OTTAWA, ONTARIO -- 11/06/09 --
Wind Works Power Corp. (OTCBB: WWPW)(FRANKFURT: R5E1)(WKN: AOKE72) is pleased to announce that they have signed an agreement to increase their equity interest from 50% to 100% in Settlers Landing Wind Park. The agreement calls for the issuance of 300,000 restricted common shares of Wind Works stock, and the payment in cash of $450,000, the latter subject to milestones.
As part of the acquisition of Zero Emission People, announced October 27, 2009, Wind Works acquired a 50% interest in Settlers Landing, a 10 megawatt wind energy project located near Pontypool, in Ontario, Canada.
"Settlers Landing is a key project in our portfolio and we are very excited about the opportunity to increase our equity stake to 100%," commented Dr. Ingo Stuckmann, CEO and director of Wind Works. "With this project, we have the opportunity to create an investment value of over $30 million. It is our intention to continue increasing our equity stake in projects that we feel have exceptional value and a strong leverage opportunity. In addition, and in line with the new green economy at the doorstep in Ontario, this wind park saves Ontario about 10,000 tons of CO2 Emissions, every year!"
Project Highlights:
Settlers Landing Wind Park has been developed in an area of high elevation. Annual mean wind speeds are modeled at over 6.8 meters per second at an 80 m hub height. Environmental studies are near completion and the project is eligible for a Feed-in Tariff application during the Ontario Power Authority launch period. The company intends to submit an application for the FIT Power Purchase Contract fixed at C$135.00/MWh over a 20-year term on or before the November 30, 2009 deadline. The project will be construction ready in 2011.
About Wind Works
Wind Works' mission is to become a leading developer of wind energy projects in North America. For more information, please visit: www.windworkspower.com
About Zero Emission People
The vision of Zero Emission People is to provide the opportunity for anyone to invest early in the development of renewable wind energy projects. As an example, as little as a $10,000 investment in a wind park blows away a person's carbon footprint. We believe in making sound, environmentally conscious investments that are good for all shareholders, people and our planet.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the company's control, inability to successfully conclude negotiations currently in progress, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contacts:
Wind Works Power Corp.
Investor Relations
1-877-301-9748
www.windworkspower.com
