WOODSTOCK, Minn.--(BUSINESS WIRE)--Juhl Wind Inc. (OTCBB: JUHL), the Leader in Community Wind Power, today announced that it has completed its acquisition of Next Generation Power Systems – a company that specializes in community scale wind turbine and solar systems. The acquisition of Next Generation Power Systems (“NextGen”) brings smaller wind turbine and solar expertise to Juhl Wind to enhance and expand its existing community wind power product and service offerings.
“The acquisition of Next Generation Power Systems is a perfect fit for Juhl Wind,” stated Dan Juhl, CEO of Juhl Wind. “NextGen extends our area of expertise into smaller scale community wind and solar projects - which is an area practically untouched by the wind development industry and an area in which we continue to pick up business. For example, NextGen wind turbine systems have been applied directly to serve large farming and livestock operations and NextGen’s solar systems have been installed at residential sites, a municipal utility application and bank branches. Both types of systems are designed to serve a wide spectrum of applications from farming to commercial sites to universities and other institutions.” Additional information on Next Generation Power Systems can be found at www.nexgenpowersystems.com.
“As we announced recently, we are experiencing strong growth in our university and college business along with other site-specific government and commercial customer projects,” added John Mitola, President of Juhl Wind. “NextGen extends our service offerings to better serve this area of our business with smaller wind turbines and now, solar systems. Given that the U.S. bailout package included an extension of solar tax credits and a lifting of any caps on such credits, we believe we will be matching solar systems more frequently with our wind systems for these types of customers.”
Juhl Wind acquired Next Generation Power Systems for 92,143 shares of unregistered Juhl Wind common stock, valued at $3.50 per share. The transaction also included Juhl Wind’s purchase of a commercial building in Pipestone, Minnesota, from a related company, Next Generation Power Properties, for a purchase price of $144,000 payable by delivery of an aggregate of 41,070 unregistered common shares in Juhl Wind allocated among certain selling shareholders (who are also NextGen selling shareholders). Therefore, the amount of stock the sellers of NextGen and Next Generation Power Properties obtained in Juhl Wind is 133,213 shares – or less than 1% of Juhl Wind’s total outstanding stock. Dan Juhl, one of the owners of NextGen and Next Generation Power Properties, contributed his shares from both of the selling companies in the transaction at no additional cost to Juhl Wind. In 2007, Next Generation Power Systems generated approximately $850,000 in revenue and is expected to see solid growth in 2009. The NextGen financial results will only be included in Juhl Wind’s fourth quarter financial results for 2008.
“The acquisition of NextGen was always part of our plan to expand our business rapidly after going public,” continued Dan Juhl. “We think this sends a strong message that we want to be the leader in the community energy and small scale wind/solar arena. The growth opportunities in this sector are enormous and there are very few, credible entities with the capabilities that are brought to customers by Juhl Wind. Going forward, we will continue to consider opportunities to expand our business and will certainly be opportunistic when the right strategic fit presents itself. This acquisition demonstrates our wherewithal to get deals done to expand our business in the right way.”
About Juhl Wind Inc.
Juhl Wind is an established leader in Community Based Wind Power development and management, focused on wind farm projects throughout the United States and Canada. Juhl Wind pioneered community-based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 11 wind farm projects and provides operations management and oversight across the portfolio. Juhl Wind services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its acquisition of Next Generation Power Systems, Juhl Wind now provides full sales and service to smaller, on-site wind and solar projects. Juhl Wind is based in Woodstock, Minnesota and is traded on the OTCBB under the symbol JUHL.OB. Additional information is available at the Company’s website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Wind’s current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind’s actual results, performance, prospects or opportunities in the remainder of 2008 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Juhl Wind’s current 8K or as may be described from time to time in Juhl Wind’s subsequent SEC filings; and such factors as incorporated by reference.