NORTH VERNON, IN -- (Marketwired) -- 06/10/15 -- WindStream Technologies, Inc. (OTCQB: WSTI) ("WindStream" or the "Company") formally launched its SolarMill® technology and inaugurated its manufacturing facility in Hyderabad, India.
Surrounded by Ministers from the State of Telangana, dignitaries, investors, vendors and the media, WindStream Energy Technologies India, Pvt. Ltd., the Company's Indian subsidiary, formally introduced its suite of products to the Indian marketplace. The event also signified the official opening of the Company's 50,000 sq. ft. manufacturing facility in Hyderabad. A photo gallery of the launch event can be seen here:
The Indian facility is expected to manufacture between 2,000 and 3,000 units in 2015 and grow in volume as more of the components are sourced from Indian vendors and as sales traction demands. WindStream's Indian subsidiary currently employs 25 engineers and back office support and is expanding its employment roles as it goes into full-scale production.
The event was attended by more than 150 guests and was hosted by Dan Bates, the Company's President and CEO and Venkat Kumar Tangirala, President of WindStream Energy Technologies India.
"The SolarMill® is not brand new to the Indian market as pilot installations have already begun appearing in many cities throughout India. With the opening of the facility and the formal launch of the products in India, WindStream can now begin aggressively marketing its technology in what I consider to be the biggest and most lucrative market in the world," said Mr. Tangirala.
The factory opened its doors in May and began assembling and shipping the initial units it had received from the U.S. factory and has now received three containers of component parts from the U.S. The Company has received purchase orders and has sold greater than 500kW's of SolarMills in India to date. These sales are in the process of being installed in various highly visible locations and with key strategic partners. Of these sales, some are pilots including the Ministry of Railways, Bits Pilani, University in Goa, residential users in Delhi, Hyderabad, Nasik, Pune, Nagpur and large scale projects in Biotech Park, Shameerpet. "When we were first introduced to the SolarMill, we immediately saw its potential and purchased a 10kW system as a trial to be placed on our facility in the Biotech Park," said Mr. Bharath Vasireddy, MD, Sidvin Plastics. The Company expects these pilots will be successful and will lead to greater sales of the SolarMill®.
"The supply of components from our Indiana factory is now stable and will continue to expand as we support the manufacturing and sales growth of our Indian subsidiary," said Dan Bates. "The team in India, through its direct sales efforts and through distribution channels, have exceeded our initial expectations and we will look to increase the number of units being shipped to India in the coming months."
In attendance and to show the Government's support for WindStream and its products were the following dignitaries from the Telangana State: Deputy Chief Minister Mr. Mohammed Mahmood Ali, Minister of Industries, Mr. J. Krishna Rao, Minister of Power, Mr. Etela Rajendra and Minister of Finance, Mr. Jagadish Reddy.
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 that is always available. The Company's products are sold globally. For more information please visit www.windstream-inc.com.
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. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect" and "intend," among others. 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.
Investors should read the risk factors set forth in the Annual Report on Form 10-K/A filed with the SEC on April 22, 2015 and future periodic reports filed with the Securities and Exchange Commission. 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.