SAN DIEGO, March 9 /PRNewswire-FirstCall/ -- Helix Wind, Corp. (OTC Bulletin Board: HLXW), a global renewable energy company, announced today that Scott Weinbrandt, the Company's Chairman & President, has been appointed as the Chairman & Chief Executive Officer (CEO) of the Company effective as of March 8, 2010. Mr. Weinbrandt will replace Mr. Gardner who has served as the Company's CEO since it was founded in 2006. Mr. Gardner has resigned from the Company and as a member of the Company's Board of Directors effective as of March 8, 2010 to pursue other opportunities.
In addition, Gene Hoffman, a member of the Company's Board of Directors since June 2009, has also resigned from the Board effective March 8, 2010.
"I recognize and appreciate the work that Ian has contributed to the company's current success over the past three years, and appreciate Gene's contributions to the Company during his board membership," stated Mr. Weinbrandt. "I believe in the Helix Wind team, its technology and the Company's strategy. I am committed to continue working with the Helix team executing on our business plan, including the focus on profitability, liquidity and growth for our shareholders and customers. The Company plans to enhance its Board by adding outside Directors in the near term," stated Mr. Weinbrandt.
In addition, the Company has been in discussions with an investor to complete a financing of up to $1 million to be used for general working capital needs and professional fees associated with the filing of a registration statement. The Company anticipates the financing would be completed in two tranches based on the Company meeting certain covenants to be agreed upon by the investor and the Company. "With the anticipated infusion of additional capital to meet the Company's working capital needs and to complete an S-1 Registration Statement, we are grateful to be working with such an investment partner," stated Mr. Weinbrandt.
Any financing remains subject to the negotiation and execution of definitive investment agreements, and the Company cannot provide any assurances that any such financing will be completed.
About Helix: Helix Wind, Corp., a global renewable energy company, is engaged in the design, manufacturing and sale of small wind vertical axis turbine designed to generate 300W, 1kW, 2.0kW, 4.0kW, and 50kW of clean, renewable electricity. Additional information can be found at www.helixwind.com.
Safe Harbor Statement: A number of statements contained in this press release are forward-looking statements within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. These forward-looking statements involve a number of risks and uncertainties, including our ability to attract and retain management and field personnel with experience in the small wind turbine industry, our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results Helix Wind may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Helix Wind encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
SOURCE Helix Wind, Corp.