SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QA
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: MARCH 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________ to _______________
Commission file number: 0-18260
THE NEW WORLD POWER CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 52-1659436
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
558 LIME ROCK ROAD
LIME ROCK, CONNECTICUT 06039
(Address of principal executive offices) (Zip code)
(860) 435-4000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
filing requirements for the past 90 days. Yes /X/ No / /.
The number of shares outstanding of the registrant's Common Stock as
of May 31, 1996 was 11,606,835.
<PAGE>
THE NEW WORLD POWER CORPORATION
QUARTERLY REPORT ON FORM 1O-Q
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 1996
TABLE OF CONTENTS
PAGE NO.
--------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Consolidated Statement of Stockholders' Equity 7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 9
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
<PAGE>
THE NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
ASSETS NOTES (Unaudited)
----- ------------ ------------
<S> <C> <C>
Current assets:
Cash $1,454,098 $ 681,369
Cash restricted in use 4 4,348,009 4,669,554
Accounts receivable 3,106,636 4,269,360
Inventories 1,638,060 1,871,170
Other current assets 1,783,323 1,572,490
------------ ------------
Total current assets 12,330,126 13,063,943
Notes receivable 185,600 185,600
Property, plant and equipment, net 27,520,001 29,374,876
Other non-current assets 4,503,998 4,726,555
Goodwill, net of accumulated amortization of $22,614 and $398,125 1,546,724 1,549,234
Investments 2 16,557,852 16,495,495
------------ ------------
Total Assets $62,644,301 $65,395,703
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $7,671,727 $7,148,616
Current portion of long term debt 17,898,122 17,965,610
Due to related parties 4,627,870 4,627,870
Current portion of capital lease obligations 89,532 83,537
------------ ------------
Total current liabilities 30,287,251 29,825,633
Long-term portion of long-term debt 8,048,035 7,649,979
Long-term portion of capital lease obligations 52,617 76,014
Other non-current liabilities 4,773,618 5,497,644
------------ ------------
Total liabilities 43,161,521 43,049,270
Minority interests in consolidated subsidiaries 3 1,340,895 1,323,183
Stockholders' equity:
Common stock $.01 par value, 40,000,000 shares authorized
and 11,134,147 shares issued and outstanding 111,341 111,341
Currency translation adjustments 539,307 778,838
Additional paid-in capital 79,857,172 79,857,172
Accumulated deficit (62,365,935) (59,724,101)
------------ ------------
Total stockholders' equity 18,141,885 21,023,250
------------ ------------
Total liabilities and stockholders' equity $62,644,301 $65,395,703
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
THE NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NOTES 1996 1995
----- ---- ----
<S> <C> <C> <C>
Operating revenue:
Grid power production revenues $ 2,186,230 $ 2,120,847
Wireless power sales 2,304,379 1,052,651
Other products and services 251,419 324,052
------------ ------------
Total operating revenue 4,742,028 3,497,550
------------ ------------
Cost of operations:
Grid power production 1,745,330 870,352
Wireless power 1,847,766 693,046
Other products and services 256,560 340,626
------------ ------------
Total cost of operations 3,849,656 1,904,024
------------ ------------
Gross profit:
Grid power production 440,900 1,250,495
Wireless power 456,613 359,605
Other products and services (5,141) (16,574)
------------ ------------
Total gross profit 892,372 1,593,526
------------ ------------
Research and development expenses 370 28,722
Project development expenses 614,011 449,125
Selling, general and administrative expenses 1,966,571 1,291,300
------------ ------------
Operating income (loss) (1,688,580) (175,621)
------------ ------------
Other income (expense):
Interest expense (1,089,281) (323,370)
Interest income 68,207 161,110
Net equity earnings (loss) of non-consolidated affiliates 2 62,358 73,808
Minority interests in consolidated subsidiaries 3 (17,712) 9,103
Other 43,070 442,969
------------ ------------
Total other income (expense) (933,358) 363,620
------------ ------------
Income (loss) before taxes (2,621,938) 187,999
Provision for income taxes 19,896 158,467
------------ ------------
Income (loss) from continuing operations (2,641,834) 29,532
(Income) loss from operations of discontinued Grid Power
Services 0 (76,037)
Net (loss) income (2,641,834) 105,569
Series B preferred stock dividend 0 55,403
Series B preferred stock discount amortization 0 18,750
------------ ------------
Net income (loss) attributable to common shares ($ 2,641,834) $ 31,416
