XZERES Corp. (OTCBB: XPWR) shares shot up 12.9% to 79 cents as Wednesday’s session drew to a close, on word of a new order from a Vietnamese customer. Volume for the stock amounted to 4,450 shares, or about half its daily average.
A news release dated August 10 revealed that the company, based in Wilsonville, Oregon, announced today that it has received a Letter of Intent for a $3.2 million turbine order from its Vietnam customer following the successful completion of a pilot installation earlier this year.
CEO Frank Greco was quoted in the same release thus: “We are very pleased to have received this Letter of Intent for a $3.2 million turbine order, starting with a near term initial turbine purchase of 11 units from our Vietnam customer. This Letter of Intent and initial purchase is our first turbine sales into the Vietnam market… (and) while this is a substantial milestone for XZERES and particularly with respect to our initial penetration into Vietnam, we believe that there is potential for even more substantial business with this customer, as there are over 3,000 islands in Vietnam that will need power.”
The Company believes that this first project in Vietnam will be its “anchor tenant” for Asia and looks forward to expanding its business beyond Vietnam to the Philippines, Japan and throughout Asia.