BELLINGHAM, Wash., Sept. 21, 2005 (PRIMEZONE) -- Essential Innovations Technology Corp. (OTCBB:ESIV) is extremely pleased to announce that property site sales are about to begin at the Diamondview Estates residential project site in Westbank, B.C. Diamondview Estates will comprise 70 luxury style custom-built homes located within a gated community, overlooking Okanagan Lake and the City of Kelowna in the beautiful Okanagan Valley of British Columbia, Canada. Diamondview Estates boasts a 75-foot cascading waterfall feature on site to complement the already breathtaking panoramic view lots. www.diamondview.ca
Diamondview Developments, project owner of Diamondview Estates, has granted Essential Innovations the exclusive right to provide geoexchange heating and cooling systems and ongoing geothermal services to each of the residential properties on the development. It is expected that the total build-out of the project will take from 2-3 years to complete from the time that lot sales are all final. Under the terms of the Contract between Diamondview and Essential Innovations, Diamondview has included specific language within their property Disclosure statement so as to formally cause both the Strata Corporation that will govern the entire property site and those homeowners on the property governed by the Strata, to be bound to an energy service contract (ESCO) with Essential Innovations. This contract is structured as a 25-year Operating lease directly relating to the use of the Geothermal Loop field (GLF) installed by Essential Innovations that is to supply the geothermal energy to each of the homes to be constructed. Essential will install individual GLFs on each of the 70 property sites for use by each of the custom-built residences that are to follow. Essential Innovations will collect from the Strata an on-going monthly lease payment for a period of 25 years for the use of the GLF by the Strata and the homeowners on each of the individual properties throughout the Diamondview site. The cash flow modeling for the long-term geothermal loop-lease represents an estimated revenue stream of $6,000,000 to Essential Innovations over the 25-year term of the Operating Lease.
In addition to the recurring revenue stream Essential Innovations is to receive from the loop-lease, Essential Innovations is also to be the exclusive provider of the Geothermal Heat Pump or Geoexchange equipment to be utilized in each of the homes to be constructed. Furthermore, Essential Innovations is also to be the sole and exclusive provider of the installation and on-going maintenance of all of the geoexchange equipment that services the entirety of the site. The Company estimates that the supply and installation of equipment to the 70 individual Diamondview homes should bring the Company $1,200,000 in revenue.
Says Jason McDiarmid, President/CEO, "The Diamondview Development not only is a wonderful project opportunity for Essential Innovations, but it clearly shows the desire of the development community and homeowners alike, to recognize Geoexchange technology as a truly affordable and effective means of alleviating the economic and environmental pressures associated with the continued use of fossil fuel-based heating systems in the residential marketplace. This project is the first of a number of these types of large-scale subdivision or mixed-use project development opportunities that Essential Innovations is continuing to pursue and negotiate at the present time. Essential Innovations is finding a very high receptivity from key decision makers within major development companies as to the application of geothermal technology on project sites utilizing geothermal loop-lease models capable of creating long-term quantifiable cash flow cycles, that at the same time allow for the accumulation of carbon offset credits. In addition to providing such benefits to Essential Innovations or our development partners as described, these models provide end users with energy and cost savings, added comfort, and an appreciated property value, all of which are further benefits that go along with incorporating a geothermal system. With all this in mind, Essential Innovations eagerly awaits the expected near-term growth cycle in the geothermal industry, as there are a vast amount of tangible business opportunities ahead. Essential Innovations remains highly confident that over the next 12-18 months there will be many more verifiable successes to report."
Essential Innovations Technology Corp. provides cutting-edge geoexchange solutions for residential, commercial and industrial applications as both a geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology. The Company was incorporated in April 2001, and it has two wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, China.
Geoexchange technology harnesses the earth's clean, renewable thermal energy stored just below the surface or in large bodies of water for purposes of heating, cooling, domestic hot water and/or dehumidification. A Geoexchange system is used to "exchange" the earth's natural heating and cooling properties between a building and the ground. This non-combustion transfer of energy is the source of performance and environmental superiority, as Geoexchange systems need only a small amount of electrical energy to then capture, move and concentrate a large amount of free energy provided by the earth.
Essential Innovations Technology currently has operations in the USA, Canada and Hong Kong; exclusive distributors in Canada and Mexico; exclusive sales agents or agents in Mexico, Hungary, China and Alaska; and the Company is now actively seeking further distributors, dealers and project opportunities throughout the North American and international marketplace for its proprietary geoexchange systems and solutions.
The Essential Innovations Technology Corp. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1595
Safe Harbor Statements
Certain statements in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word "believes," "anticipates," "expects," "plans," "intends," "designs" or similar language, as well as statements regarding consumer or marketplace acceptance of the Company's new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations' products; initiatives undertaken by the Essential Innovations' divisions; the Company's research, manufacturing and facilities expansion programs; and the Company's growth, revenue, or projected earnings.