SAN DIEGO, Feb. 22, 2007 (PRIME NEWSWIRE) -- New York-based Ludlow China Fund upgrades Welwind Energy International Corporation (OTCBB:WWEI), a leading developer of renewable wind energy projects in China, to a B- rating.
Zhanjiang Wind Farm Project
On Feb. 02, 2007, the company announced that their first wind turbine rolled off the production line for its Zhanjiang wind farm project. The company has an agreement with Guangzhou Engga Wind Energy Co. Ltd. (ENGGA) to produce its turbines. The cooperative agreement between Welwind and ENGGA allows the two companies to work together on the technology and future supply of all Welwind turbines. The agreement also gives Welwind priority for all turbines to be manufactured by ENGGA. As there is typically a substantial wait time for delivery of turbines from suppliers, this puts Welwind in a favorable position in expediting the development of its wind farms. The company has completed the concrete foundation for the 750 KW ENGGA wind turbine which will be ready for installation within the next 2 weeks.
Yangxi Wind Farm Project
In regards to the Yangxi wind farm project, the company currently has a meter meteorological tower installed on the property collecting data. Reports to the company indicate that the data thus far is quite favorable. The data collected over the next year will provide the necessary information required to build out the wind farm. The Yangxi wind farm will start as a 49 megawatt project building out to 400 megawatts.
Ludlow Energy is upgrading Welwind Energy to a B- rating as the company moves into the installation and execution phase of their business model. The growing demand for energy in China, let alone clean renewable energy makes Welwind Energy International Corp. an attractive 'speculative' investment within this sector.
A full version of our research coverage and risk factors on Welwind Energy International can be found at -- http://www.theasianinvestor.com/reports/wwei.htm
About Ludlow China Fund
Based in New York City, the Ludlow China Fund aims to provide individual and institutional investors with a means to invest in the emerging China market through our diversified fund and index. The Ludlow China Fund owns and operates the Ludlow China Indices, which tracks a wide basket of U.S. traded large and small cap Chinese stocks. For additional information, visit http://www.ludlowcapital.com/funds/china.html.
About Welwind Energy International
Welwind Energy international is in the business of developing and building renewable wind energy farms along the South China Sea. Current projects under development consist of the Zhanjiang and Yangxi wind farms, which are designed to provide China with a clean and renewable source of energy within the region. www.welwind.com
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.