– USA, TX – Global Power Equipment Group Inc. (OTC:GLPW), today announced that it has appointed Nelson Obus, President of Wynnefield Capital, Inc., to its Board of Directors.
Charles Macaluso, Chairman of the Board, commented, “We look forward to benefiting from Nelson’s breadth of experience as we work to rebuild value and regain confidence with investors. We expect Nelson’s perspective as our largest shareholder to benefit all of our shareholders as we move beyond the restatement process.”
Mr. Obus is co-founder and president of Wynnefield Capital, Inc. since November 1992 and the managing member of Wynnefield Capital Management, LLC since January 1997. Mr. Obus currently serves on the Board of Directors for Layne Christensen Company (LAYN), a global water management, construction and drilling company and the Board of Advisors of the Bank of Princeton. He also previously served as a member of the Board of Directors of Breeze-Eastern Corporation, a company that develops, manufactures and services mission critical equipment for helicopters, and Gilman Ciocia, Inc., an accounting and financial planning services company. He received his B.A. from New York University and was awarded an M.A. and A.B.D. from Brandeis University in Politics.
Following Mr. Obus’ appointment, the Global Power Board of Directors now consists of eleven members. Mr. Obus and David A.B. Brown, who was appointed to the Board on May 25, 2016, were appointed to the Board pursuant to the terms of an Election and Nomination Agreement, dated June 1, 2016, effective as of May 25, 2016. The various Wynnefield partnerships and funds combined hold approximately 18.5% of Global Power’s total shares outstanding. Mr. Brown is not employed by, receives no compensation from and is independent of Wynnefield Capital and will not act as its representative. At the Company’s annual meeting, which will be scheduled after the completion of the restatement process, certain current directors will not stand for reelection and the Board will then consist of seven directors, including the President and Chief Executive Officer, Terence J. Cryan.
About Global Power
Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. The Products segment includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom-configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power, as well as other industrial and commercial operations. Services includes Energy Services, which provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries, and Nuclear Services, which provides on-site specialty support, outage management and maintenance services to domestic utilities’ nuclear power facilities.
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