From the President

2007 proved to be an exciting year for both Virginia Transformer Corp and the Power Industry.  Our Company continued to expand both its’ product lines and its’ market applications for power transformers - dry type and liquid filled. Major business opportunities included Wind Power projects, Ethanol facility installations, Oil & Gas refinery expansions, new pipelines to the USA for Canadian oil transportation, Mining applications, Steel mill upgrades, Metropolitan Transit systems, and significant Utility expansion & replacement programs for an ever aging transformer fleet.  We achieved a leadership position in the Public Power Utility market with transformers supplied from our Plants in VA and ID.  VTC also conducted more than 25 technical presentations to Consulting Engineering firms throughout most major US cities, including Mexico and Canada.

Commodity prices for copper and core steel began to stabilize during the latter part of the year, although oil continues to escalate. Over all, the demand for capital goods products related to energy markets outpaced supply capabilities for most electrical equipment manufacturers, increasing lead times for product. Anticipating this condition more than two years ago, VTC began expanding its production capacity at each of their three manufacturing facilities in North America.  This initiative allowed VTC to continue offering the most attractive lead times for power transformers in the industry, much to the pleasure of our customers today.

Looking ahead, energy markets in both North America and Worldwide will continue to experience substantial growth as both the industrial and infrastructure expansion continues to support increased consumption, the need for additional energy efficient substation facilities commands attention, and third-world countries modernize.  VTC is uniquely positioned to meet these worldwide challenges going forward, offering the broadest range of power transformer products and services from a US based Company. We have developed tools to design GREEN TRANSFORMERS that are most energy efficient.  We continue to welcome new clients to our growing family of satisfied customers—please contact us for your needs.

We have strengthened our field support group by assigning a long term experienced manager from our assembly department to lead this function.  He will oversee and coordinate the field support from all three locations to cover North America.  Please call toll free 800 882 3944 for service and parts. We will continue to provide value added and excellent quote response from our technical sales staff.

Best wishes for a prosperous 2008

Prab Jain

President

VA Transformer Corp

Approved Jan 7, 2008

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