SAN DIEGO, Feb. 26, 2009 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") is encouraged by President Obama's first speech to a Joint Session of Congress on February 24th which was almost completely focused on the troubled economy. Amid a deepening recession Obama described the $787 billion stimulus as one of the bold steps his five week old administration is implementing to turn the U.S. economy around.
In the speech, Obama declared that the government would spend $15 billion a year to develop renewable energy. "We know the country that harnesses the power of clean, renewable energy will lead the 21st century," he said. The administration's Secretary of Energy, Stephen Chu, announced on Monday an immediate fast-tracking of all applications from wind and solar companies for stimulus dollars to kick-start the construction of more projects.
Assuming wind companies receive a majority of the stimulus dollars (wind power accounted for 95% of the renewable energy built over the last five years), the stimulus is expected to lead to the construction of 30,000-megawatts of additional capacity, according to Hugh Wynne, an analyst at Bernstein Research -- enough new wind power to supply 9 million American homes.
Welwind Energy's President, Larry McNabb said, "We are extremely pleased with the new stimulus incentives for wind power and will continue to aggressively look at projects within the United States."
Accelerating construction of wind farms is also expected to lead to a recovery in the turbine market in the second half of 2009. In recent months manufacturers such as General Electric have all experienced slowing demand.
Although the sharp decline in global economic activity has reduced speculation within the clean technology sector, the push from the Obama Administration to create millions of new 'green' tech jobs in the U.S. may provide great opportunities for investors interested in getting in on the ground floor of this new developing economy.
New York City Investor Reception -- Welwind Energy, in conjunction with Ludlow Energy Ventures, will be bringing together institutional investors focused on the clean tech and renewable energy industries for a networking reception. The reception between Welwind and the investment community will take place on March 12th in New York's Financial District. Afterwards, the Company will be holding an investor reception for a company meet and greet where shareholders can come and meet the company executives.
From March 11 - 16, Welwind Energy will be meeting with Ludlow Energy Ventures and other companies to explore and review a number of U.S. based wind and solar power projects for the purpose of expanding Welwind's investment portfolio.
For updates on this upcoming event register online at: www.wallstreetnewscast.com/events/
Conference Call -- The one hour and forty minute conference call held on Feb. 18th by Welwind Directors and Management is now available online at: http://www.welwind.com/ir-conference_calls.php
About Welwind
Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations.
Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.
The Welwind Energy International Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3727
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.