water treatment, infrastructure and planning. Its financial advisors provide undistorted guidance that regulates capital management and scrutinize junctures during project diversification. The use of advanced procedures will help the Company in maintaining a low risk profile.
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.
Source: WindStream Technologies, Inc.