IRVING, Texas--(BUSINESS WIRE)--
Global Power Equipment Group Inc. (OTC:GLPW) ("Global Power" or the
"Company") today announced that it completed the sale of its facility in
Mexico and the auction of the remaining production equipment and other
assets for anticipated net proceeds of approximately $3.5 million.
Approximately $1.5 million of the net proceeds from the sale of the
facility and equipment will be used to reduce debt and the remainder
will be used to fund working capital requirements.
About Global Power
Global Power is a design, engineering and manufacturing firm providing a
broad array of equipment and services to the global energy and
industrial markets. Prior to the sale of Mechanical Solutions segment in
October 2017, the Company reported in three operating segments,
Mechanical Solutions, Electrical Solutions and Services. Following the
sale, the Company will report in just two operating segments. The
Electrical Solutions segment provides custom-configured electrical
houses and generator enclosures for a variety of industries. The
Services segment provides lifecycle maintenance, repair, on-site
specialty support, outage management, construction and fabrication
services for the power generation, industrial, chemical/petrochemical
processing and oil and gas industries.
The Company provides information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the
meaning of the term set forth in the Private Securities Litigation
Reform Act of 1995. The forward-looking statements include statements or
expectations regarding the Company's ability to effectively reduce debt,
fund its working capital requirements and related matters. These
statements reflect our current views of future events and financial
performance and are subject to a number of risks and uncertainties,
including our ability to comply with the terms of our credit facility.
Our actual results, performance or achievements may differ materially
from those expressed or implied in the forward-looking statements.
Additional risks and uncertainties that could cause or contribute to
such material differences include, but are not limited to, the success
of the construction of the nuclear power facilities, reduced demand for,
or increased regulation of, nuclear power, loss of any of our major
customers, whether pursuant to the loss of pending or future bids for
either new business or an extension of existing business, termination of
customer or vendor relationships, cost increases and project cost
overruns, unforeseen schedule delays, poor performance by our
subcontractors, cancellation of projects, competition for the sale of
our products and services, including competitors being awarded business
by our customers that had previously been provided by Global Power,
shortages in, or increases in prices for, energy and materials we use to
manufacture our products, damage to our reputation, warranty or product
liability claims, increased exposure to environmental or other
liabilities, failure to comply with various laws and regulations,
failure to attract and retain highly-qualified personnel, loss of
customer relationships with critical personnel, volatility of our stock
price, deterioration or uncertainty of credit markets, changes in the
economic, social and political conditions in the United States and other
countries in which we operate, including fluctuations in foreign
currency exchange rates and the banking environment or monetary policy.
Other important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements are
discussed in our filings with the SEC, including the section of the
Company's 2016 Annual Report on Form 10-K titled "Risk Factors." Any
forward-looking statement speaks only as of the date of this press
release. Except as may be required by applicable law, we undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, and
we caution you not to rely upon them unduly.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171031005730/en/
Kei Advisors LLC
Source: Global Power Equipment Group Inc.
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