SAN DIEGO, June 13, 2008 (PRIME NEWSWIRE) -- Welwind Energy International Corp. (the "Company") (OTCBB:WWEI) announces the following corporate review.
Zhanjiang Wind Farm Project -- The installation of Welwind's first 750 kW turbine in Zhanjiang, Donghai Island was installed on May 17, 2007. Data has been collected by the turbine manufacturer, ENGGA, for over one year and analyzed to ensure the turbine is operating in a normal, satisfactory manner. To date there have been no issues with the turbine's function and performance has exceeded expectations. The data has been collected and processed in accordance with strict industry standard procedures and correlating data from the 80 meter meteorological tower on site has ensured accurate compilation of atmospheric conditions during the testing period.
With all documentation in place, the company assesses the Zhanjiang project as being 99% complete for build out in Q4. The company anticipates no additional delays in attaining the Power Purchase Agreement with the Province.
Yangxi Wind Farm Project -- On April 20, 2008, Welwind Energy International held an opening ceremony for its Yangxi Wind farm Corporate Office. Currently on site at the wind farm, an 80-foot meteorological tower continues to collect favorable data indicating a location for a viable wind farm. Based on this data, the company will move forward with phase I of a 49 MW wind farm. This July 2008 will mark the three-year anniversary date of collecting data. The data to date has been used to conduct a wind feasibility study and wind farm layout design. The company is being proactive in preparing its PPA documents for application and has begun submitting documentation to local government authorities beginning with a formal Project Proposal being submitted to the Yangxi Government in January 2008.
Financing -- In November 2007 and February 2008 the company announced a financing relationship with Acterra Group to fund Phase I of the company's Zhanjiang Wind farm project and Yangxi Wind farm project. Phase I for each consists of 65 turbines at 1.2-1.5 million per turbine. This commitment will be up to, but not limited to, $75 million.
Additionally, in January 2008 the company announced that it completed a $500,000 financing which will be split amongst the two projects and head office for overhead costs. This financing will adequately sustain the public Company's legal, auditing, accounting and administrative costs until the PPA and project financing is in place. The company does not anticipate any additional stock issuances for funding.
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.primenewswire.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.