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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clipper Reg S | LSE:CWP | London | Ordinary Share | GB00B09H7Z56 | ORD 10P (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 MSCLIFSIDSIVLII
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