PHOENIX, AZ--(Marketwired - Jun 11, 2013) - The Board of Directors of WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced today it has successfully retained the services of John E. Myers as the Company's Chief Executive Officer for the foreseeable future and that Mr. Myers has agreed to reduce his salary for the next 12 months. In addition, the Company has converted some short term obligations to equity.
Mr. Myers agreed to a fixed salary for the next 12 months of only $1.00 for the year as the Company's Chief Executive Officer. For his role as the President of the subsidiary WindPower Solutions he will be paid 7% of the revenue generated from the sale of that subsidiary's products as those sales are generated and collected.
In connection with this salary change Mr. Myers and the Corporate Secretary agreed to convert the previous compensation owed to them by the Company (deferred compensation) to corporate stock at a price of $1.00 per share. This means that the Company has converted $360,000.00 of debt to 360,000 shares of newly issued restricted common stock.
John Myers, CEO of WindPower Innovations, commented, "I believe in this Company and where we are heading and I felt that there was no better way for me to show my confidence than by being rewarded when my shareholders are rewarded from the increase in the value of our stock or when new revenue is generated."
The Company's incoming CFO, Ms. Kelly J. Anderson, stated, "I am very pleased with our Board of Directors and Mr. Myers for making these tough decisions -- it shows that they are committed to this Company and our shareholders." She continued, "It's this kind of dedication to increasing shareholder value that convinced me to join WindPower Innovations as its CFO and my contribution to company growth will begin June 29, 2013."
The Board will also make a similar offer to others who are owed deferred compensation. They will be offered the option to convert their deferred compensation to a 3 year note carrying an annual interest rate of 6% which will be convertible to restricted common stock at 80% of market value with a floor price of $1.00 per share upon 30 days notice.
Charles Brown, non-executive director of the Company, said, "I championed this conversion to create a longer term liability for the Company which should allow us to grow more effectively while building revenue unencumbered by short term debt. I am hopeful that others who are owed deferred compensation will not only convert their deferred compensation to the note but will also convert that obligation to the stock as Mr. Myers and our Corporate Secretary have done."