Global Power Provides Update on Reporting 2016 Financials

IRVING, Texas–(BUSINESS WIRE)–Global
Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the
“Company”) today announced that, due to the complexity of reconciling
and conforming 2016 methodologies following the restatement of its 2015
and prior financial statements, the finalization of its December 31,
2016 financial statements and audit process is not expected to be
completed in a timeframe that allows the Company to file its Annual
Report on Form 10-K for 2016 with the U.S. Securities and Exchange
Commission by the end of June 2017 as previously planned. As the Company
stated in a Current Report on Form 8-K, the Company’s new lending
agreement requires it to provide audited financial statements for 2016
to its lenders by August 31, 2017. It is expending its best efforts to
file earlier than that date.

The Company plans to host a teleconference/webcast following the filing
of its 2016 financial results. An announcement regarding the details of
the conference call will be made prior to the filing of the Form 10-K
and the publishing of the related news release.

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
Company reports in three operating segments: The Mechanical Solutions
segment (formerly Auxiliary Products) designs, engineers and
manufactures a comprehensive portfolio of equipment for utility-scale
natural gas turbines. The Electrical Solutions segment 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.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the
meaning of the term set forth in the Private Securities Litigation
Reform Act of 1995. The forward-looking statements include statements or
expectations regarding our ability to comply with the covenants under
our new credit agreement and the timing to complete the audit of our
2016 financial statements and the timing and ability of the Company to
file its Annual Report on Form 10-K for 2016 in June 2017. These
statements reflect our current views of future events and financial
performance and are subject to a number of risks and uncertainties. Our
actual results, performance or achievements may differ materially from
those expressed or implied in the forward-looking statements. Risks and
uncertainties that could cause or contribute to such material
differences include a delay in the auditor’s completion of the audit of
the 2016 financial statements, the Company’s inability to prepare and
file the 2016 Form 10-K within the expected time frame, and the
Company’s inability to comply with the covenants under its credit
agreement. Additional risks and uncertainties that could cause actual
results to differ from what is anticipated include, but are not limited
to, continued delays in the completion of the audited 2016 financial
statements and certain periodic reports, decreased demand for our
products and services, loss of any of our major customers or termination
of our relationship with key vendors, whether pursuant to the loss of
pending or future bids for either new business or an extension of
existing business or customer or contractor bankruptcy, our inability to
sell assets and make acquisitions, volatility of our stock price,
deterioration or uncertainty of credit markets, and the banking
environment or monetary policy.

Other important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements are
discussed in our filings with the SEC, including the section of our
previously-filed 2015 Annual Report on 10-K titled “Risk Factors.” Any
forward-looking statement speaks only as of the date of this press
release. Except as may be required by applicable law, we undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, and
we caution you not to rely upon them unduly.

Contacts

Investor Relations:
Kei Advisors LLC
Deborah K.
Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com