Dakshidin Corporation Signs $48 Million Sale Agreement With Pacific Power Development Corp.
Posted on: Wednesday, 7 November 2007, 09:00 CST
Dakshidin Corporation (PINKSHEETS: DKSC) (www.dakshidin.com) and its wholly owned subsidiary, Restec International, Inc., makers of the worlds most powerful pumping windmill, announced today that it is has signed an agreement with Pacific Power Development Corp. (PPDC) for an approximate sale value of $48 million ($48,000,000) for the RESTEC Mark 10E low speed Wind Turbines. Pacific Power Development has been established in the China energy market sector for the past seven years during which time they have developed significant interests in the coal bed methane, wind power, and hydro energy businesses. PPDC currently has a controlling interest in 11.2 trillion cu. ft. of methane gas in China and currently owns and operates existing wind farms in the province of Hunan, China.
The Mark 10E low wind speed Wind Turbines will supply utility grid electricity for two established PPDC Wind Farms in the province of Hunan, China that will provide 110 Megawatts of power once fully developed. Based on the average consumption in China this will be sufficient to supply in excess of 300,000 households. Further to the Agreement, Pacific Power Development Corp. has granted Dakshidin the Right of First Refusal to participate in securing a 50% Joint Venture equity ownership of their position in the Wind Farms located in China. The electricity revenues from these wind farms will be shared on the basis related to percentage ownership.
"This $48 million contract is significant for Dakshidin and Restec and we believe that this is the beginning of a series of major revenue-producing contracts for us. We are currently in negotiations with other companies for similar opportunities that will provide additional sales of the Restec Mark 10E low wind speed turbines," said Nick Laroche, President and CEO of Dakshidin Corporation. "We are thrilled and committed to continue providing a clean, plentiful, affordable, renewable, and environmentally friendly source of energy for today's society," furthered Mr. Laroche.
The RESTEC Mark 10E low speed Wind Turbine is THE renewable, cost-effective and environmentally friendly solution for world's energy crisis!
About us: Dakshidin Corporation, through its wholly owned subsidiary, RESTEC International Inc., produces the world's most powerful pumping windmill. Throughout the world, especially in developing countries, there is a dire need for water to fulfill basic human self-sufficiency demands. In most cases, the problem is not the lack of available water, but the cost and reliability of obtaining it. The RESTEC water pumping Windmill and the Restec Wind Turbine is the renewable, cost-effective and environmentally friendly solution for the world's water and energy crisis.
Forward-Looking Statements: The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law. For more information please visit www.dakshidin.com
For Investor Relations contact: ir@dakshidin.com Phone: (647) 477-8440
SOURCE: Dakshidin Corporation
Source: MARKET WIRE
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