IRVING, Texas, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (OTC:GLPW) announced today that it has signed definitive agreements in its effort to monetize assets and reduce indebtedness.

The Company has agreed to the sale of three of its U.S. facilities for $14.8 million. As part of the transaction, the Company will also enter into a 10 year lease for each facility to continue operations in the ordinary course. The net proceeds from the transaction will be used to pay down debt. Subject to typical closing conditions for transactions of this type, the Company currently expects to close on these sale leaseback transactions no later than December 31, 2016.

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.