ROCHESTER, N.Y., April 6, 2011 /PRNewswire/ -- WindTamer Corporation ("WindTamer" or "the Company") (OTCBB: WNDT), a developer and manufacturer of wind turbines and renewable energy power storage and management systems and a supplier of solar energy systems, announced today that it has entered into an agreement with UAB WindTamer Europe ("UAB WindTamer" or "the Distributor") for the exclusive distribution of WindTamer turbines and other products manufactured by the Company in Lithuania, Latvia, Denmark, Sweden and The Netherlands.
WindTamer Corporation said it has received an initial order together with payment for two WindTamer 8.0GT and one WindTamer 4.5GT wind turbines from the Distributor.
Under the terms of the agreement UAB WindTamer Europe, a newly-formed entity which is not an affiliate of WindTamer Corporation, has the right to purchase, market, re-sell, assemble, install and otherwise distribute the Company's products within the exclusive territories.
"WindTamer Europe is located in Lithuania's seaport city of Klaipeda on the edge of the Baltic Sea," said Mindaugas Mazonas, Director of Sales of UAB WindTamer Europe, "making it a convenient location for shipping via both sea and land. More importantly, the territories in which we will market WindTamer Corporation's products are all located on or near the Baltic Sea, which means the wind resources are very favorable and conducive to wind energy generation and, we believe, to the marketing of WindTamer's products."
"We chose WindTamer Corporation after extensive due diligence because their turbines meet European standards and we concluded that it's the best and most efficient system in the market," Mr. Mazonas said. "Our company is planning to be the biggest WindTamer distributor in Europe."
"Power generation and the cost and availability of electricity are major issues in Lithuania," Mr. Mazonas continued. "Lithuania was one of the most nuclear-dependent countries before closing its last Soviet-made reactor in 2010." Lithuania currently produces no nuclear power and must purchase electricity in the free market.
Although there have been plans to build a new nuclear facility in Lithuania, a recent poll indicated that 88% of Lithuanians oppose the project and recent reports indicate that investor interest in building the plant has waned, said William A. Schmitz, WindTamer Corporation's Chief Executive Officer.
"In our discussions with potential European partners we are receiving indications that the recent moratoriums and re-thinking of nuclear power production may well result in rising electricity prices in Europe," Mr. Schmitz said. "This prospect makes the value proposition of our wind turbines and other products, especially our Power on Demand system, even more compelling."
Mr. Schmitz said he anticipates a minimum of $1.5 million in orders over the next 12 months from UAB WindTamer Europe.
WindTamer Corporation is a developer and manufacturer of wind turbines and custom-designed renewable energy storage and power management systems and a supplier of solar energy systems. The WindTamer diffuser-augmented wind turbine utilizes a patented technology for the production of electrical power. WindTamer's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells and the grid in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. WindTamer also sells a mobile renewable energy system that that generates wind and solar energy to an onboard storage unit for military and other applications, and a renewable power station that is a scalable system that can be drop-shipped to off-grid locations to be used as a "micro-grid". WindTamer's Board of Directors has approved changing the name of the Company to Arista Power, Inc. subject to shareholder approval at its May 18, 2011 Annual Meeting of Shareholders. For more information on WindTamer, go to www.windtamerturbines.com.
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