CEO Troy C. Patton to
transition to Board Advisory Role; remaining a member of Board of
Directors
Office of the President and COO formed driving the Company's
refined focus on distributed energy; Ciel
R. Caldwell named to role
BARRE, Vt., Aug. 10, 2016 /PRNewswire/ -- Northern
Power Systems Corp. (TSX: NPS), a next generation renewable
energy technology company, today announced that as it makes
progress toward concluding the monetization of its utility wind
technology, the Company will be re-aligning its leadership to focus
its future on delivering business solutions for a range of
distributed energy customers. As part of this transition the
Board of Directors of Northern Power Systems has decided to
eliminate the office of chief executive and form an office of the
president and chief operating officer. With this decision,
Troy C. Patton will no longer be
chief executive officer, effective immediately, but remain a member
of the Company's Board of Directors, continuing to provide
corporate development and business advisory services to the
Northern Board. Ciel R. Caldwell the Company's current senior
vice president of operations and finance will assume leadership of
Northern Power as the president and chief operating officer while
continuing to serve as the Company's principal financial
officer.
On behalf of Northern Power Systems Board of Directors, Chairman
of the Board William Leimkuhler commented, "We thank Troy for his
commitment and leadership as we built Northern to pursue an
integrated utility and distributed wind strategy based on our
proprietary PMDD technologies. We are fortunate that Troy
will continue to lead the Company in a successful conclusion of a
transaction monetizing our utility wind assets, as well as to
advance other corporate development opportunities as an advisor to
Northern."
Mr. Patton added, "I am excited about the future of Northern
Power Systems. The Company's cost out efforts and creative
solutions in the distributed energy space are advancing and I look
forward to continuing on the Board of Directors. As Northern
makes this transition, I will focus on delivering strong value to
Northern in actively creating and nurturing the partnerships needed
to deliver value to a variety of stakeholders across the energy
marketplace." Mr. Patton concluded, "After five years of working
with Ciel I am confident that she is fully prepared to take the
helm and make the future of Northern a success. I look
forward to continuing to work with her as part of the Northern
Board."
Mr. Leimkuhler continued, "Ms. Caldwell has over 20 years of
experience in finance and operations, which we see as key
capabilities as we focus on profitable growth. The Board has
carefully considered the leadership and skill set needed to focus
our business on the opportunities that Northern can realize in
distributed energy and microgrid offerings."
"I am excited to have the opportunity to lead the future of
Northern with our qualified team," Ms. Caldwell stated. "We
have a unique opportunity to create value by transitioning to a
lean start-up mentality focused on delivering solutions for a
variety of customers that can benefit from distributed energy
solutions leveraging our robust technology background and proven
offerings. Troy and I have worked closely together for over
five years and I appreciate all that I have learned from him. This
knowledge will be invaluable as I focus on driving Northern to
profitability and the successful business expansion of Northern
Power Systems."
About Northern Power Systems
Northern Power Systems
designs, manufactures, and sells wind turbines and power technology
products, and provides engineering development services for energy
applications, into the global marketplace from its US headquarters
and European offices.
- Northern Power Systems and its predecessors have over 40 years'
experience in technologies and products generating renewable
energy.
- Northern Power Systems currently manufactures the NPS™ 60 and
NPS™ 100 turbines. With over 11 million run time hours across its
global fleet, Northern Power wind turbines provide customers with
clean, cost effective, reliable renewable energy.
- Patented next generation permanent magnet direct drive (PMDD)
technology uses fewer moving parts, delivers higher energy capture,
and provides increased reliability due to reduced maintenance and
downtime.
- Northern Power Systems' FlexPhase™ power converter platform
uses patented converter architecture and advanced controls
technology for advanced grid support and generation
applications.
- Northern Power Systems offers comprehensive in‐house
development services, including systems level engineering, advanced
drivetrains, power electronics, PM machine design, and remote
monitoring systems to the energy industry.
To learn more about Northern Power Systems, please visit
www.northernpower.com.
Notice regarding forward-looking statements:
This
release includes forward-looking statements regarding Northern
Power Systems and its business, which may include, but is not
limited to, product and financial performance, regulatory
developments, supplier performance, anticipated opportunity and
trends for growth in our customer base and our overall business,
our market opportunity, expansion into new markets, execution of
the company's growth strategy and timeline for filing
the Annual Filings. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are based on the current expectations of the management of Northern
Power Systems. The forward-looking events and circumstances
discussed in this release may not occur by certain specified dates
or at all and could differ materially as a result of known and
unknown risk factors and uncertainties affecting the company,
including risks regarding the wind power industry; production,
performance and acceptance of the company's products;
our sales cycle; our ability to convert backlog into revenue;
performance by the company's suppliers; our ability
to maintain successful relationships with our partners and to enter
into new partner relationships; our performance internationally;
currency fluctuations; economic factors; competition; the equity
markets generally; and the other risks detailed in Northern Power
Systems' risk factors discussed in filings with the
U.S. Securities and Exchange Commission (the "SEC"), including but
not limited to Northern Power Systems' Annual Report
on Form 10-K filed on July
25th, 2016, as well as other documents that may
be filed by Northern Power Systems from time to time with the SEC.
Although Northern Power Systems has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
No forward-looking statement can be guaranteed. Except as required
by applicable securities laws, forward-looking statements speak
only as of the date on which they are made and Northern Power
Systems undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Eric Larson
Vice President and Corporate Controller
+1-802-661-4673
ir@northernpower.com
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SOURCE Northern Power Systems Corp.