ROCHESTER, N.Y., Dec. 15, 2010 /PRNewswire-FirstCall/ -- WindTamer Corporation ("WindTamer" or the "Company") (OTC Bulletin Board :WNDT ) announced today that it has undertaken temporary cost-reduction measures designed to reduce expenses during a period of approximately 6 to 12 weeks. WindTamer said it has been finalizing discussions involving several significant orders that are expected to close in the first quarter of 2011.
WindTamer has furloughed several production employees with the expectation that they will be recalled early in the first quarter of 2011. In addition, some production employees have elected to accept restricted WindTamer common stock in lieu of some or all of their cash compensation over the 12 weeks.
All of WindTamer's executive officers have also elected to receive restricted WindTamer common stock in lieu of some or all of their cash compensation over the next 12 weeks.
WindTamer Chief Executive Officer William A. Schmitz said that, "The executive officers of WindTamer have chosen to accept WindTamer common stock for some or all of their compensation for the next several weeks as a means of bridging a financing gap to several significant orders that we anticipate will be closed in the first quarter of 2011. Some of these orders involve large entities, including government agencies, where the negotiation and contracting process has taken longer than anticipated due in part to end-of-year factors. However, management's willingness to accept WindTamer shares for all or part of its compensation should be viewed as a signal of our confidence in the Company's outlook. Furthermore, I would like to stress that we stand by our recent projection of 2011 booked orders in the range of $15 to $25 million, in large part relating to our new 'Power on Demand' renewable energy storage and management system." WindTamer's first 'Power on Demand' system is scheduled to be installed by the end of December 2010.
Mr. Schmitz added that, "We are extremely appreciative of the understanding and cooperation of our furloughed production employees and we will make every effort to recall them at the earliest possible date that business conditions permit."
About WindTamer Corporation
WindTamer Corporation (www.windtamerturbines.com) is a developer and manufacturer of wind turbines that utilize a patented technology for the production of electrical power and of proprietary renewable energy storage and management systems that enable customers to reduce and better manage energy costs.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. WindTamer Corporation cautions investors not to place undue reliance on forward-looking statements, which reflect WindTamer's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. WindTamer undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect WindTamer's financial results, is included in WindTamer's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
SOURCE WindTamer Corporation