Global Power Announces Appointment of Nelson Obus to its Board of Directors
June 28 2016 - 6:55AM
Global Power Equipment Group Inc. (OTC:GLPW) (“Global Power”) today
announced that it has appointed Nelson Obus, President of
Wynnefield Capital, Inc., to its Board of Directors.
Charles Macaluso, Chairman of the Board, commented, “We look
forward to benefiting from Nelson’s breadth of experience as we
work to rebuild value and regain confidence with investors.
We expect Nelson’s perspective as our largest shareholder to
benefit all of our shareholders as we move beyond the restatement
process.”
Mr. Obus is co-founder and president of Wynnefield Capital, Inc.
since November 1992 and the managing member of Wynnefield Capital
Management, LLC since January 1997. Mr. Obus currently serves
on the Board of Directors for Layne Christensen Company
(NASDAQ:LAYN), a global water management, construction and drilling
company and the Board of Advisors of the Bank of Princeton.
He also previously served as a member of the Board of Directors of
Breeze-Eastern Corporation, a company that develops, manufactures
and services mission critical equipment for helicopters, and Gilman
Ciocia, Inc., an accounting and financial planning services
company. He received his B.A. from New York University and
was awarded an M.A. and A.B.D. from Brandeis University in
Politics.
Following Mr. Obus’ appointment, the Global Power Board of
Directors now consists of eleven members. Mr. Obus and David
A.B. Brown, who was appointed to the Board on May 25, 2016, were
appointed to the Board pursuant to the terms of an Election and
Nomination Agreement, dated June 1, 2016, effective as of May 25,
2016. The various Wynnefield partnerships and funds combined hold
approximately 18.5% of Global Power’s total shares outstanding.
Mr. Brown is not employed by, receives no compensation from
and is independent of Wynnefield Capital and will not act as its
representative. At the Company’s annual meeting, which will
be scheduled after the completion of the restatement process,
certain current directors will not stand for reelection and the
Board will then consist of seven directors, including the President
and Chief Executive Officer, Terence J. Cryan.
About Global Power Global Power Equipment Group
Inc. is a design, engineering and manufacturing firm providing a
broad array of equipment and services to the global power
infrastructure, energy and process industries. The Products
segment includes two primary product categories: Auxiliary Products
designs, engineers and manufactures a comprehensive portfolio of
equipment for utility-scale natural gas turbines while Electrical
Solutions provides custom-configured electrical houses and
generator enclosures for the midstream oil & gas industry, the
power generation market to include distributed and backup power, as
well as other industrial and commercial operations. Services
includes Energy Services, which provides lifecycle maintenance,
repair, construction and fabrication services for the industrial,
chemical/petrochemical process, oil and gas and power generation
industries, and Nuclear Services, which provides on-site specialty
support, outage management and maintenance services to domestic
utilities’ nuclear power facilities. The Company routinely
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. These statements reflect our current views of future
events and financial performance and are subject to a number of
risks and uncertainties. Our actual results, performance or
achievements may differ materially from those expressed or implied
in the forward-looking statements. Risks and uncertainties
that could cause or contribute to such material differences
include, but are not limited to, decreased demand for new gas
turbine power plants, 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 such as steel that 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, effective integration of acquisitions,
volatility of our stock price, deterioration or uncertainty of
credit markets, and 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,
the banking environment or monetary policy.
In addition, more information may arise during the course of the
Company’s previously-announced ongoing accounting review of its
previously issued financial statements that would require the
Company to make additional adjustments or revisions or to restate
further such financial statements. The time required to
complete the financial statements and accounting review may cause
our results to differ materially from those described in the
forward-looking statements. 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 our Annual Report on Form 10-K
filed with the SEC on March 9, 2015 titled “Risk Factors.”
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.
Investor Relations Contact:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
dpawlowski@keiadvisors.com
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