SOURCE: Dakshidin Corporation

June 16, 2008 16:39 ET

Dakshidin & HKS (Wuhu) Environment Energy Development Ltd. Confirm They Are Moving Ahead Towards Finalizing the Development Terms and Conditions of the January 09 2008 Agreement Entered Into With Dakshidin Corporation

LAS VEGAS, NV--(Marketwire - June 16, 2008) - Dakshidin Corporation (PINKSHEETS: DKSC) (FRANKFURT: 4LQ), producer of the world's most powerful water pumping windmill, is pleased to announce that is moving ahead with the previously announced joint venture agreement of January 09, 2008 with HKS (Wuhu) Environment Energy Development Ltd. ("HKS Wuhu"). The J.V. will continue to undertake to complete the investment of $2,000,000 USD into Dakshidin Corporation by way of Private Placement in which Dakshidin will issue restricted common shares to HKS (Wuhu). The investment is expected to be exercised related to the completion of all business matters in progress surrounding the project, now in its final stages.

HKS (Wuhu) advised management the construction planning is moving forward and is on track. Further, they advise the project's operational financial arrangements made with the Bank of Communications are in place to move forward as stated in the December 07, 2007 news release.

Dakshidin Corporation wishes to thank HKS (Wuhu) Environment Energy Development Ltd. and the Wuhu Government officials for their strong support and participation in the development of launching our joint venture partnership manufacturing facility of environmentally friendly products. The HKS (Wuhu) manufacturing facilities will enhance the position of Dakshidin's subsidiary company Restec International Inc. and will facilitate the future increase in production for its existing and new products while maintaining market competitiveness for the demand and the deployment of its products in the Asian and Global markets.

Restec's Mark 10 windmill is the cost-effective and environmentally friendly solution for the world's water crisis and Restec's Mark 10E windmill is the cost-effective and environmentally friendly solution for the world's energy crisis!

About us: Dakshidin Corporation, through its wholly owned subsidiary, RESTEC International Inc., produces the world's most powerful pumping windmill. Throughout the world, especially in developing countries, there is a dire need for water to fulfill basic human self-sufficiency demands. In most cases, the problem is not the lack of available water, but the cost and reliability of obtaining it. The RESTEC water pumping Windmill and the Restec Wind Turbine are the renewable, cost-effective and environmentally friendly solutions for the world's water and energy crisis.

Forward-Looking Statements: The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

Contact Information

  • For Investor Relations Contact:
    Mr. Brent O'Connor