Global Power Equipment Group Inc. Announces Stockholder Approval of a Reverse Stock Split

TULSA, Okla., April 22 /PRNewswire-FirstCall/ -- Global Power Equipment Group Inc. (Pink Sheets: GLPW) ("Global Power" or the "Company") held its Annual Meeting of Stockholders in New York today for the purpose of (a) electing directors and (b) approving a reverse stock split as described in the Company's proxy statement.

At a well attended meeting, the Company's stockholders overwhelmingly approved both proposals, with more than 99% of the voting stockholders supporting the proposal to re-elect the directors.    

When effective, the reverse stock split will combine the issued and outstanding shares of common stock into a smaller number of shares at a ratio to be determined by the Board.  "The vote today was the first step towards our relisting on a major exchange," said David Keller, President and CEO of Global Power.  "We intend to file our registration statement with the SEC in the near future and anticipate relisting our shares on a major exchange following receipt of all necessary regulatory approvals."

About Global Power

Oklahoma based Global Power Equipment Group Inc. is a leading 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 is a leading provider of on-site specialty support and outage management services for commercial nuclear reactors in the United States and provides 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 may be found at www.globalpower.com.

Forward-looking Statement Disclaimer

Statements contained in this release regarding the Company's or management's intentions, beliefs, expectations, or predictions for the future, including, but not limited to, those regarding anticipated operating results and the publication of any such results, are forward-looking statements within the meaning of U.S. federal securities laws and are subject to a number of known and unknown risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected, including decreased demand for new gas turbine power plants, the loss of any of our major customers, the cancellation of projects, project cost overruns, including increases in prices for energy or for materials such as steel, and unforeseen schedule delays, competition for the sale of our products or services, poor performance by our subcontractors, warranty and product liability claims 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 and the banking environment and monetary policy. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Global Power Equipment Group Inc.

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