Katabatic Power Corp.

Katabatic Power Corp.

October 15, 2009 09:30 ET

Katabatic Power Corp.: From Slots to Megawatts



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Katabatic Power Corp. (the "Company" or "Katabatic") announced today that Thomas Bell has been appointed as President and Chief Executive Officer.

Mr. Bell is a former Executive Vice President of Great Canadian Gaming Corporation (TSX:GC) ("Great Canadian"), Canada's largest multi-jurisdictional gaming and entertainment operator. In addition to his 16 year tenure with Great Canadian, Mr. Bell has held director and senior management positions with various publicly traded companies in the gaming, financial services and mining exploration industries.

"Mr. Bell's extensive experience in senior management and corporate finance as well as his knowledge of private sector working relationships with government regulatory bodies, First Nations, municipalities and crown corporations make him a great addition to Katabatic's management team," said director Nolan Thomasson.

"I am very excited to join Katabatic's experienced management team. I believe that there is a great future in the renewable energy industry and that Katabatic is well positioned to be a major player in British Columbia. The province is well suited for investment in this sector as it has natural strengths and competitive advantages for clean and renewable sources of energy.

Katabatic has two promising sites in late stage development. The Mount Hays and Banks Island Wind Farms are both located on the North Coast of British Columbia, a region recognized as having among the best wind energy resources on the planet. About $10 million has been spent to date developing these projects. When complete, these projects would represent over a billion dollars of investment in British Columbia. In addition to these assets, the Company is pursuing other projects to establish a diverse development pipeline that will create clean, renewable and sustainable energy as an alternative to polluting fossil fuels. I look forward to working with the Katabatic team and its stakeholders, BC Hydro, First Nations, the City of Prince Rupert and the Province of British Columbia to advance these very exciting projects," said Thomas Bell.

About Mount Hays Wind Farm

Mount Hays Wind Farm Limited Partnership was awarded an Electricity Purchase Agreement ("EPA") from BC Hydro as part of the 2006 Clean Power Call. Katabatic is the limited partner and the developer of this project. The EPA is a 25 year agreement to provide the utility with electricity from the Mount Hays Wind Farm.

The Mount Hays Wind Farm will be located on a 731 hectare parcel of land on the southern slope of Mount Hays, approximately 4 km south of Prince Rupert, British Columbia. It will generate electricity from up to 18 wind turbines for a project total of 27 MW. Once in operation, the wind farm will produce enough electricity for 10,000 homes from a renewable, clean energy source.

The wind farm site consists of two prominent ridgelines generally oriented north-south where the turbines would be located. While the proposed project is located on a relatively large parcel of land, only a small percentage will be physically disturbed by construction. An existing access road is a significant advantage to this site as it greatly reduces the environmental impact of the project due to reduced land clearing requirements.

About Banks Island Wind Farm

North Coast Wind Energy Corp. ("NCWEC") is a British Columbia company owned by Katabatic and Deutsche Bank AG, a leading global investment bank.

NCWEC has submitted a bid as part of the 2008 Clean Power Call to BC Hydro to construct and operate the Banks Island Wind Farm located on Banks Island, British Columbia. The proposed wind farm would generate 339 MW of clean, renewable wind energy. As part of the bid NCWEC also provided BC Hydro with two options of increasing the wind farm capacity based on their demand forecasts. The maximum capacity of these two options is 702 MW. Fully built out, Banks Island has a potential nameplate capacity of up to 3000 MW. This is more than twice the size of anything currently in operation or under construction and among the largest planned wind farm sites in the world.

Banks Island is an uninhabited island approximately 75 km long and 25 km wide on BC's North Coast. The island is located approximately 90 km south of Prince Rupert. The proposed wind farm is situated on Crown Land with a portion on the Banks Nii Luutiksm Conservancy in the northwest part of Banks Island. Only about 1% of the 10000 hectare wind farm area will be used by the major components of the wind farm.

The proposed wind farm and transmission line are located within the traditional territories of the Gitxaala, Lax Kw'alaams and Metlakatla First Nations. Katabatic is working with all three First Nations in order to provide ownership, environmental, economic, employment and training opportunities associated with the project.

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