SOURCE: Far East Wind Power Corp.

Far East Wind Power Corp.

November 30, 2010 09:00 ET

Far East Wind Power Enters Into Binding LOI to Develop Wind Farm in Wulatehou Qi, Inner Mongolia

BEIJING--(Marketwire - November 30, 2010) - Far East Wind Power Corp. (OTCBB: FEWP) ("Far East" or the "Company") has entered into a binding Letter of Intent ("LOI") with Tianlanhengfeng Electrical Power Corporation of Hohhot, Inner Mongolia (the "Owner") in order to jointly develop and operate a wind farm project located in Wulatehou Qi, Inner Mongolia, China (the "Project"). 

The Mongolian project is planned for a total capacity of 300MW with a first phase of 50MW. Development plans call for a total of 6 phases at 50MW each. The Owner has obtained all the necessary approvals and permits from the local government and has commenced construction.

Far East and the owner plan to establish a Joint Venture (JV) in order to develop the first 50MW collectively and then aim to proceed with ongoing phases to completion. Details regarding the establishment of the JV will be announced upon completion of negotiations. 

James Crane, Company CFO, stated, "We continue to take advantage of a niche marketplace in China. As previously stated, Chinese state-owned enterprises are developing wind farms but there is not enough development to meet China's stated renewable energy goals and many entrepreneurs in China are attempting to enter the wind farm marketplace. Consequently, we are diligently working with these entrepreneurs to provide them with capital and refine their business plans so that, as partners, we can develop assets that will generate substantial mutual cash flow for many years to come."

Far East's Chairman and CEO, Liu Xiaobu, states, "We are very confident regarding this project as it is a mature and highly promising prospect. We also look forward to a long-term relationship with Mr. He Jianxun, Chairman of Tianlanhengfeng Electrical Power Corporation, a well-known and respected leader in the industry who has shown great interest and enthusiasm for our proposals and has indicated the desire to sign a definitive agreement as soon as reasonably possible."

The Definitive Agreement shall contain customary representation and warranties, covenants and indemnification provisions. Details of the company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

About Far East Wind Power Corp. (OTCBB: FEWP)
Far East Wind Power Corp. aims to generate clean and profitable energy in one of the world's fastest growing energy sectors through access to a portfolio of utility-class wind power development projects. Far East will inject innovation to drive cost out of turbine manufacturing, introduce new technologies and strategic relationships, and aggressively pursue all available low costs of capital to deliver the most competitive cost per capacity and highest rates of return in the Asian marketplace. For more information, visit: www.fareastwind.com.

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:

    Far East Wind Power Corp.
    James Crane
    Chief Financial Officer
    US +1 617 699 6325
    China +86 186 2136 3580

    Investor Relations:
    PR Financial Marketing, LLC
    Jim Blackman
    (713) 256-0369
    jim@prfmonline.com

    Evergreen Investor Relations, Inc.
    Phone: 1-866-513-2537
    Email: info@fareastwind.com
    Web: www.fareastwind.com