U.S Embassy Hosts Capstone Turbine Event for Forty-Five Leading Argentinian Oil and Gas Executives
BUENOS AIRES, Argentina, Nov. 30, 2012 (GLOBE NEWSWIRE) -- With Argentina's energy demand increasing while oil and gas production is on the decline despite significant shale gas resources, the U.S. Embassy in Argentina hosted 45 leading Argentinian oil and gas executives on Monday, November 26 at the Ambassador's official residence to learn how reliable low emission Capstone microturbines can help the country address its ongoing energy issues.
In attendance were decision makers from such influential companies as Total, YPF, Argentina's national oil company; Petrobras, a world-leading offshore oil and gas company; and Apache Corp., a global independent oil and gas exploration and production company. Capstone's oil and gas distributor for Argentina, Turbomaquinarias SA, has been working with companies like these to analyze projects at their oil and gas installations over the past year.
"The energy executives we met with during the event are extremely interested in how the microturbines' unique design allows for better reliability and reduced need for maintenance compared to traditional power generation technologies," said Justin Rathke, Capstone's Vice President of Sales for the Americas, Africa and Middle East.
In addition to traditional oil and gas reserves, Argentina has the world's third most shale gas resources – a market segment the leading Argentinian oil and gas producers are eager to begin to develop.
"In some of the world's most productive shale plays, Capstone microturbines already have proven themselves as highly reliable low emission power systems," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "More than 60 percent of our revenues today come from oil and gas companies, many with wellhead and transmission sites in multiple U.S. shale plays."
The U.S. Department of Commerce's International Trade Administration and Capstone coordinated the high level event at the Ambassador's residence. Capstone has worked closely with the Commerce Department over the years, having participated trade missions to Asia, Africa and the Middle East and receiving the Presidential E Award for Exporting from then Commerce Secretary Gary Locke in 2009.
Over 250 Capstone microturbines are operating throughout Latin America, including Mexico, Argentina, Brazil, Colombia, Bolivia, Chile, and Peru. The majority of installations are associated with the oil and gas industry, which is Capstone's fastest growing market sector worldwide.
"This is a pivotal time in Argentina as the country and its business leaders shape their future energy economy," Crouse added. Crouse cited a January 2012 Ernst & Young report titled, "Renewable Energy Recap: Argentina" that forecasts annual energy demand increases of 6 percent in the country. The report stated, "Estimates indicate that an additional 1 gigawatt of new generation capacity per annum will be necessary to satisfy this growing demand."
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,500 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the reliability and low emissions of our products, the performance of our products in crisis situations, reduced costs and increased sales of our products. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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Released November 30, 2012