Mass Megawatts Releases Quarterly Results

Mass Megawatts Wind Power, Inc. shows a loss for the years ended April 30, 2002 and 2001 and the period May 27, 1999 (date of inception) to April 30, 2002. The losses are related mostly to the development of a prototype, including engineering work. Other costs include development of site locations for future projects, as well as administrative expenses.

Shrewsbury, Massachusetts – July 30, 2002 [SolarAccess.com] The net loss for years ended April 30,2002 was US$796,088 or US$0.39 per share. In the previous year ending April 30,2001, the net loss was US$249,211 or US$0.13 per share. The total net loss since inception was US$1,056,930 or US$0.57 per share. Mass Megawatts has not had revenues from operations since its inception. The company believes that it has sufficient funds to fund its operations for a minimum of 12 months following April 30, 2002. Although no assurance can be given, the company expects to raise US$600,000 from a secondary public stock offering in the near future and, with those funds, expects to be able to fund its first full scale Multiaxis Turbosystem and finance independent third party verification of the new technology. Recently, the initial testing has been completed and we have a fourth prototype up and running successfully for several months, our next goal after the third party verification is to begin production and start producing sales and income. Understanding that there is no guarantee of success achieving sales in the near future, we have entered into contract negotiations in several states with that goal. As far as the company’s market share is concerned, there is expected to be little significant negative impact on the company’s operating results from any changes in the underlying economics of the industry within the next 12 months; the market for electricity is large enough, whereas the company’s overall market share objective has little or no impact on the much larger electricity market. Wind energy had a growth rate of at least 30 percent per year in the past five years and it is also the fastest growing segment of the US$650 billion a year electricity market. The electric power industry is undergoing a period of deregulation and restructuring that is similar to the telecommunication deregulation of the 1980s. It is impossible to predict whether this change will have a favorable or negative impact for the industry as a whole. However, restructuring can present more advantages and opportunities for the company’s very competitive product in competing vigorously in the new marketplace. Mass Megawatts Wind Power, Inc. develops, builds, and operates state of the art wind energy power plants capitalizing on a new wind turbine design, the Multi-Axis Turbosystem (MAT). The MAT uses less material, costs less, and has smaller blades than traditional wind turbines producing clean, cost- effective wind generated power at 40 percent less than the competition. MAT technology allows production of electricity at less than 2.4 cents per kWh in high wind areas — not including a federal tax credit of 1.8 cents per kWh.
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