Press Release
Wind Works Power Corp. Acquires 50% Interest in Ontario project with a FIT- Power Contract
June 14, 2011
OTTAWA, ONTARIO--(MARKET WIRE)—June 14, 2011 – Wind Works Power Corp. (OTCQB:WWPW.BBO - News)(Frankfurt:R5E1.F - News)(WKN: A0RPM2) is pleased to announce it has signed an Agreement to acquire a 50% interest in a 5 megawatt (MW) wind energy project located in Ontario, Canada. The Project was awarded a Feed-in Tariff (FIT) power contract by the Ontario Power Authority in April 2010.
“We are looking to increase our project portfolio in Ontario, a market with a progressive feed-in tariff system whereby the government offers a 20-year power contract”, comments Dr. Ingo Stuckmann, Wind WorksÂ’ President and CEO. “This new project is a strong complement to our current project portfolio in Ontario given its advanced stage of development.”
Highlights:
- Wind Works is required to fund all development costs of approx. $1 Million which includes interconnection to the HONI powergrid;
- The Purchase Price for Wind Works is subject to the final economic parameters and is not due until the project has received Renewable Energy Approval by the provincial government;
- Wind Works will be required to finance the Project after Renewable Energy Approval by securing the necessary debt financing for the project;
- Wind Works will organize construction of the project.
About Wind Works * Zero Emission People
Our mission is to provide the opportunity for people to participate in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for our shareholders and our planet. To eliminate one person`s carbon footprint of 18 tons each year (for Canada), it only takes a modern windmill 2 days by producing approx. 36,000 kilowatt hours of zero emission energy. For more information, please visit: www.windworkspower.comSafe 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.