NEW YORK , Aug. 23, 2004 (PRIMEZONE) -- World Wise Technologies (Pink Sheets:WWISF), a developer of Green Power energy technologies, is pleased to announce it has signed a letter of intent to purchase the corporation's first Biomass plant with a capacity of 87 Megawatts.
The letter of intent states World Wise will purchase the plant for $7 million subject to financing, due diligence, board approval, and regulatory approval. The plant, located in the U.S., will be moved to a location yet to be determined in Central Ontario.
"We are extremely excited about the potential of this new acquisition. The plant fits all of our requirements and is a great cornerstone piece on which to build," stated Michael McLaren, CEO of World Wise. "We will utilize the plants' core generating capabilities to produce Green Energy while integrating our advanced patented technologies to capture and process all the 'off-gases' to produce more energy and commercial products."
World Wise is focused on expanding the commercial reach of its Alternative Power Producing technologies such as its large scale combination electrical plants, SEGS (Small Electrical Generating Systems), Fuzzy Logic energy saving devices and other power generation technologies.
About World Wise Technologies
World Wise is a growing, publicly traded company (Symbol WWISF) that develops renewable energy technologies and applies it to new generation electrical power systems. Specifically, World Wise produces Green Power utilizing its core-patented technologies to produce green power generating plants and applications. World Wise has seasoned management and cutting-edge technology. World Wise owns a large technology portfolio of patents and know-how that has been extensively validated and is ready for commercial production.
This press release is available on the Company's on-line Investor Relations site for investor commentary, feedback and questions. Investors are invited to visit http://www.agoracom.com and select the World Wise Technologies Information and Contact Forum, or link directly to it at http://www.agoracom.com/nonmemforum/main.asp?topic=World+Wise+Technologies&tr=
Investors are also invited to e-mail any questions regarding the Company directly to WorldWise@agoracom.com
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Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, energy market volatility, product demand, market competition, and risk inherent to the company's research and development operations.