Capstone Resumes Product Shipments to Russian Distributor BPC Engineering
March 09 2016 - 7:46PM
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, announced today that it is resuming
product shipments to BPC Engineering, the company’s largest Russian
distributor. The order, consisting of seven C65 microturbines, is
the first to be shipped to BPC Engineering since March 2015.
“The seven C65s are for a project that has been
delayed since the beginning of last year,” said Alexander
Skorokhodov, BPC Engineering’s Chief Executive Officer. “The
project is a combined heat and power (CHP) application for a
swimming pool in Saint Petersburg. I believe this project moving
forward signifies an improvement in the Russian market conditions
and I estimate we will deliver another 4 to 7MW of new Capstone
product next year, plus a constant flow of spare parts to service
our existing large fleet of microturbines,” added Mr.
Skorokhodov.
BPC Engineering has historically been one of
Capstone’s largest and most successful distribution partners, with
over 1,400 microturbines in operation in Russia, Belarus,
Kazakhstan and Ukraine. The company is a leading supplier of energy
efficient solutions and state-of-the-art equipment for distributed
power generation. The new project originated approximately two
years ago and had been removed from Capstone’s backlog due to the
uncertainties surrounding the project timing in light of the
Russian economy.
“We are hopeful that this reflects the beginning of
an economic improvement in Russia and a return to a more robust
relationship with BPC,” said Jim Crouse, Executive Vice President
of Sales and Marketing at Capstone Turbine. “Despite geopolitical
constraints, BPC continues to sell and support Capstone products,”
added Mr. Crouse.
“We value BPC Engineering as a significant and long
standing distribution partner. Capstone has closely monitored the
ongoing Russian economic situation while remaining in constant
contact with BPC’s management in anticipation of a recovery in
their business climate. As part of the strategic discussions
between the two companies on the conditions moving forward, BPC
Engineering has agreed to pay cash before shipment for all future
product releases from backlog, and to pay an additional 15 percent
of the value for each shipment, to lower their past-due accounts
receivable balance,” said Darren Jamison, Capstone's President and
Chief Executive Officer.
About Capstone Turbine Corporation
Capstone Turbine Corporation
(www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading
producer of low-emission microturbine systems and was the first to
market commercially viable microturbine energy
products. Capstone Turbine has shipped approximately 8,700
Capstone Microturbine systems to customers worldwide. These
award-winning systems have logged millions of documented runtime
operating hours. Capstone Turbine is a member of the U.S.
Environmental Protection Agency's Combined Heat and Power
Partnership, which is committed to improving the efficiency of the
nation's energy infrastructure and reducing emissions of pollutants
and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO
14001:2004 certified company, Capstone is headquartered in
the Los Angeles area with sales and/or service centers in
the New York Metro Area, United Kingdom, Mexico City,
Shanghai and Singapore.
The Capstone Turbine Corporation logo is
available
at http://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking
statements," as that term is used in the federal securities laws,
about the advantages of our CHP applications, the recovery of the
Russian economy, the market growth in Russia, cash payments for
orders from BPC, and estimates on sales of products and parts.
Forward-looking statements may be identified by words such as
"expects," "objective," "intend," "targeted," "plan" and similar
phrases. These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone's
filings with the Securities and Exchange Commission that may cause
Capstone's actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
"Capstone" and "Capstone Microturbine" are
registered trademarks of Capstone Turbine Corporation. All
other trademarks mentioned are the property of their respective
owners.
CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
INVESTORS:
Dian Griesel Int’l
Cheryl Schneider/Tom Caden
212-825-3210
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