WindPower Innovations, Inc. has executed definitive agreements to acquire RIG Construction, Inc. of Mesa, Arizona in an all stock transaction. RIG Construction’s operations include Cameo Landscaping and Cameo Pools.
The terms of the acquisition are a share exchange whereby The Company will issue 10 million of its newly issued common shares in exchange for all of the issued and outstanding shares of RIG Construction, Inc. Closing is anticipated to occur in less than 30 days as all of the due diligence the Company required has already been completed. RIG Construction, Inc which operates two subsidiaries posted unaudited results of over $ 6 million in revenue in 2012 and so far in 2013 is exceeding those numbers by 30%.
John Myers, CEO of WindPower Innovations, commented, “We are very pleased that RIG Construction has agreed to become part of our Company. This is consistent with and our first step towards our vision of becoming a sustainable technology holding company focused on enhancing value for all of our shareholders.”
Larry Duffy, CEO of RIG Construction, said, “The last few years since the financial crises have been challenging for everyone in our industry, but growth is coming back in our primary market for those of us that persevered.” He continued, “We are therefore ever excited to become part of WindPower so that we can focus more on the ‘sustainable’ aspects of our business and utilize the public markets for the growth capital we will need.”
Steven Vollero, President and Chief Operating Officer of RIG Construction, commented, “Our experience in construction and especially concrete will greatly benefit WindPower’s other subsidiary, WindPower Solutions, that currently only refurbishes wind turbines. We will be able to supply the footings and pads so that they can even sell brand new wind turbines.”
As a result of this acquisition and the ones WindPower hopes to make in the future, WindPower will be making significant changes to its branding and online presence in the immediate near term future.