NaiKun Wind Energy Group Inc.

NaiKun Wind Energy Group Inc.

April 02, 2007 20:29 ET

NaiKun AGM Highlights Progress to Date and Announces Changes to Board and Management

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) held its Annual General Meeting March 30th in Vancouver amid unprecedented investor interest in the company. Michael C. Burns, Chairman of NaiKun, addressed shareholders and summarized the significant progress the company has made in the past 12 months:

- Formed a partnership agreement with ENMAX Corporation, the western Canadian energy leader with extensive wind energy project experience. ENMAX will take an active role in development of the project and assume 50% ownership of the Generation subsidiary with the right to acquire the first, 320MW of NaiKun's 1,750 MW project.

- Secured funding of more than $9 million through two separate offerings to the investment community, a contribution from the ENMAX strategic partnership as well as the exercise of warrants and stock options. More importantly, strong investor interest in the company and the green energy sector has led to a significant increase in the valuation of the company over the past 12 months.

- Opened an office at Oceanic Plaza in Vancouver and engaged a team of managers and third party consultants with world-class credentials in energy development and offshore wind. The team has developed or completed 10 studies to date and have at least 12 more underway with the goal of preparing a bid for submission to BC Hydro's 2007 Call for Power.

- Played an active role in helping foster policy initiatives at the federal and provincial levels of government to help accelerate the development of wind energy in British Columbia.

- Strengthened relationships with several community groups. For instance, this past November we were honoured to participate in a ceremony with the Council of the Haida Nation (CHN). The Council presented NaiKun with the CHN flag which now stands alongside the flags of Canada and British Columbia in our Vancouver office. This symbolizes our respect for the Haida Nation and our commitment to approach this development with the appropriate environmental, social and cultural considerations.

- Initiated the Environmental Impact Assessment (EIA) process with the filing of the EIA Draft Terms of Reference.

"The last year has been an exceptional one for NaiKun," said Mr. Burns. "The positive public policy environment, strong investor interest and support, together with the funding and validation by ENMAX have put NaiKun in a very strong position to realize the potential of the Haida Energy Field," he added.

The AGM also notified shareholders of several significant changes to the Board and Management of the company:

- Gary Holden, the President and CEO of ENMAX Corporation, has been nominated to join the Board of Directors of NaiKun Wind Energy Group Inc.

- Michael Altman will be winding up his active involvement with NaiKun Wind Energy Group as of May 31st in order to concentrate on the oil, gas and mineral assets of Uniterre, a subsidiary of NaiKun Wind Group.

- Francis Waldbillig, who has been Corporate Secretary, will be leaving his post. He will be replaced by Jonathan Reilly, who will also be transitioning into Mr. Altman's former role as General Counsel.

- Ray Castelli will assume the role of Chief Executive Officer of NaiKun Wind Development Inc., in addition to his current role as President. Mr. Castelli will also be appointed Senior Vice President of Group and all subsidiary companies.

- Doug King has joined the company as Director of Finance and Administration. Shortly, we will also be announcing the addition of Sara MacIntyre as Director of Public Affairs and Corporate Communications.

- NaiKun launched a new website on April 2nd which includes an enhanced investor relations portal. This reflects the significant growth in our investor base and the number of investor inquiries we are receiving on a regular basis. A key feature of this website will be an investor Q&A section where management will post responses to relevant investor inquiries in order to ensure those replies are as broadly available as possible.

NaiKun Wind Development Inc. has been engaged in wind energy development in the Haida Energy Field off the coast of British Columbia since 2001. When fully operational, its five-phase 1,750 MW NaiKun Wind Farm will generate enough electricity to power 600,000 homes. Construction of Phase 1 is expected to begin in 2009. NaiKun Wind Development Inc. is a wholly owned subsidiary of NaiKun Wind Energy Group. Interested parties are invited to visit the company's website at

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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