============ ============
(Loss) per common share:
Net (loss) ($ 0.24) $ 0.00
Series B dividend preferred stock $ 0.00 ($ 0.01)
Series B discount amortization preferred stock $ 0.00 $ 0.00
============ ============
Net (loss) attributable to common shares $ 0.00 $ 0.00
============ ============
Weighted-average number of shares 11,134,147 9,652,210
============ ============
</TABLE>
See accompanying notes to consolidated financial statements
4
<PAGE>
THE NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NOTES 1996 1995
----- ---- ----
<S> <C> <C> <C>
Cash flows from operating activities:
Net income (loss) ($2,641,834) $105,569
Adjustments to reconcile net earnings to net cash
used in operating activities:
Depreciation and amortization 1,195,745 465,167
Amortization of goodwill 2,510 20,985
Amortization of Series B preferred stock offering costs 0 10,062
Amortization of debt discount 314,442 0
Minority interest in net income of consolidated subsidiaries 3 17,712 (9,103)
Net equity (earnings) loss in non-consolidated affiliates 2 (62,358) (73,808)
Changes in assets and liabilities, net of effect of
acquisitions:
Decrease (increase) in accounts receivable 1,509,362 (1,950,933)
Decrease (increase) in inventories 233,110 (670,667)
(Increase) decrease in other current assets (223,333) 31,535
Increase (decrease) in accounts payable and accrued liabilitie 523,114 (558,238)
--------------- --------------
Cash flows (used in) operating activities 868,470 (2,629,431)
--------------- --------------
Cash flows from investing activities:
Capital expenditures 659,130 (4,073,307)
Acquisition of subsidiaries, net of cash acquired 0 (1,268,618)
(Increase) decrease in notes receivable, net of capital lease obligations (4,902) 123,961
Investments in and advances to affiliates, including goodwill 0 (2,162,870)
Decrease (increase) in non-current assets 222,557 (1,421,445)
Increase(decrease) increase in non-current liabilites (724,028) 89,312
--------------- --------------
Cash flows (used in) investing activities 152,757 (8,712,967)
--------------- --------------
Cash flows from financing activities:
Increase in long-term debt 0 3,705,778
(Decrease) in due to shareholders 0 (1,000,006)
Decrease (increase) in restricted cash 321,545 (1,522,600)
Repayment of long-term debt (330,512) 0
Proceeds from issuance of Common Stock, net 0 8,951,769
--------------- --------------
Cash flows provided by financing activities (8,967) 10,134,941
--------------- --------------
Effect of exchange rate changes on cash (239,531) 95,851
--------------- --------------
Net change in cash 772,729 (1,111,606)
Cash at beginning of period 681,369 3,889,333
--------------- --------------
Cash at end of period $1,454,098 $2,777,727
=============== ==============
</TABLE>
Continues on following page
5
<PAGE>
THE NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
Continued from prior page
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Non-cash investing and financing transactions:
Common stock issued for majority interest in Bellacorick $0 $637,500
Series B preferred stock dividend accrual 0 55,403
Series B preferred stock discount amortization 0 18,750
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest expense $489,078 $85,389
Income taxes 19,896 5,467
</TABLE>
See accompanying notes to consolidated financial statements.
6
<PAGE>
THE NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
THREE MONTH PERIOD ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Common Stock
------------------------- Currency Additional Retained Total
Number Amount of translation paid in earnings
of shares Par Value adjustments capital (deficit)
------------------------- ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Balance December 31, 1995 11,134,147 $111,341 $778,838 $79,857,172 ($59,724,101) $21,023,250
Issuance of Common Stock - - - - - -
Currency translation adjustments on
international subsidiaries consolidation - - (239,531) - - (239,531)
Net (Loss), Three month period ended
March 31, 1996 - - - - (2,641,834) (2,641,834)
-------------------------- ------------ ------------ ------------- ------------
Balance March 31, 1996 11,134,147 $111,341 $539,307 $79,857,172 ($62,365,935) $18,141,885
========================== ============ ============ ============= ============
</TABLE>
See accompanying notes to consolidated financial statements
7
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
presentation of interim financial information. They do not include all
information and presentation of footnotes required by generally accepted
accounting principles for presentation of complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
Certain reclassifications have been made to the financial statements
for the period ended March 31, 1995 to conform to the current period
presentation.
