Windflow Technology – The Year in Perspective
10 November 2009
Windflow
Technology’s annual report was lodged today, 10th November and highlights that
the company’s previous financial year was one of progress across all core
operating and business areas.
“The achievements of the previous 12-months
have been hard fought and have created shareholder value that unfortunately
seems to have been undermined or eclipsed by the recent upset in relations with
our key customer,” says CEO Geoff
Henderson.
Our annual report however makes it clear that
we consider there were several highlights in the year to June 2009 that endorse
our overall operational performance and future earning capacity:
- the unconditional order for 32 turbines to complete stage 4 of the Te Rere Hau wind farm
- the successful production, delivery, installation and commissioning of 45 turbines for Stages 2 and 3 of the Te Rere Hau wind farm
- the exercising of the Options (raising $3.5 million) and additional equity ($7.1 million) that came from new cornerstone shareholder Mighty River Power
- managing the resource consent process for the proposed Long Gully wind farm
- substantially completing the calculations and other documents required for IEC Type Certification for the Windflow 500. These are now being reviewed by Lloyds Register.
Windflow Technology
remains confident that once the immediate issues surrounding the interpretations
and communications of our IEC position with our customer NZ Windfarms are
overcome, and a timely payment schedule restored, that we will continue to
gather momentum.
WTL applied for an extension to the deadline for
submitting its annual report on Monday 2nd November (which WTL understood was
the last day for filing the annual report) and was informed on Monday 9th
November by the NZX that its application had been rejected and that trading in
its shares had been suspended.
The communication between NZX and WTL had
not made it clear that an immediate suspension of trading would follow if NZX
declined the application. Upon receipt of the decisions to decline the
application and to immediately suspend trading in WTL shares, WTL took steps to
release its annual report as soon as possible.
WTL apologises for any
inconvenience to shareholders arising from the suspension. A hard copy of the
annual report will be distributed to shareholders on 16th November and will
shortly be available for viewing on the website www.windflow.co.nz .
For
more information contact
Geoff
Henderson CEO 03 365 8960