PORTLAND, OR--(Marketwired - Feb 12, 2014) - THE NOW CORPORATION (
The Company shall also acquire exclusive distribution rights to SPpf's exoPOWER wind turbine system for small-wind and mid-wind sectors for the states of California, Oregon, Washington, and Idaho in addition to Texas, New Mexico, Arizona, Nevada, Utah, Wyoming, Montana, North Dakota and South Dakota for oil field applications from pfBC.
Under the terms of the original and amended LOI, SPpf shall develop its exoPOWER wind turbine system with the Company to fulfill specific and unique requirements for applications for markets as identified by NOW for the small-wind and mid-wind sectors under the Company's private label. exoPOWER wind turbine systems that range from 10 kilowatts to 250 kilowatts will be distributed by the Company to fulfill the market demands of the small-wind and mid-wind sectors.
SPpf's exoPOWER wind turbine system is a proprietary, patent-pending technology whose design is based on the wind blades or sails being positioned on the circumference of a ring frame where multiple bearings and supports share the stress and torque of a rotating turbine equally. The outer ring is mounted on a track that is laid on the horizontal. As the turbine rotates, the magnets pass continuously along the mounted coil packs, where power off takes feed the converter, changing alternating current to direct current. The inverter then directs the power to the circuit breaker which flows back to the grid or to a battery storage system for on-demand electricity. Energy from the exoPOWER turbines can be taken off by a number of different methods, including but not limited to coil and magnet, hydraulically and mechanically.
This simple, yet break-through design has created a new class of wind turbines -- the external wind axis turbine ("EAWT"). This design allows for the elimination of a central hub that is common to conventional three-blade horizontal axis wind turbines ("HAWT"). In doing so, the nacelle which contains a complex yaw motor, transmission, gear and braking components, along with oil-based lubricants to keep everything in working condition is eliminated.
Some of the many benefits of the design of the exoPOWER turbines include scalability at the machine level (10 kilowatts up to 4.5 Megawatts), turbines that a stackable on top of each other allowing multiple orders of power generation, and installation directly into buildings or on roof-tops of new and existing buildings allowing power to be generated where it is needed.
The exoPOWER wind turbine systems come equipped with an exoHOUSING unit that is designed to influence wind flow, resulting in better wind load to propel the blades or sails of the exoPOWER turbines. An added benefit of the exoHOUSING is that it will help prevent birds and other flying objects from striking the blades or sails of the exoPOWER turbines. The exoPOWER turbine and exoHOUSING can be raised using the exoTOWER such that higher wind loads can be exploited to optimize the generation of electrical power. The exoTOWER can also create industrial space that can be further utilized by the power farm owner/operator to house energy storage units, or for other commercial use.
With the amendment to the original LOI, the Company has secured distribution rights to wind markets that are both very well developed, with an installed capacity of nearly 31 Gigawatts (source: AWEA), and holds tremendous opportunity for further expansion with over 30 Gigawatts of planned installations (source: AWEA). As such, The Now Corporation has positioned itself to be a provider of the exoPOWER wind turbine systems to replace older model conventional three-blade HAWT, displace diesel power generators, and to take advantage of emerging opportunities where the applications and installations of the conventional HAWT are limited or prohibited because of design limitations in a robust territory.
One such emerging opportunity in the mid-wind sector is the agricultural market, and the growing of products for the medical opportunities, where the Company has been contacted by companies in Colorado with commercial farming operations of 500 acres with an expression of interest in installing the exoPOWER wind turbine system for their power needs.
For the first time in decades, the Federal government is allowing farmers to cultivate hemp. As of Wednesday, January 29, 2014, pursuant to the passage of the farm bill, the cultivation of industrial hemp is legal on a Federal level and is clearing the way for industrial hemp pilot programs in states such as Colorado, Washington, California, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont and West Virginia, where growing the plant is legal.
Company President Brian Sims commented, "We are extremely excited about expanding our territory in the growing wind industry, along with the number of expressions of interest that we are receiving. We believe that SPpf, our IP provider, has developed a disruptive technology that is going to revolutionize the way wind is going to be harnessed to generate power. The fact that pfBC has transferred the rights to an expanded territory to our Company demonstrates that they believe we have the competencies to reach a network of potential customers for the exoPOWER wind turbine systems. Furthermore, with power generation being the reason for nearly 40% of carbon emissions in the US, we believe that it is imperative for all participants in the power supply chain to do its utmost to generate and distribute power in an environmentally sustainable and responsible manner."
On behalf of the Board of Directors,
"BRIAN SIMS"
Brian Sims
President
The NOW Corporation
Disclaimer:
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.