Northern Power move will cost jobs

first_imgDISTRIBUTED ENERGY COMBINING NORTHERN POWER & PROTON ENERGYTO STRENGTHEN OPERATIONS, REDUCE COSTWALLINGFORD, CT, January 31, 2007 — Distributed Energy Systems Corp. (NASDAQ: DESC), today announced it will combine its two subsidiaries Northern Power Systems and Proton Energy Systems — to reduce cost and strengthen systems sales, engineering, production, service and technology development.The company, which creates and delivers products and solutions for the decentralized energy marketplace, said the reorganization will result in a charge against 2007s first-quarter results of approximately $1.0 million, or $0.03 per share, to account for staff reductions, reflecting the elimination of about 60 jobs, or 20% of the workforce, and related expenses. The reorganization is estimated to result in savings of approximately $4-$5 million, on an annualized basis, beginning in the second quarter of 2007. In addition, the Waitsfield, VT, location will be closed, and its activities moved to the companys 110,000-square-foot Barre, VT facility.During the past year, it became increasingly clear that we would benefit going forward by implementing our strategy now, to become a one-company organization, said Ambrose L. Schwallie, Distributed Energys chief executive officer. We expect these changes to improve sales and marketing effectiveness, reduce costs, enhance efficiencies of our systems engineering, products and service capabilities, and enable more and better cross-fertilization in advanced technology development.This new functional structure, Mr. Schwallie continued, allows us to focus more precisely on the markets, critical business drivers and capabilities that give Distributed Energy the best prospects for the higher-margin revenues we need to foster strong, sustained, profitable growth. Taking this action promptly will, we believe, enable the company to make better progress toward our goal of reaching profitability.Markets and OrganizationDiscussing the reorganization further, the Distributed Energy CEO cited the companys emphasis on power generation and power electronics systems, systems engineering and combined heat-and-power projects, products and services for oil and gas exploration markets, larger-scale wind projects for power generation, and commercial hydrogen, renewable fuels, and waste-to-energy technologies.To implement the reorganization, Mr. Schwallie also announced the appointment of three senior vice presidents to company-wide functional positions, all reporting to him:”Mark Murray now leads the sales and marketing functions for all of Distributed Energy products, systems and services. Mr. Murray most recently headed the companys commercial hydrogen business.”Betsy Anderson assumes responsibility for all of the companys engineering, production, project management and service activities, expanding her prior operating responsibilities beyond energy systems, products and services.”Robert Friedland takes on management duties encompassing all technology innovation, including the hydrogen research and development programs that he previously ran.Under their experienced leadership, Mr. Schwallie said, the company will work to strengthen lines of communication and operating efficiencies within the company, improve our impact in the marketplace, and continue to pursue the ideas and technologies that can enable Distributed Energy to be one of the leaders in alternative and renewable energy solutions.Mr. Schwallie concluded: This new unified focus should begin to be reflected in 2007 operating results. We believe this new, revitalized organization will put Distributed Energy in a stronger position to drive improved operating margins, and better serve markets where our capabilities and business models deliver valuable benefits to customers, now and in the years ahead.About Distributed Energy Systems Corp.Distributed Energy Systems Corp. (NASDAQ: DESC) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality and reliability. The company delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information visit http://www.distributed-energy.com(link is external).last_img read more

Freedom 40 and $1,000 to win for Sprint Series of Oklahoma this Friday night

first_imgBy David Smith, Jr.MEEKER, Okla. – It will be a night of firsts this Friday, July 14 for the Sprint Series of Oklahoma presented by Smiley’s Racing Products.The IMCA RaceSaver Sprint Series makes its way to Red Dirt Raceway in Meeker for the makeup-running of the Freedom 40 rained out back on June 30.Contributions to the purse, to the tune of $1,500, has been added to make this the largest purse in the two-year history for the series with Friday night’s feature winner earning $1,000. Just to start the 20-car feature pays $275. A full night of heat races, last chance and the 40-lap feature finale will be on tap, the most laps ever run the series.The night’s racing action will conclude with a huge-fireworks show.Jake Martens is winless thus far this season but holds a 21-point lead over defending series champion Andy Shouse. Shouse currently has three victories on the season and four in the two-year history for the series.Chad Koch sits third in the standings while Loyd Clevenger and Joe Wood Jr. are the top five in the standings. Sixth through 10th are Chris Kelly, Tristan Oakes, Justin Fisk, Cody Whitworth and Brandon Long.Drivers also expected to compete include Shayla Waddell, Jerry Jumper, Steven Shebester, Dillon Laden, Gary Owens, Blake Scott, Justin Mowery, Chase Smith, James Fabian, Tanner Conn and Blake Daccus.Contributing to the purse for this event were Tim Young at Young Tool and Equipment; Paul Martens and Martens Machine Shop in Fairview; Bishop Racing Components; Victory Motorsports and Messmer Racing LLC.Feature purse amounts are 1-$1,000; 2-$600; 3-$500; 4-$400; 5-$375; 6-$350; 7-$345; 8-$340; 9-$335; 10-$330; 11-13, $325; 14-$315; 15-$310; 16-$305; 17-20, $275.“B” Feature: 1-4) transfer; 5-$200; 6-$125; 7) $125; 8-$125. The balance of non-qualifiers will receive $100.Gates open at 5 p.m. The drivers’ meeting is at 6:30 p.m. and racing starts at 8 p.m. Grandstand admission is $15 for adults while children 10 and under will be admitted free.last_img read more