Capstone Turbine Restructures Sales, Marketing.Business Editors & Energy Writers CHATSWORTH, Calif.--(BUSINESS WIRE)--Oct. 25, 2001 Leading MicroTurbine Manufacturer Refocuses on High Value Application Markets; Merges California Subsidiary with National Distribution Channels Responding to rapid changes in distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or markets, Capstone Turbine Capstone Turbine Corporation NASDAQ: CPST, incorporated in 1988, is a California based gas turbine manufacturer that specializes in microturbine power and heat cogeneration systems. Capstone has sold and shipped more than 3,000 of these one-moving-part systems worldwide. Corporation (www.microturbine.com) (Nasdaq:CPST CPST Cable Programming Services Tier CPST Commission on Professionals in Science and Technology CPST Community Psychiatric Supportive Treatment (Ohio) CPST Child Passenger Safety Technician CPST Classical Perturbation Scattering Theory ) is restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). its US and international sales and marketing organizations, adding and redeploying key personnel resources. "Being in the forefront of the emerging distributed resources industry and microturbine technology, Capstone is forging markets and creating value propositions that previously did not exist," said Dr. Ake Almgren, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Capstone Turbine. "In this changing landscape, we continually assess our markets and sales channels and adapt in order to optimize our resources and best address our customers' needs. The changes we are making are designed to focus our best resources and accelerate product adoption and near-term sales execution." In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Capstone has consolidated its market channels and absorbed its Capstone California subsidiary. Resources will be redeployed regionally, closer to customers to help drive product adoption and support distributor sales efforts. The new structure combines the efforts of original equipment manufacturers (such as Cummins: www.cummins.com), energy service providers (such as Alliant Energy Alliant Energy Corporation (NYSE: LNT) is a public utility holding company that incorporated in Madison, Wisconsin in 1981. It is comprised of several subsidiaries: [1] : www.alliantenergy.com), distributors (such as MGE Mge Mycoplasma Genitalium MGE Minneapolis Grain Exchange MGE Madison Gas and Electric Company MGE Mobile Genetic Elements MGE Maintenance Ground Equipment MGE Microstation Graphics Environment MGE Modern Gun Effectiveness Model MGE Modular Gis Environment UPS: www.mgeups.com) as well as Capstone's former California subsidiary. This redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. will more than double the number of persons in support of Capstone's US distributors. In conjunction with these distributor channels, Capstone has created a group of Business Development resources focused on developing large-scale microturbine programs and driving product adoption nationwide in key vertical markets, such as grocery and hotel. The US sales organization will be lead by Mike Tingus as Vice-President, US Sales and Business Development. Tingus was previously President of Capstone California. Capstone has also identified several near-term attractive international markets and is investing in resources to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these opportunities. The company is adding resources to its existing Canada, Europe and Middle East sales personnel. Additionally, Capstone has created a new sales group responsible for South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Asia and Africa. These concentrated efforts will focus on identifying and capturing the largest near-term opportunities in each region. In marketing, Capstone has created a dedicated Applications Marketing staff focused on biogas bi·o·gas n. A mixture of methane and carbon dioxide produced by bacterial degradation of organic matter and used as a fuel. biogas Noun gaseous fuel produced by the fermentation of organic waste , oil & gas, combined heat and power, hybrid electric vehicles A hybrid electric vehicle (HEV) is a vehicle which combines a conventional propulsion system with an on-board rechargeable energy storage system (RESS) to achieve better fuel economy than a conventional vehicle without being hampered by range from a charging unit like an , and power quality & reliability. The group's expertise will further enhance the company's ability to capitalize on its highest value-added core applications. This staff will be responsible for guiding and supporting the sales groups in communication and deployment of these value propositions. Leading these changes and other operational improvements, Capstone has retained energy industry leader Norman Chambers - a top management veteran of Halliburton (www.halliburton.com) and the ChevronTexaco (www.chevrontexaco.com) backed Petrocosm, a former energy e-commerce portal - for the newly created position of Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We are extremely pleased to have Norman Chambers in the new COO role to drive market and operational improvements," Almgren said. More extensive information on the new Capstone Turbine COO is detailed in a separate press release issued today at www.microturbine.com/whatsNew/pressrelease.asp?article=143. "While our Q3 performance was clearly disappointing, we remain firmly enthusiastic about the prospects for Capstone MicroTurbines and the distributed generation industry. With these major changes now behind us, we feel well prepared to capitalize on our growth opportunities going forward," said Almgren. The company issued its third quarter financial results and recent fourth quarter updates shortly after the market closed today. The release was followed by its conference call at 4:30 p.m. Eastern time, which was webcast live via the investor relations Investor relations The process by which the corporation communicates with its investors. page of the company's website. About Capstone Turbine Capstone Turbine Corporation (www.microturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems. In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has shipped more than 1,800 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than one million hours of operation serving, among others, the following applications: -- Hybrid electric vehicles (HEVs): onboard generation -- Resource recovery: converting oilfield, landfill and sewage waste gases into electricity -- Micro-cogeneration: combined heat/power/chilling/drying solutions -- The 9s market: power security, quality and reliability This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ," as that term is used in the federal securities laws, about Capstone's business, such as changes made with the intention to accelerate product adoption and near-term sales. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. These risk factors are identified, among other places, under "Business Risks" in Capstone's most recent 10-Q SEC filing. Capstone cautions you not to place undue reliance on these statements, which speak only as of the date of this release. Capstone undertakes no obligation to release any revisions to such statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. For information issued today on Capstone Turbine's new COO, see: www.microturbine.com/whatsNew/pressrelease.asp?article=143 For Capstone's third quarter 2001 report issued today, see: www.microturbine.com/whatsnew and select the Financial News link |
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