IRVING, Texas, Jan. 17, 2017 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (OTC:GLPW) today announced that it has sold the stock of Hetsco, Inc., a wholly-owned subsidiary, to Chart Industries, Inc. (NASDAQ:GTLS) for approximately $22 million in cash. Reported as part of the Services segment, Hetsco provided mission-critical brazed aluminum heat exchanger repair, maintenance and safety services. The acquisition closed on Friday, January 13, 2017. The cash received will be used to reduce debt.

Expectations on Financial Reporting

Global Power also announced that it expects to report its 2015 financial results and audited restated 2013 and 2014 financials in February 2017. The Company plans to provide a notice prior to its filing regarding the scheduling of a teleconference for investors and analysts.

At present, Global Power’s goal is to report 2016 financials by the end of March 2017 in order to become current with its financial reporting obligations. The Company plans to provide an update as to the timing of completion and filing of its 2016 financials by March 1, 2017.

About Global Power Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. The Products segment includes two primary product categories: Mechanical Solutions (formerly Auxiliary Products) designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom-configured electrical houses and generator enclosures for a variety of industries. The Services segment provides lifecycle maintenance, repair, on-site specialty support, outage management, construction and fabrication services for the power generation, industrial, chemical/petrochemical processing, and oil and gas industries. The Company provides information at its website: www.globalpower.com.