TORONTO, ONTARIO– Nov. 10, 2009 – Seakinetics Corporation reported today that its Chief Operating Officer, Jack Dhaliwal, will be in India this week to commence the process of acquiring land for the Company’s strategically situated Tamil Nadu wind energy project. The Tamil Nadu site was selected following an extensive program of feasibility studies demonstrated that the Tamil Nadu region of Southern India would provide the most favourable location for construction of Seakinetics’ first large scale wind energy farm in India.
According to Mr Dhaliwal, his two week business trip to India will be complete with meetings arranged with government officials, the State Electricity Board, local government representatives as well as land owner brokers in the Tamil Nadu region. Mr Dhaliwal stated, “These meetings are an absolute prerequisite to finalizing our land acquisition program. Thereafter, the Company will make an initial deposit on the land.”
Seakinetics’ is aggressively pursuing its business objectives in the burgeoning Indian economy which is poised to overtake China by 2010 as the world’s fastest growing economy. To support the consumer demand created by a growing middle class, the Indian government is investing USD$500 billion in infrastructure improvements. These improvements include highways, roads, communications, new electric power production and grid improvements. The parcel of land that Seakinetics is acquiring is located in a major wind energy farm region of India that lies in close proximity to the power grid already established by the State Energy Board. When the initial phase of the Tamil Nadu wind energy project is completed, the wind farm will quickly generate substantial revenues for the Company.
The wind energy sector has an average annual growth rate of 30% and is recognized as the fastest growing source of renewable energy worldwide. While India is the 5th largest producer of wind energy, it still has a 47% deficiency annually. It is widely anticipated that this deficit will grow as the country’s development expands. When completed in Q4 2012, the first phase of Seakinetics’ wind farm in India will produce 30MW of electricity and provide power for over 30,000 city or 90,000 rural households.
Seakinetics (www.seakinetics.org) 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.
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