TULSA, Okla., Aug. 6, 2010 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Pink Sheets:GLPW) ("Global Power" or the "Company") announced today that it has completed its registration process with the Securities and Exchange Commission and is now once again a public company. The Company also announced that it has received approval for the listing of its stock on NASDAQ and anticipates trading of its stock on the NASDAQ Global Select Market, under the symbol "GLPW," will begin on Tuesday, August 10, 2010.
"We are delighted to have completed the registration process with the SEC and that NASDAQ has approved the listing of our stock," said David Keller, President and CEO of Global Power. "Our return to public company status and reporting broadens our prospective investor base and positions us to further enhance shareholder value as we execute our strategic plan."
The Company also announced that it will release its 2010 second quarter and year-to-date results after the market closes on Monday, August 16, 2010, and will follow that release by a conference call for investors at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) that same day. Mr. Keller and David Willis, Global Power's Chief Financial Officer, will host the call, which can be accessed by telephone at (877) 407-0789 (within the US and Canada) and at (201) 689-8562 (outside the US and Canada) or by webcast through the investor information portion of the Company's website, www.globalpower.com. A replay of the conference call will be available at (877) 660-6853 (within the US and Canada) and at (201) 612-7415 (outside the US and Canada). The replay account number is 3055 and the pass code is 354906. A replay of the webcast will also be available through the investor relations portion of the Company's website.
The Company expects to file its Form 10-Q quarterly report for the second quarter of 2010 with the SEC within 45 days of the date on which it resumed public status, i.e., not later than September 20, 2010.
About Global Power
Oklahoma based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Global Power Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States and maintenance services to fossil and hydroelectric power plants and other industrial operations. Through its Global Power Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power Equipment Group Inc. may be found at www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Registration Statement on Form 10 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.