| Greenworld Wind Power to Acquire Interest in Crestford View Generation Corporation Dec 06, 2011 Toronto, Canada – December 5, 2011 - Greenworld Wind Power Co. Ltd. (Greenworld Wind): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), advised today that it intends to acquire a 40% interest in Crestford View Generation Corporation (Crestford). The acquisition is to cost a total of €1 million with the transaction expected to close within the first quarter of 2012.
Crestford is a relatively young privately-owned startup that currently has applications for 2 mini-hydro projects under review by the Philippine Renewable Energy Management Bureau (REMB). The projects are located on the Bukig River in Ambaguio, Nueva Vizcaya. The upper Bukig River project is expected to have a peak capacity of roughly 4.5 MW, while the lower Bukig River project is slated for a 2.7 MW capacity.
Funding received from Greenworld will fund the initial feasibility studies for the 2 projects. The investment is contingent upon initial approval for the projects being received from the REMB. Disclaimer & Safe Harbor Statement: This release may contain certain "forward-looking statements" with respect to certain of Greenworld Wind Power Co. Ltd.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause Greenworld Wind Power Co. Ltd.'s actual results to differ materially from those anticipated. Greenworld Wind Power Co. Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which Greenworld Wind Power Co. Ltd. operates. The actual results that Greenworld Wind Power Co. Ltd. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. Greenworld Wind Power Co. Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change. For further information please contact: Greenworld Wind Power Co. Ltd. 100 Consillium Place Suite 200 Scarborough, ON M1H 3E3 Email: info@ greenworldpower.ca |
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