At emergence the Capstone business has significantly reduced its indebtedness and obtained an additional
The Company, as the public successor to Predecessor Capstone (CGRN) for
'With Chapter 11 behind us and a much stronger financial position, we can now fully focus on working with our distribution partners and dramatically improve how our business runs and operates,' stated
Board of Directors and Management
Capstone also announced that its board composition has remained the same following emergence. It appointed
The Company continues to operate under its current management team, led by its Interim President and CEO,
Advisors
About
For over three decades,
Today, our commitment to a greener future is unwavering. We offer customers a range of commercial, industrial and utility scale options tailored to their specific needs ranging from 65kW to multiple MWs. Capstone's product portfolio not only showcases our core microturbine technology but also includes flexible Energy-as-a-Service (EaaS) rental and service contracts.
In our pursuit of cutting-edge solutions, we've forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer biomass and heat recovery solutions that enhance the sustainability and efficiency of our client's operations, contributing to a cleaner and more responsible energy landscape.
Capstone estimates that in FY23, it saved customers over
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits of the restructuring and the other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as 'expect,' 'anticipate,' 'believe,' 'could,' 'should,' 'estimate,' 'intend,' 'may,' 'will,' 'plan,' 'goal' and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company's ability to realize the anticipated benefits of the financial restructuring; the Company's ability to comply with the restrictions imposed by covenants contained in the exit financing and the new subsidiary limited liability company agreement; employee attrition and the Company's ability to retain senior management and other key personnel following the restructuring; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the impact of litigation and regulatory proceedings; risks related to the previously announced restatement previously announced (including discovery of additional information relevant to the financial statements subject to restatement; changes in the effects of the restatement on the Company's financial statements or financial results and delay in the filing of late 10-K's and 10-Q's due to the Company's efforts to complete the restatement; the time, costs and expenses associated with the restatement; inquiries from the
Contact:
Tel: 818-407-3628
Email: ir@CGRNenergy.com
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