Business
CGE Energy President’s Update - September 2017
CGE Energy President’s Update - September 2017.
About this update from Cge Energy, Inc.
[{"type":"text","content":"\n\n BRIGHTON, Mich., Sept. 01, 2017 (GLOBE NEWSWIRE) -- Each startup has an origins story. CGE Energy (OTCPink:CGEI) has been a story about ingenuity, drive and commitment. CGE Energy has a higher calling — a larger purpose to make a difference. But for a small company like ours, scaling the business to reach that calling, a team must have the vision, the plan and the resourcefulness to execute when all odds are against them.\n A Journey Begins Going back to 2008, a promising wind turbine technology needed saving. The previous company, McKenzie Bay International, ran into some financial problems as well as issues with their engineering design. Having the foresight that vertical-axis wind turbine technology and distributed generation business models would change the energy landscape, we stepped in to complete the project. Completely redesigned and reengineered, we finished the turbine prototype with groundbreaking techniques and proved all the concepts needed to move onto commercial production. Now we had an uphill battle to face and challenges to overcome— starting with over $20 Million in assumed debt from McKenzie Bay. A Clean Slate In the coming years, the team made calculated steps forward. Unwavering in belief of success, I (Bryan Zaplitny) have personally invested over $8 Million into the company to date. While it took longer than anticipated, all former liabilities were satisfied. The company now operates virtually debt free. With a clean bill of health, McKenzie Bay merged with us to become the publicly traded CGE Energy, Inc. (CGEI). In addition to internal investments, a total of $3.2 Million has been raised from outside investors at various times to help keep wind turbine developments moving forward. Continuously perfecting the design, our engineering team has received multiple patents, with additional international patents pending, for our re-engineered commercial WIND-e20 wind turbine. Foreseeing Burtek Enterprises’ (our former WIND-e20 manufacturing partner) closure, we begin discussions with Roush Industries for the next phases of bringing WIND-e20 to market. With assistance from Roush, a 1/10th scale WIND-e20 demonstration unit was fabricated. The CGE and Roush teams are currently working together to build other demonstration units to facilitate pre-sales of the production turbines. Expanding u...