PENNINGTON, N.J. - June 22, 2005 - WorldWater & Power Corporation (OTCBB:WWAT), maker of high-horsepower solar energy systems, has been making preparations for introducing its solar powered systems to the expansive China market. In late May, WorldWater & Power exhibited at the Second China International Renewable Energy Equipment & Technology Exhibition and Conference and the China Beijing International High-tech Expo (CHITEC) in Beijing, making contact with several hundred visitors from Korea, Mongolia, and throughout China. The Company has now announced the signing of an Agreement with Xinhua Financial Network Limited (XFN), China's premier financial services and media company, to represent WorldWater & Power in the Chinese water and energy markets.
Xinhua will introduce WorldWater & Power to federal and provincial governmental and private sector buyers for the sale of the Company's AquaMax(tm) high volume water pumping systems and other solar products, it was announced jointly by Quentin T. Kelly, WorldWater's Chairman and CEO, and Gordon Lau, Xinhua's Chief Financial officer.
Douglas L. Washington, Vice President, Marketing and International Operations for WorldWater & Power, met with a number of Xinhua directors and with representatives of Xinhua PR Newswire to evaluate and establish strategy for WorldWater's entry into China.
China has 1.3 billion people and one of the largest and most rapidly growing economies in the world. The result is that 50 coal-fired plants are under construction and an estimated 600 are planned for the next 6 to 8 years in an attempt to meet energy requirements. In spite of these efforts, the country is plagued with blackouts.
As a result of deteriorating air quality, the National People's Congress Standing Committee passed a Renewable Energy Law, effective January 1, 2006, requiring that 10 percent of China's electricity must be generated from renewable energy sources by 2020. Several provinces are investigating the use of solar systems, and appear to be moving forward ahead of government regulations.
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About Xinhua
Xinhua is the only private company in China to provide financial information, media and analytical data for the China market. Headquartered in Hong Kong, Xinhua has offices in Beijing, Shanghai and some 21 offices and 19 bureaus worldwide. It is listed on the Tokyo Mothers Stock Exchange.
About WorldWater & Power Corp.
WorldWater & Power Corporation is a full-service, international solar engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's water supply and energy problems. The Company already has installations on the West and East Coasts of the U.S., and in Africa, Haiti, Pakistan, Sri Lanka, and the Philippines. A publicly traded company (OTCBB:WWAT), they have offices in New Jersey and California. For more information about WorldWater, visit their website at www.worldwater.com.
Forward Looking Statement
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.