Capstone Turbine Corporation to Exhibit at Power-Gen International in Las Vegas and Host U.S. Ambassador-Led Nigerian Delegation
CHATSWORTH, Calif., Dec. 12, 2011 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced it will exhibit its innovative clean energy products at Power-Gen International in Las Vegas and will be meeting with a delegation of Nigerian government and business leaders led by the United States Ambassador to Nigeria on December 14th to discuss how expanding the number of Capstone Microturbines in Nigeria can grow the country's economy.
With support from the U.S. Export-Import Bank (Ex-Im Bank), Capstone and Makon Power Systems – Capstone's Nigerian distributor – will meet with the U.S. Ambassador to Nigeria, Terence McCulley, and his delegation of state and national government and business leaders from Nigeria, including the Nigerian Ambassador to the United States, Adebowale Ibidapo Adefuye, and governors of Nigerian states such as Rivers State, a top oil-producing area of the country located in the Niger Delta. Wanda Felton, Vice Chairman of Ex-Im Bank and leader of the Bank's efforts to promote U.S. exports to sub-Saharan Africa, also will attend.
In October, Ex-Im Bank and the Nigerian Ministry of Power signed a Memorandum of Understanding to export US $1.5 billion in U.S. goods and services to help Nigeria increase its electrical output ten-fold by 2020.
"I would like to thank Capstone for hosting this event for the Nigerian delegation," McCulley said. "This dinner, along with other events at Power-Gen, create networking opportunities to introduce great American companies involved in the energy sector, showcasing U.S. technology, talent and equipment. Nigeria has embarked on an ambitious program of reform in the power sector and this type of engagement will promote American private sector participation in power generation in Nigeria while creating jobs and economic growth in the United States."
Nigeria, located on Africa's west coast, today faces an extreme energy shortage and is in desperate need of reliable and efficient power systems. Increased reliable power output in Nigeria is critical to the growth of the country's economy. The Nigerian Ministry of Power plans to increase its current four-gigawatt level power output to 15-20 gigawatts by 2015, and 40 gigawatts by 2020.
"Ex-Im Bank is a great resource for international buyers of American-made products and Capstone has developed a tool kit to enable our distributors and their customers to potentially leverage Ex-Im financing," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "This meeting is a tremendous opportunity for Capstone to support the U.S. government's National Export Initiative and grow our sales throughout Nigeria, especially in the industrial and oil-and-gas markets."
"This joint Capstone and Makon event will be an invaluable opportunity to network with potential Nigerian customers who are in dire need of clean and reliable onsite energy and have come to U.S. looking for quality technology to help," said Ademola Ajakaye, Makon's Chief Operating Officer.
"Capstone has always used Power-Gen International as a world stage to showcase our cutting edge technologies, meet current and potential customers and caucus with our critical vendors," stated Darren Jamison, Capstone's President and Chief Executive Officer. "However, this year will be our biggest show ever as we are honored to be hosting a delegation of Nigerian government and business leaders led by the United States Ambassador to Nigeria. We are also holding several key customer meetings and increasing our marketing outreach by displaying a different Capstone video each day on the Power-Gen International hotel shuttle buses," added Jamison.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,000 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products, our success at the Power-Gen conference and use of our products in Nigeria. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
Released December 12, 2011