The reader is referred to the Company's Annual Report on Form 10-K
for the year ended December 31, 1995 for information which may be useful in
understanding the Company's business and financial statement presentation.
NOTE 2. INVESTMENTS
The Company's investment in, and advances to unconsolidated
affiliates as of the balance sheet date, are as follows:
1996
COMPANY EQUITY CHANGE INVESTMENTS
- ------- ------------- -----------
Photocomm 48% $ 106,359 $13,001,853
New World Entec S. A. 50% 0
San Jacinto Power Company 50% (44,001) 55,999
Fujian I Hydro Project 12% 0 3,500,000
-------------- -----------
Totals $62,358 $16,557,852
============== ============
The summarized balance sheets and statements of operations for
Photocomm are as follows:
March 31, December 31,
1996 1995
---- ----
BALANCE
- -------
Current assets $7,048,352 $7,334,984
Total assets 9,441,476 10,361,409
Current liabilities 2,879,420 2,676,483
Total liabilities 3,610,951 3,069,579
Three Months Ended Three Months Ended
March 31, 1996 March 31, 1995
-------------- --------------
STATEMENT OF OPERATIONS
- -----------------------
Sales $4,923,100 $5,718,024
Cost of Sales 3,432,396 4,519,211
Selling, General and Administrative 1,220,876 1,008,003
Net income 229,424 83,540
8
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES
The interest of minority shareholders in consolidated subsidiaries
are recorded by deducting their proportional interest in the earnings (or
losses, if previous earnings have been recognized) of these companies. The
minority interest changes and the total minority interest as of the balance
sheet date are as follows:
Minority Minority Minority
Interest Share of Interest
% 1996
Net Income
---------------- -------------- ---------------
R.E.I.L. (Bellacorick) 12 1/2% $ 3,260 $ 636,666
Solartec, S.A. 49% 11,601 702,746
Joint Venture 24 1/2% 2,851 1,483
-------------- ---------------
Totals $17,712 $1,340,895
============== ===============
The Company has a single project joint venture with its Solartec
subsidiary, the Santa Fe Project, and the results of the minority share are
shown separately above.
NOTE 4. CASH RESTRICTED IN USE
The United Kingdom and Ireland wind farms are required to accumulate
cash in escrow accounts to pay the next principal and interest payments before
cash flow from the wind farms is available for general corporate purposes. Cash
balances aggregating $1,649,748 are on deposit for these purposes, and are not
currently available for general corporate purposes. Because this cash will be
used to pay the current portion of debt and accrued interest, the cash is
reported as a current asset.
The Company has $107,634 of restricted cash representing collateral
for outstanding letters of credit. In addition, an amount of $2,590,627 is held
in escrow by the Company pursuant to a debt agreement.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
OVERVIEW
The New World Power Corporation, together with its consolidated
subsidiaries, ("the Company") produces and sells electric power generated from
renewable resources, including wind, solar, and hydroelectric, and develops and
acquires large-scale renewable power generating projects. The Company also
assembles and sells renewable power generating systems, including supplemental
generating units for local-grid systems and stand alone systems for remote
village, industrial and scientific applications.
9
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
RESULTS OF OPERATIONS
GENERAL
The results of operations for the first quarter of 1996 and 1995 are
dramatically different as a result of the methods of accounting for the
Company's investment in Photocomm. During the quarter ended December 31, 1994,
the Company acquired additional shares of common stock and other Photocomm
securities (immediately converted to common stock). As a result, after
consideration of the acquisition of the additional common stock and a short-term
voting agreement the Company had control of over 51% of Photocomm's issued and
outstanding common stock as of March 31, 1995. Accordingly, the Company
consolidated Photocomm into its financial statements for the year ended March
31, 1995.
At March 31, 1996, the Company owns 6,612,447 shares of Photocomm,
representing less than 50% of the issued and outstanding shares of Photocomm.
