NEW YORK, Aug. 23, 2006 (PRIMEZONE) -- Vitasti, Inc. (OTCBB:VITS) (the "Company"), a pioneer in alternative energy in the Asian market, today announced that it will change its name to Welwind Energy International Corporation (WEIC). This name change will reflect the company's focus and commitment of its business within the alternative energy markets.
The Board of Directors and a majority of the shareholders agreed to amend the Company's Certificate of Incorporation to change the name of the Company to WEIC. The Company will continue to trade under its current ticker symbol, VITS, on the Nasdaq OTCBB until its name change and new ticker symbol application have been approved.
The Company's vision is to bridge the North America-China link by building wind farms in China, beginning with projects along the South China Sea.
"Our new name more accurately reflects our business focus and position within the alternative energy market," said Tammy McNabb, CEO of Vitasti. "This is more than just a name change; this move reflects a refinement in our position and focus. We're excited about our opportunities this fall."
The company is also pleased to announce that management of Welwind will be returning to China in September to finalize terms of a power purchase agreement with the local power authority in Zhanjiang, along with discussions on interconnection and engineering.
Once agreements have been reached, Welwind will set forth on a design and wind optimization layout of the site in Zhanjiang enabling the company to move the project into construction by the end of the year.
In fitting with China's mandate to have 70% locally supplied components, Welwind continues to negotiate with local suppliers of turbines, blades and towers.
With regards to the Company's second project, Yangxi -- on going data testing of the Yangxi site in the southern area of the Guangdong Province of China, is proving to be exceptional for future buildout of the proposed wind farm.
"The cross reference data that is being used is correlating with the real-time data," says Shannon de Delley, Director of Vitasti. "Although more data is required to layout the turbines, the results thus far are very viable," he adds.
About Vitasti (Welwind)
The Company views wind power as becoming one of the most efficient power sources globally. WEIC was founded in 2005 to build, own and operate wind farms on an international scale. Their current project is to bridge the North America-China link by building wind farms in China beginning along the South China Sea.
About Wind in China
According to estimates by the China Meteorological Administration, proven wind energy reserves in China total as much as 3,200 GW. The northeast, northwest, and southeastern seaboard are the areas with the richest wind resources. Usable onshore wind resources could provide 253 GW of electric capacity, while offshore resources could provide three times that much.
Given the expected wind energy boom in China, investors have set their sights on the sector. Interested parties include the "Big Five" power companies (Huaneng, Datang, Huadian, Guodian and Zhongdiantou), other private firms, and several provincial energy investors.
As more wind turbines spin in China in the near future, the wind industry there is expected to provide thousands of jobs, and the large-scale production of turbines will lower input costs, eventually bringing down costs worldwide (according to World Watch Institute).
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.