IRVING, Texas, Sept. 11, 2015 (GLOBE NEWSWIRE) — Global Power Equipment Group Inc. (NYSE:GLPW) (“Global Power” or “Company”) announced today that it has appointed Peter W. Dawes as President, Auxiliary Products. Mr. Dawes brings more than 30 years of experience growing engineering and services businesses serving the power generation, alternative energy and oil and gas industries.
Terence J. Cryan, President and CEO of Global Power, commented, “Peter has a proven track record of successfully transforming and growing businesses in the energy industry. As we work to advance our aftermarket strategy and strengthen our position as an OEM supplier for natural gas turbine auxiliary equipment, I believe that Peter has the unique experience and leadership skills to further strengthen our operations and build upon the brands of this business for Global Power.”
Mr. Dawes joins Global Power from Hamon Corporation, where he successfully grew the Hamon Deltak, Inc. business as the President of that subsidiary after its acquisition by Hamon. Deltak was a former subsidiary of Global Power and is a provider of waste heat recovery solutions to various industries, including power generation and petrochemical. Previously, he served in progressively advancing positions with several organizations servicing various industries within the energy sector, including ALSTOM Power, where he developed its aftermarket business in the generator and turbine marketplace. Mr. Dawes has an MBA from the University of Chicago, an MS in Aerospace Engineering from the University of Cincinnati and bachelor’s degrees in Mechanical Engineering and History from the University of Notre Dame.
With the addition of Mr. Dawes, John Durkee will be transitioning out of his role as President, Auxiliary Products and into a special projects assignment, working with the CEO and executive leadership team.
About Global Power
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. The Products segment includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom-configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power, as well as other industrial and commercial operations. Services includes Energy Services, which provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries, and Nuclear Services, which provides on-site specialty support, outage management and maintenance services to domestic utilities’ nuclear power facilities. The Company routinely provides information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the 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, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, 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, including competitors being awarded business by our customers that had previously been provided by Global Power, 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, loss of customer relationships with critical personnel, effective integration of acquisitions, 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.
In addition, more information may arise during the course of the Company’s previously-announced ongoing accounting review of its previously issued financial statements that would require the Company to make additional adjustments or revisions or to restate further such financial statements. The time required to complete the financial statements and accounting review may cause our results to differ materially from those described in the forward-looking statements. 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 SEC, including the section of our Annual Report on Form 10-K filed with the SEC on March 9, 2015 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.
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