LOS ANGELES, CA -- (Marketwire) -- 01/14/10 -- New Century Companies, Inc. (OTCBB: NCNC) announced today that the Company is well positioned to take advantage of President Obama's $2.3 billion tax credits for the clean energy manufacturing sector.
The funding, which comes from the $787 billion American Reinvestment and Recovery Act, has been awarded to 183 projects in 43 states, the White House announced Friday, January 8, 2010.
The projects selected must be commissioned by February 2013, and the government expects about one-third of those will be completed this year. The program provides a 30% tax credit for those projects. The credit is focused on U.S. manufacturing of clean energy technologies such as solar and wind.
David Duquette, CEO of New Century Companies, stated, "The Company plans to research all opportunities with its customers in the wind turbine business to increase their capabilities for higher production. In addition to providing the machinery, it will also create new jobs, which is the intention of the program."
About New Century Companies, Inc.
New Century Companies, Inc. is a supplier of structural aircraft components and assemblies, as well as a leading re-manufacturer of machine tools. New Century, through its wholly owned subsidiary Precision Aerostructures, specializes in engineering and manufacturing precision details for the aerospace industry that perform reliably in harsh conditions, including high and low temperatures, severe shock and vibration. New Century also is a leading domestic manufacturer of machine tools, primarily vertical boring mills and large lathes such as Vertical Turning Centers (VTC). Precision serves major aircraft builders such as General Electric, Boeing L3 Communications and Eclipse Aerospace. The Company has production facilities in Rancho Cucamonga, CA and Santa Fe Springs, CA.
Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.