WindTamer Corporation Board of Directors Approves Name Change to Arista Power, Inc.
ROCHESTER, N.Y., March 14, 2011 /PRNewswire/ — WindTamer Corporation (“WindTamer” or “The Company”) (OTC Bulletin Board: WNDT), a developer and manufacturer of wind turbines, and renewable energy power, storage and management systems, announced today that its Board of Directors has approved changing the name of the Company to Arista Power, Inc. The name change is subject to stockholder approval at the Annual Meeting of Stockholders to be held on May 18, 2011 at 10:00 am at the Rochester Marriott Hotel located at 1890 Ridge Road West, Rochester, New York. The Company will continue to use the “WindTamer” brand name on its wind turbines. The Company intends to apply for a change in its ticker symbol immediately following stockholder approval of the name change.
“The decision to change the name of the Company reflects the fact that we have significantly broadened our suite of product offerings since I became Chief Executive Officer in April 2010,” said CEO William Schmitz. “During my tenure as CEO, we have been working to leverage our core expertise in wind to develop new products that have created more solutions for a wider range of customers and markets.
“By adding solar PV to our product line, we can now provide solutions for customers in locations where wind resources are not sufficiently available.
“Most importantly, we have combined our WindTamer wind turbine and solar PV products with a proprietary, patent-pending system that our engineers have designed and developed. Power on Demand utilizes a custom-designed battery storage bank and distribution system that can store, manage and distribute power from wind, solar and other sources so that this energy is available when and where it’s needed.”
Mr. Schmitz continued, “Power on Demand allows large energy users to smooth their power demand on the grid, thereby reducing peak demand and peak rate usage charges that can drive up their cost of electricity. The storage and management aspect of this system is a game-changer for the Company because it creates a greatly enhanced value proposition for the customer by reducing the payback period to levels we believe no stand-alone wind or solar energy system can match.”
The Company’s first Power on Demand system became operational at a customer facility in February 2011.
In addition to the WindTamer wind turbine, solar PV and Power on Demand, the Company’s product portfolio also includes its mobile Renewable Energy Trailer ruggedized for military and other applications. The Company delivered its first Renewable Energy Trailer to the U.S. Army Research, Development and Engineering Command (“RDECOM”) in August 2010 and anticipates that it will receive orders for additional units.
The Company has also developed and is now offering a renewable power station system that consists of wind turbines, solar PV, energy storage and power distribution. The system can be scaled and is designed to be placed entirely in one shipping container that can be drop-shipped to the end user and assembled on site for use as a “micro-grid.” Applications for the renewable power station range from water pumping stations and cellular towers to military bases and remote villages where no power infrastructure exists.
Mark Matthews, Vice President of Sales and Marketing, said, “With the growing suite of products we have developed and the wide range of power solutions we can offer, I believe that Arista Power, Inc. can offer a solution that provides best-in-class payback for projects up to 1 megawatt.”
The Company’s new website, www.aristapower.com, which will present the Company’s new branding, logo and a full description of its product suite, is currently under production and is expected to be launched in May 2011.
WindTamer Corporation is a developer and manufacturer of wind turbines and custom-designed renewable energy storage and power management systems, and a supplier of solar energy systems. The WindTamer diffuser-augmented wind turbine utilizes a patented technology for the production of electrical power. The WindTamer’s patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. WindTamer also sells a mobile renewable energy system that generates wind and solar energy to an onboard storage unit for military and other applications, and a scalable, containerized renewable power station that can be drop-shipped to the end user and assembled on site for use as a “micro-grid” at off-grid locations.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. WindTamer Corporation cautions investors not to place undue reliance on forward-looking statements, which reflect WindTamer’s analysis only as of today’s date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. WindTamer undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect WindTamer’s financial results, is included in WindTamer’s Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
Contact WindTamer Corporation Investor Relations Cherrie Mahon (585) 243-4040 firstname.lastname@example.org
SOURCE WindTamer Corporation