David Iles, a United States shareholder of Windflow Technology who bankrolled its UK activities, will take control of the unprofitable turbine maker and forgive about $21million of loans in exchange for the company’s UK subsidiaries. Annual sales were $606,000, excluding revenue from discontinued operations of about $1.1million from the UK, up from $363,00 a year earlier. However, repaying the debt would not be enough to maintain Windflow as a going concern, it said yesterday. ‘‘During the year ended 30 June progress with licensing, turbine sales and turbine project developments have fallen short of expectations,’’ it said. Iles agreed to provide the shareholder loan facility in July 2012, giving the company the funds to undertake its UK wind turbine projects.

Source: Otago Daily Times September 14, 2017 17:03 UTC