Canada: NaiKun Announces Results from Annual General Meeting
NaiKun Wind Energy Group Inc. (“the Company”) held its Annual General Meeting in Vancouver, British Columbia on March 14, 2012.
The results of voting on matters put before the Company’s shareholders include:
- Election of Board of Directors: Philip Hughes (Chair), Michael C. Burns, Joe Houssian, Michael O’Connor, David Rehn and Graham Wilson were re-elected to the Board of Directors.
- Re-Appointment of Auditors: KPMG LLP, Chartered Accountants, were re-appointed as auditors of the Company.
The Company also announces its financial results for the three months ended December 31, 2011, a period in which the Company continued forwarding the NaiKun Wind Project while controlling its costs. A substantial restructuring effort was undertaken in the third quarter of fiscal 2010 and the Company has maintained both the expense profile and the strategic efforts as laid out by the Board of Directors at that time. NaiKun Wind remains confident that these undertakings represent the best available opportunities to support the advancement of the project and maximize shareholder value.
An overview of NaiKun Wind’s first quarter results and projected expenditures include:
- As of December 31, 2011, NaiKun Wind had $6.4 million in cash and cash equivalents compared to $6.8 million at the end of September 2011.
- For the three months ended December 31, 2011, NaiKun Wind incurred a net loss of $0.58 million ($0.01 per share), compared to $0.53 million ($0.01 per share) for the same period last year.
- For fiscal 2012 the Company has budgeted cash expenditures of $1.5 million which, given the Company’s existing cash position, will sustain operations into 2014 and beyond.
NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun Wind’s 396MW offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
The NaiKun Wind project is at an advanced stage of development, with environmental approvals and agreements in place with key suppliers and First Nations and is now in a position to begin construction within two years of receiving an energy purchase agreement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements — This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Offshore WIND staff, March 16, 2012; Image: alpha-ventus