The decrease in the Company's ownership percentage from March 31, 1995 results
from various Photocomm equity transactions in which the Company did not
participate. Additionally, the short-term voting agreement expired during 1995.
As a result of the Company no longer having a controlling interest in Photocomm,
the investment in Photocomm is being accounted for on an equity basis.
GRID POWER PRODUCTION
Revenues
Revenues are approximately the same during the first three months of
1996 as they were for the first three months of 1995. Revenues from the U.K.
wind farms and REIL for the period ending March 31, 1996 were $1,779,000
co-pared to $1,706,000 for the same period last year. Wind speeds were below
historical norms during the first three months of 1996. The Company's Four
Burrows wind farm (placed in service March 19995) offset the decrease from the
Caton Moor wind farm.
The wind patterns in the U.K. provide the strongest winds during
October through March and complement those domestically where the strongest
winds are during April through September.
Power production from the Wolverine facility was up approximately
$70,000 from March 31, 1996 as compared to March 31, 1995. This increase is
primarily attributable to increase water flow.
Costs
Costs are increased approximately $.8 million from March 31,1996 as
compared to March 31, 1995. The increase is primarily attributable to use of
accelerated depreciation methods on the U.K. wind farms. Costs from the
Wolverine facility were approximately the same for both periods
10
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Gross profit
The current three month period shows a gross profit of $440,900
compared to $1,250,495 for the same period last year, The difference is
primarily attributable to the accelerated depreciation method used on the U.K.
wind farms.
GRID POWER PRODUCTION SERVICES
During 1995, as a result of continued losses and erosion of its
customer base, the Company discontinued its production services operations in
California. The operations, which constituted the Grid Power Services segment,
were sold in December 1995.
WIRELESS POWER
This photo-voltaic (solar) business segment includes Photocomm Inc.,
Solartec S.A., and a part of New World Power Technology Company (formerly
Northern Power Systems). These companies are in the business of developing,
assembling, and marketing photo-voltaic or solar electric power systems and
related products domestically and in South America.
Sales
Sales increased approximately $1.3 million during the first three
months of 1996 compared to the same period last year, which is primarily
attributable to a $1.1 million increase in Solartec revenues.
Costs
The cost of operations increased $1.2 million (65%) during the first
three months of 1996 as compared to the first three months of 1995, which is
primarily attributable to an increase of $.9 million reported by Solartec.
OTHER PRODUCTS & SERVICES
This category includes the New World Power Technology Company
(non-solar segment), which provides scientific, engineering, and technology
services to both the Company and outside businesses and governmental units.
This category also includes the New World Village Power Company
which continues to be in a development stage, but for which the Company expects
future growth. This business unit provides stand alone power generation
facilities for remote villages. Village Power generation facilities may vary,
but generally consist of some combination of wind, solar, and diesel generation
units.
11
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Sales and revenues decreased approximately 22%, while costs have
decreased by approximately 24%, principally due to additional costs incurred in
the later stages of the Advanced Wind Turbine program, a joint effort with the
National Renewable Energy Laboratory. The result is a loss of $5,141, compared
to a loss in the three month period of 1995 of $16,574.
RESEARCH & DEVELOPMENT
This is related principally to the New World Power Technology
Company above, and therefore is likely to continue to be a declining amount as
more resources are devoted to the Company's own business activities.
PROJECT DEVELOPMENT EXPENSES
These expenses are slightly above those of last year as the Company
continues to focus on those projects most likely to lead to financing and
construction in the reasonably near future while expensing those costs where
future development is not expected. Deferred project development expenses are
delineated in the LIQUIDITY & CAPITAL RESERVES section.
In early 1996, the Company made certain additional cost reductions,
which are discussed in the Company 10-K.
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
This category of expense decreased approximately $316,922 from the
corresponding period last year. This 14% decrease was primarily attributable tot
he deconsolidation of Photocomm (approximately $1 million) offset by increased
corporate professional fees and other expenses of $375,000.
OPERATING INCOME (LOSS)
The Company achieved an operating loss during the current three
months of $1,688,580 compared to an operating profit of $88,708 for the same
period last year. The principal reasons for this improvement are: [1] the
decreased net contribution from the Grid power production division due to the
new wind farms accelerated depreciation; and [2] the deconsolidation of
Photocomm from the Wireless power division.
