NaiKun Wind Energy Group Inc.
TSX VENTURE : NKW

NaiKun Wind Energy Group Inc.

March 19, 2010 08:30 ET

NaiKun Wind: Results from Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2010) - NaiKun Wind Energy Group (TSX VENTURE:NKW) held its Annual General Meeting in Vancouver on March 18, 2010.

The following were re-elected to NaiKun Wind's Board of Directors:

  • Philip Hughes (Chair)
  • Michael C. Burns
  • Joseph Houssian
  • Ken McCready
  • David Rehn
  • Paul Taylor
  • Graham Wilson

In addition, KPMG LLP, Chartered Accountants were re-appointed as auditors of the Company.

"One of NaiKun Wind's strengths is the membership of our Board of Directors," said Philip Hughes, Chair of the Board. "The broad range of experience and perspectives present on the Board has served the company very well over the years."

"I would also like to take this opportunity, on behalf of shareholders and staff, to thank Fereydoun (Fred) Dabiri and Steven Sanders who are retiring from the Board," added Hughes. "Steven Sanders has served on the Board since 1990, except for a brief hiatus in 1994, and has provided many years of counsel to the Company. Fred Dabiri joined the Board in 2007 and his experience working with North Coast First Nations opened the door for NaiKun Wind to form early successful relationships with First Nations in the project area. We extend our deepest appreciation and best wishes to both."

BC Hydro has indicated that it will complete the selection of projects under the Clean Power Call by the end of this month. The Company believes that the attributes and values of the NaiKun Wind project present a compelling case for its inclusion on the list of successful proponents.

Specifically, the project offers the following strengths:

• Solid collaborative partnerships with local First Nations
• Significant economic and environmental benefits for the North Coast region
• Environmental Assessment Certificate from the Provincial Government
• Superior wind resource; favourable conditions for construction
• Existing transmission capacity at the point of interconnection
• Proven Siemens offshore wind and transmission technology
• Strong public support
• Peak output during high-demand months
• Advanced stage of development – project is ready to build

NaiKun Wind continues to work with the Federal Government on the completion of its environmental review process for the project. The Company also continues to assist the Haida Nation in its effort to secure support from the Federal Government that would enable the Nation to become one of the generation company's equity owners.

In addition to advancing the offshore wind project, NaiKun Wind is working toward near-term acquisition of electricity generation assets in advanced stages of development. The goal is to diversify the Company's risk profile and to secure near-term revenue from renewable energy assets. NaiKun Wind expects to be able to provide more information on this initiative in coming months.

NaiKun Wind remains confident in its vision of developing a renewable energy company with the goal of helping to meet B.C's energy needs, reducing greenhouse gas emissions and providing benefits for North Coast communities and British Columbia as a whole.

NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy company with offices in Vancouver, Masset and Skidegate. The 396MW offshore wind energy project will generate enough energy to provide electricity to 130,000 B.C. homes and play a significant role in combating climate change. The project will also create an estimated 200 jobs during construction and 50 permanent jobs for maintenance and operations. NaiKun Wind is committed to working in partnership with First Nations and collaboratively with stakeholder groups and local communities in the development of its project. For more information, please visit www.naikun.ca.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NaiKun Wind Energy Group Inc. - Media Enquiries
    Doug McClelland
    Director, Communications
    604-631-4487
    dmcclelland@naikun.ca
    or
    NaiKun Wind Energy Group Inc. - Investor Enquiries
    Peter Murray
    Manager, Investor Relations
    604-631-4494
    pmurray@naikun.ca
    www.naikun.ca