September 26, 2008
Dakshidin Corporation Announces Agreement to Acquire Daxin Windmill Co. For Expansion to Meet China’s Growth Demand
Dakshidin Corporation (PINKSHEETS: DKSC) (FRANKFURT: 4LQ), producers of the world's most powerful water pumping windmill, through their subsidiary company of majority ownership of HKS (Wuhu) Environmental Energy Development Ltd. (HKS (Wuhu)), incorporated and registered in Wuhu City of the Anhui Province in China, will acquire 100% control ownership of Jilin City Daxin Water Pumping Windmill Co., Ltd. and all of its assets by share exchange representing a fair market value of 1.0 million us., which include 60 acres of prime commercial and industrial lands. This will have a very positive impact on marketing and market presence.
HKS (Wuhu) has a registered capital of 7.5 million us. and is focused on the production, research and development of a wide range of environmentally friendly products. Such products will satisfy the needs of a wide spectrum of customers: from corporate and institutional clients to governments, developing countries and the private sector.
Mr. Xin Wei of Jilin City Daxin Water Pumping Windmill Co., Ltd. will become an equity shareholder of HKS (Wuhu) and shall be appointed to the board of directors and will be responsible for and oversee all of the HKS (Wuhu) Green Village Environmentally Friendly Manufacturing Facilities in Jilin City in the province of Jilin and Wuhu City in the Anhui province. Dakshidin welcomes Mr. Xin Wei to our management team and acknowledges his many successful years of experience in the manufacturing sector and government relations in China.
HKS (Wuhu) will complete the final agreement and financing arrangements on or before the end of 2008. Upon completion of the transaction HKS (Wuhu) will restructure the necessary corporate capital for Jilin City Daxin Water Pumping Windmill Co., Ltd., for product development and operating capital of 3.0 million us. The company will then start the construction development. The first phase of construction will be the new manufacturing facility in Jilin City and Jilin City Daxin Water Pumping Windmill Co., Ltd. will then be moved from its present location to occupy.
Several highly interested municipal and provincial parties have already contacted the company with regards to equipping their city with the new green energy products. It is expected that once the Green Village Showcase area is put to full function, many more potential domestic and foreign buyers will be eager to move forward to utilize our products and adopt the same concept.
As one of the newest and most important market sectors, the sustainable energy sector still has a huge market potential to tap into that has not been developed. While maintaining a true self-sustainable policy within its facilities, Dakshidin Corporation's subsidiary company HKS (Wuhu) Environmental Energy Development Ltd.'s directive is to become an international green products market leader.
About us: Dakshidin Corporation, through its wholly owned subsidiary, RESTEC International Inc., are producers of 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 is a renewable, cost-effective and environmentally friendly solution for the world's water 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 Investor Relations Contact: Mr. Brent O'Connor [email protected] 1-888-250-6601
SOURCE: Dakshidin Corporation