OTHER INCOME AND (EXPENSES), NET
The interest expense increase of $734,629 is predominately due to
interest on the obligations incurred to finance construction of the three UK
wind farms (Four Burrows) and the interest on the 8% Convertible Subordinated
Notes.
The change reflected in the minority interests in the Company's
consolidated subsidiaries and the net equity earnings of the Company's non
consolidated affiliates is primarily attributable to the inconsistent accounting
methods for Photocomm for the comparable periods.
12
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company benefited by net gains from the two transactions in 1994
that were not recurring for 1995. These transactions account for the fluctuation
from March 31, 1996 to March 31, 1995 in Other income.
NET INCOME (LOSS)
A provision for income taxes on our Argentine profits has been
reflected. The Company cannot apply the Argentine profits against the available
USA tax loss carry-forwards.
The net loss for the three months was $2,641,834 compared to a net
income of $105,569 in the same period last year.
LIQUIDITY & CAPITAL RESERVES
In January 1995, the Company completed the sale of common stock and
common stock purchase warrants and received net proceeds of $8,951,769.
In early 1995, the Company completed project financings for the Four
Burrows wind farm. The net proceeds from these loans were $3,440,221 in 1995.
At March 31, 1996, the Company held a working capital deficit of
$17,957,125. The deficit in working capital is the result of inclusion of
certain debt obligations on which the Company defaulted subsequent to December
31, 1995 and for which the Company's restructured debt asset sales to be
completed by certain dates. uncertainties exist as to whether the aforementioned
provisions can be met.
13
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PART II-OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
a) EXHIBITS
4.01 (a) Form of Note and Warrant Purchase Agreement, dated as of August 15,
1995 regarding 8% Convertible Subordinated Notes Due July 31, 2000
and Warrants of The New World Power Corporation (Exhibit 4.01(a) to
Form 8-K dated August 15, 1995, File No. 0-18260 ("Form 8-K")).*
4.01 (b) Form of Amendment Number One to Note and Warrant Purchase Agreement.
4.01 (c) Form of 8% Convertible Subordinated Note Due July 31, 2000 of The
New World Power Corporation.
4.01 (d) Form of Warrant.
4.01 (e) Schedule of Purchasers and other differing terms of Note and Warrant
Purchase Agreements.
4.01 (f) Agreement, dated as of August 15, 1995, by and among The New World
Power Corporation, John D. Kuhns, FFF American Fledgling Fund, S&P
American Smaller Companies Fund, FFF US Discovery Fund, Fleming US
Discovery Fund (II), Fleming American Investment Trust plc, Fleming
Overseas Investment Trust plc, C.M.V. Jones and David Edwards.
4.01 (g) Agreement, dated as of September 13, 1995, by and among The New
World Power Corporation, John D. Kuhns, Utech Climate Challenge
Fund, L. P., and UVCC Fund II.
10.01 Joint Venture Contract to Establish Shezhen China Chang Jiang New
World Power Company by and among China Chang Jiang Energy
Corporation (Group), Metropolitan Enterprise Corporation and the
Company dated October 15, 1994. (Exhibit 10.01 to Form 8-K.)*
10.02 Business Plan/Letter of Intent dated February 25, 1995 by and among
China Chang Jiang Energy Corporation (Group), Metropolitan
Enterprise Corporation and the Company, dated February 25, 1995, as
amended (Exhibit 10.02 to Form 8-K.)*.
10.03 Share Transfer Agreement between China Chang Jiang Energy
Corporation (Group) and the Company. (Exhibit 10.03 to Form 8-K.)*
------------------------------------------
* Incorporated by reference.
b) REPORTS ON FORM 8-K
14
<PAGE>
NEW WORLD POWER CORPORATION
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE NEW WORLD POWER CORPORATION
July 1, 1996 By /S/ JOHN D. KUHNS
-----------------------------------------
John D. Kuhns
Chairman of the Board
July 1, 1996 By /S/ GEORGE P. PETRENKO.
-----------------------------------------
George P. Petrenko
Interim Chief Executive Officer
16
