ReGENco Welcomes New Investor

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ReGENco Welcomes New Investor

ReGENco Welcomes New Investor-Toshiba International Corporation (TIC)
By John C. Bobrowich

ReGENco has recently selected Toshiba International Corporation (TIC), a wholly-owned subsidiary of Toshiba America Inc. (TAI), as our new majority investor. We have selected the Toshiba group because of their industry leading steam turbine-generator technology, their extensive financial strength to support our continued business growth and their commitment to use ReGENco as their authorized service provider for their extensive North American fleet of steam turbine-generators.

Toshiba is a major supplier of power equipment throughout the world. They have dominant positions worldwide in the supply of nuclear NSSS systems, hydro-turbine generators, and gas turbines. In the US, they have secured the number one market share position for the supply of steam turbine-generators for the past four years and will have over 100 operating large steam-turbine generators by 2010. Toshiba views the US market as one of the most important global markets. As such, their recent major investment in ReGENco and their acquisition of the Westinghouse Nuclear Power Division will position them to be a leading supplier to our industry going forward.

In the US, Toshiba International Corporation’s Power System’s Division has provided aftermarket services to their operating fleet since 1967. They have operating centers in San Francisco, CA., Chadds Ford, PA, and Denver, CO. As part of our cooperation, TIC is now in the process of opening a major OEM service office adjacent to ReGENco’s facility in West Allis.

Our new investor (TIC) desires that ReGENco remain an independent company under Jim Mathes’ and my leadership. In this capacity, Jim and I will also retain our significant ownership interest and board membership in ReGENco. ReGENco does not envision deviating from our core business strategy of providing maintenance and service for all OEM turbine-generator equipment. We recognize that the diversity we offer in being able to support all major makes and models of steam and combustion turbine-generators is of great value to our customers. In the next phase of our growth, it is our intent to become a world-class service provider for Toshiba steam turbine-generators. This step will further broaden our OEM portfolio and naturally further enhance our ability to service GE OEM units.

Although ReGENco will maintain its independence, I believe that Toshiba’s involvement as an investor will be of significant benefit to our customers. Toshiba’s financial commitment to the business will enable our company to continue to upgrade our facility, tooling, processes and manpower during the coming year. To make certain that our continued growth can be accommodated within our shop facility, I am also pleased to announce that we have recently taken an option on over 100,000 sq. ft. of additional contiguous manufacturing and office space. Toshiba’s commitment to subcontract extensive parts manufacturing and repairs, particularly during our slower non-outage months, will enable this expansion to occur while maintaining our financial health, which is a constant challenge due to the seasonality of service in our business.

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