Seakinetics Corporation

Seakinetics Corporation

July 02, 2009 03:00 ET

Seakinetics in Talks With Retech Project Finance; Looks to Appoint Jack Dhaliwal as Executive Vice-President and Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - July 2, 2009) - Seakinetics Corp (PINKSHEETS:SKTS)(FRANKFURT:M90) ( , a systems manager and developer of innovative renewable energy projects, reported today that it is in the final stages of talks with the principals of RETECH PROJECT FINANCE, the company's joint venture partner to acquire control over major RETECH projects in the Wind and Wave energy segments of the renewable energy industry. It is anticipated that a transaction will be completed between the parties within 2-4 weeks. Terms of the transaction have not been disclosed.

At the same time, the Company reports that Jack Dhaliwal, who is currently the acting Chief Technology Officer for the Company, has accepted an appointment to the position of Executive Vice-President and Chief Operating Officer, pending closing of a transaction with RETECH. Mr. Dhaliwal will retain his responsibilities for guiding the Company in its day to day activities in the technological development of both large scale wind and wave energy projects. In addition, Mr. Dhaliwal will be charged with the task of introducing new opportunities in the renewable energy sector to Seakinetics going forward.

Seakinetics was established for the purpose 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.

Seakinetics Corporation is listed on the Open Market Segment of the Frankfurt Borse. A public offering of Seakinetics shares was not made in connection with their inclusion on the Open Market Frankfurt.

Seakinetics Corporation is also listed in the United States, (Symbol:SKTS).

Forward-Looking Statements

This press release contains "FORWARD-LOOKING STATEMENTS" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release are forward-looking statements based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to the actual results or changes in the company's expectations.

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