Warranty, Technology and Sales Support from UTC
13 7월 2010 - 3:00PM
UK Regulatory
TIDMCWP
RNS Number : 2375P
Clipper Windpower Plc
13 July 2010
Clipper to Receive Warranty, Technology and Sales Support from United
Technologies Corporation ("UTC")
· Clipper and UTC reached an agreement for UTC to guarantee Liberty wind
turbine warranties for selected new Clipper business.
· Clipper and UTC entering into formal intellectual property and technical
assistance license agreement.
· UTC (Pratt & Whitney Power Systems) to cooperate with Clipper to further
the market reach and service capabilities for Clipper's 2.5 MW Liberty turbine.
· Clipper seeking to expand global market reach.
London (UK), Carpinteria, CA (USA) - July 13, 2010. Clipper Windpower Plc
("Clipper" or the "Company") announces product warranty, technology, and sales
support from United Technologies Corporation ("UTC").
Clipper and UTC have reached agreement for UTC to guarantee Clipper wind turbine
warranties for selected new business. The guaranty arrangements have been
approved by the Boards of both companies, and formal guaranty agreements between
Clipper and UTC are currently being finalized. A circular outlining the
Company's proposal to enter into the warranty guaranty and its related
agreements will be distributed for shareholder approval in the current month.
The amount of warranty support to be provided will be determined on a case by
case basis for each new customer order. The Liberty wind turbine warranty
support from UTC will provide increased confidence to customers and their
project finance institutions that Clipper has the ability and credit strength to
fulfill its contractual warranty commitments.
The Company and UTC are also entering into a formal intellectual property and
technical assistance license agreement. The agreement formalizes the terms and
conditions that allow UTC to provide technical assistance and grant rights in
UTC intellectual property for use and application in Clipper's business and
jointly developed technology.
UTC currently owns 49.9% of the outstanding shares of Clipper resulting from an
investment in new and existing shares of Clipper in January 2010. Since then,
Clipper and UTC have formed teams to enable Clipper to access UTC's support and
expertise in a number of areas, including technology, sales, manufacturing,
product quality and other industrial processes. These efforts include a
relationship with Pratt & Whitney Power Systems ("PWPS"), a manufacturer and
distributor of gas turbine power plants, that will enable Clipper to leverage
the PWPS distribution network to sell and service Clipper's 2.5 MW Liberty
turbine, as well as provide integrated turnkey project solutions to global
customers. The PWPS relationship expands Clipper's market reach from
predominantly U.S. based, to major global economies and emerging markets.
The above activities are indicative of the collaboration between Clipper and UTC
as well as UTC's confidence in Clipper's technology and business opportunities.
Mauricio Quintana, President and CEO of Clipper, commented: "The U.S. wind
market remains challenging. Accordingly, the Company continues to put tremendous
effort into seeking new orders, particularly in selected emerging markets where
we believe the best growth opportunities exist for Clipper. The increased UTC
support of Clipper's future turbine warranty obligations, along with the
technology assistance, further signifies the strength of the relationship
between Clipper and UTC, and reinforces UTC's confidence in Clipper's technology
and business potential. Also, through a new cooperative sales collaboration with
one of the world's leading sales, service and integrated turnkey solution
providers, Clipper will expand its reach and breadth to customers worldwide."
This press release contains statements about the Company that are or may be
forward lookingstatements. All statements other than statements of historical
facts included in this press release may be forward looking statements. Without
limitation, any statements preceded or followed by or that include the words
"targets," "plans," "believes," "expects," "aims," "intends," "will," "may,"
"anticipates," "estimates," "projects," or words or terms of similar substance
or the negative thereof, are forward looking statements. Forward looking
statements include statements relating to the following: future capital
expenditures, expenses, revenues, earnings, synergies, economic performance,
indebtedness, financial condition, losses and future prospects, business and
management strategies and the expansion and growth of the Company's operations
and potential synergies between the Company and UTC .
Such forward looking statements involve risks and uncertainties that could
significantly affect expected results and are based on certain key assumptions.
Many factors could cause actual results to differ materially from those
projected or implied in any forward looking statements. Due to such
uncertainties and risks, readers are cautioned not to place undue reliance on
such forward looking statements, which speak only as of the date hereof. The
Company disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable law.
All subsequent written and oral forward looking statements attributable to the
Company or persons acting on the Company's behalf are expressly qualified in
their entirety by the cautionary statements above. The forward looking
statements included herein are made only as of the date of this press release.
The Company does not intend, and does not undertake any obligation, to update
these forward looking statements.
About Clipper
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy
technology, turbine manufacturing, and wind project development. The Company
designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine,
and actively develops wind power generating projects in the Americas and Europe.
Clipper's headquarters are in Carpinteria, California, USA. The Company's
330,000 square foot manufacturing and assembly facility for land-based wind
turbines is located in Cedar Rapids, Iowa; its development center for offshore
wind turbine development is located in Blyth, UK. Clipper is a public company
listed on AIM of the London Stock Exchange. Clipper's ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on AIM of the London
Stock Exchange and are not registered under the U.S. Securities Act of 1933, as
amended. Such shares may not be offered or sold to residents of the United
States or to persons acting on their behalf, or to other persons who are "United
States Persons" within the meaning of Regulation S as promulgated under the
Securities Act of 1933, unless such shares have been registered under the
Securities Act or there is an available exemption from registration.
###
For further information, please contact:
INVESTORS
Clipper Windpower Plc
Jenny Matthews
Investor Relations
Tel: +44 (0)7827 259495
J.P. Morgan Cazenove (Nominated Adviser and Corporate Broker to Clipper)
Patrick Magee / Alex Yule-Smith
Tel: +44 (0)20 7588 2828
FINANCIAL PRESS
M:Communications
Patrick d'Ancona / Charlotte Kirkham
Tel: +44 (0)20 7920 2347 / 2331
BUSINESS AND TRADE
Mary Gates
Director, Global Communications
+1 661
301 0400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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