Seakinetics Corporation

Seakinetics Corporation

November 04, 2009 03:00 ET

Seakinetics Joins the $2 Billion Race to Harness Ocean Wave Energy

Seakinetics Agreement with Leviathon Energy Waves Ltd. Gives Company Technological Advantage

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2009) - Seakinetics Corp announced today that its agreement with Leviathon Energy Waves Ltd., an Israeli technology company, will provide a unique opportunity to exploit the use of a diverse range of cutting edge wind and wave energy turbine systems. This could significantly boost the yield curve on large scale investments the Company will be making over the next decade on India based wind and wave energy farms.

According to a report published by The Prometheus Institute for Sustainable Development and Greentech Media; "Less than 10 MW of ocean power capacity has been installed to date worldwide. The research report, Forecasting the Future of Ocean Power, has projected that the market will grow two orders of magnitude to reach 1 GW of installed capacity at an annual market size of $500 million by 2015. Even as the market is in its early stages, it is poised for significant growth. Although investment to date in the ocean power market -- just over $500 million since 2001 -- is relatively small compared to other renewable energy market segments, the report finds that more than $2 billion will be invested to build commercial ocean wave power farms. Another $2 billion will go towards research and development globally over the next six years." (

Company President, James C. Shelley, explains that "While the current agreement with Leviathon focuses on the development and manufacturing of a unique energy wave turbine, Leviathon is also pioneering the development of two different wind energy turbine systems. The Leviathon Wind Energizer is designed to enhance the efficiency of conventional wind turbines while the Leviathon Energy Wind Lotus system has been designed as a small wind turbine for rooftop stations or other such areas in more crowded urban centers where space is at a premium."

Jack Dhaliwal, Seakinetics Chief Technology Officer stated, " I am particularly interested in the potential performance efficiencies we may derive by adding the Leviathon wind energizers to our Tamil Nadu wind farm project. My understanding is that these systems can increase the performance parameters of our tower wind turbines by as much as 20%-40%. Likewise, we anticipate significantly higher levels of performance output on future wave energy farm development in India and elsewhere, by virtue of the proprietary design configuration of Leviathan's above surface wave energy turbines."

Seakinetics 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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