DENVER, CO--(Marketwire - Jun 9, 2011) - NACEL Energy Corporation (OTCQB: NCEN) (FRANKFURT: 4FC) (PINKSHEETS: NCEN) ("NACEL" or the "Company") today confirmed its principal financier, JMJ Financial of San Diego, California ("JMJ"), has agreed to terms and executed a series of Notes, which, if fully exercised, will provide a total of $2.8 million in financing for Crownbutte Wind Power Inc. (OTCQB: CBWP) (PINKSHEETS: CBWP) (Crownbutte). In January 2011, NACEL acquired two blocks of the common stock of Crownbutte and became its largest shareholder.
NACEL Energy Chief Executive Officer Mark Schaftlein stated:
"Crownbutte has three wind power projects, which during the last three to five years, have progressed through the development stage and are now ready to be constructed this year, in 2011. Through May 31, 2011, NACEL has invested a total of $111,687 in Crownbutte, providing essential operating capital to Crownbutte for the ongoing development of these projects and other corporate requirements. In addition, a total of $268,000 of Crownbutte debt has been restructured or settled. Securing this long term financing arrangement with JMJ is an important milestone for Crownbutte. It provides a foundation from which Crownbutte can execute upon its business plan of building, owning and operating a portfolio of utility scale wind parks across North Dakota, South Dakota and Montana and thereby should also serve to enhance NACEL's, and all other shareholders', investment in Crownbutte."
Last week, Crownbutte exercised and delivered a $330,000 Promissory Note in exchange for JMJ's delivery of a $300,000 Secured and Convertible Promissory Note, being the first of the aforementioned series of Notes together totalling $2.8 million in financing. There are no assurances such future financing transactions will occur. In addition, while efforts are diligently underway to secure the turbine financing needed for Crownbutte's wind parks to be built, there are no assurances these efforts will be successful. There are many risks and uncertainties related to the wind power business, which are more fully described in NACEL's and Crownbutte's SEC filings available at www.sec.gov.
About NACEL Energy Corporation (OTCQB: NCEN)
NACEL is one of the first publicly traded companies in America exclusively developing clean, renewable, utility scale wind energy. The Company currently anticipates generating an aggregate 300 megawatts of new wind power upon the commissioning of the Gascoyne II project in North Dakota, together with the Company's Leila Lake, Hedley Pointe, Swisher, Channing Flats and Blue Creek, all located in the Texas Panhandle. NACEL was founded in 2006 and successfully completed its IPO in December of 2007. NACEL is also the largest shareholder of Crownbutte Wind Power Inc. (OTCQB: CBWP) of Mandan, ND.
The WIND POWER COMPANY™
Notice regarding Forward-Looking Statements
Statements in this press release relating to NACEL Energy's plans, strategies, economic performance and trends, projections of results of specific activities, and other statements that are not descriptions or historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in NACEL Energy's business. Forward-looking statements may be identified by words such as "should," "may," "will," "anticipate," "expect," "estimate," "intend" or "continue," or comparable words or phrases. Interested persons are encouraged to read NACEL Energy's Securities and Exchange Commission filings, particularly its Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.