Wind Works Power Corp. Signs $10 Million Credit Facility with Kodiak Capital Group, LLC
March 24, 2010
OTTAWA, ONTARIO--(MARKET WIRE)—Wednesday, March 24, 2010 – Wind Works Power Corp. (OTC BB:WWPW.OB - News)(Frankfurt:R5E1.F - News)(WKN: AOKE72) is pleased to announce that it has signed an Investment Agreement with Kodiak Capital Group, LLC of New York for a $10 million equity line of credit. In conjunction therewith, Wind Works has filed a Registration Statement with the Securities and Exchange Commission (SEC) to register 10 million shares of common stock. Wind Works will draw down on the credit facility, in amounts and timing at its sole discretion, and will issue common stock to Kodiak as the facility is utilized. The Company will not be able to draw down the equity line of credit with Kodiak until the Registration Statement is declared effective by the SEC.
Wind Works plans to use the funding from the equity line of credit to further develop its project portfolio, consisting of equity interests held in 23 wind energy projects in Canada, the United States, and Europe totaling 367 MW.
Dr. Ingo Stuckmann, Wind Works’ President and CEO commented “This credit facility offers us access to the capital markets that we believe provides more flexibility, and ultimately less dilution, than traditional financing vehicles. The funds will enable us to expand our operations, and advance our project portfolio to the point we can generate revenue in the near term, thereby adding value to the Company and increasing shareholder value.”
Additional information regarding the Company and the Registration Statement can be found by visiting the SEC’s website located at http://www.sec.gov
About Kodiak Capital Group, LLC: Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $250 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City; Kodiak has assisted companies throughout North America and Australia.
About Wind Works * Zero Emission People Our mission is to become a global developer of wind energy projects in North America and Europe. Our vision is to provide the opportunity for anyone to invest early in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for all shareholders, people, and our planet. For more information, please visit: www.windworkspower.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the company's control, inability to successfully conclude negotiations currently in progress, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.