Broadwind energy, inc. receives nasdaq listing extension
Naperville, ill.--(business wire)--broadwind energy, inc. (nasdaq: bwen) announced today that the nasdaq listing qualifications panel (the "panel"), by letter dated march 20, 2012, has granted the company's request for a 180-day extension to comply with the $1.00 per share minimum bid price requirement for continued listing on the nasdaq capital market. the additional 180-day period will expire on september 17, 2012. the panel’s determination to grant the additional 180-day period was based on the company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for continued listing on the nasdaq capital market, with the exception of the minimum closing bid price requirement, and the company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. if at any time before september 17, 2012, the bid price of the company’s common stock closes at $1.00 per share or more for a minimum of ten consecutive trading days, the company will regain compliance with the minimum bid price rule. peter c. duprey, president and chief executive officer, stated, “our primary action to regain minimum bid compliance is to achieve our objective for positive adjusted ebitda in 2012 by executing our strategy to grow revenue and further diversify our industrial and customer mix while improving our operating efficiency. since retaining a nasdaq listing is important to broadwind and its shareholders, we are asking our shareholders at our 2011 annual meeting on may 4, 2012, as a contingency plan, to grant authorization to our board of directors to execute a reverse stock split, should such an action be considered advisable and in the best interests of the company. we view authorization to effect a reverse split as a reserve option, and remain focused on operational execution.” while the company has and shall continue to seek compliance with the minimum bid price rule through positive operational execution, there can be no assurance that the company will be able to demonstrate compliance by the deadline set forth above, or that the panel will grant the company another extension in the event compliance is not achieved on a timely basis. about broadwind energy, inc. broadwind energy (nasdaq: bwen) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. from gears and gearing systems for wind, oil and gas and mining applications to wind towers, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and specialty weldments, we have solutions for the energy needs of the future. with facilities throughout the u.s., broadwind energy's talented team of approximately 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. find out more at www.bwen.com. forward-looking statements this news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the united states private securities litigation reform act of 1995—that is, statements related to future, not past, events. forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. in this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words. these forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. actual results and future events could differ materially from those anticipated in such statements. the company's forward looking statements may include or relate to the company's continued listing on the nasdaq capital market; the company’s plans to grow its business and its expectations regarding its operations, revenue growth and the business of its customers; the company’s expectations regarding its plan to restructure its operations by consolidating its operations; the sufficiency of the company's working capital; and the company's expectations regarding the state of the wind energy market generally, as well as the company's expectations relating to the economic downturn and the potential impact on its business and the business of its customers. for further discussion of risks and uncertainties, individuals should refer to the company's sec filings. the company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. all forward-looking statements are qualified in their entirety by this cautionary statement.
