TORONTO, ONTARIO – Seakinetics Corporation (www.seakinetics.org) management announced today that under the guidance of its Chief Technology Officer, Jack Dhaliwal, the Company is moving proactively to target renewable energy opportunities in India.
Over the past two years Mr. Dhaliwal has been actively engaged in conducting feasibility studies on the ground in India. The investment in these studies, costing in excess of USD$750,000, have clearly identified India as a prime target to implement its renewable energy technology. In addition, these studies have enabled management to assess the opportunities and understand all of the Geo-Political conditions that exist in India which could affect our potential wind energy investments in various Indian states. During the course of the studies, Mr. Dhaliwal reviewed and assessed approximately 15 potential wind farm sites before deciding on the Tamil Nadu region.
“As a result of the completion of these feasibility studies we believe we have a head start in being able to take advantage of the incentives which will result from the Indian government’s planned investment of more than $USD 500 billion in infrastructure improvements,” says James C. Shelley, President and CEO of Seakinetics.
Jack Dhaliwal, explains that “The geo-political and economic elements that will drive the renewable energy business over the next few decades underscore the importance of India as a burgeoning market for renewable energy services and power. In spite of aggressively tackling the energy deficit for its population, India still suffers from a 47% deficiency in power supply. India is developing an international reputation as a “go to” region for moderate to mega-sized investments in renewable energy development projects.”
Mr. Dhaliwal further stated, “When we initially embarked on the Tamil Nadu wind energy project in India, we were looking at building a wind energy farm that would be capable of generating 300 MW of power, when fully completed. As demands for energy grow coupled with incentives from the Indian government I firmly believe that we will increase our production targets considerably for the Tamil Nadu wind farm. With a current identified capacity of over 65,000 MW of wind power generation, and only 10,243 MW actually developed thus far in 2009, the potential our new wind power farm development is enormous.”
Seakinetics is in the business of designing, developing, marketing and investing in innovative technologies and services in the renewable energy field. Seakinetics’ mission is to be an industry leader in finding solutions for renewable energy today and tomorrow.
This release may include projections of future results and “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933 as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurances that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from those disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.