NaiKun Wind Energy Group Inc.

NaiKun Wind Energy Group Inc.

November 03, 2006 08:30 ET

NaiKun Wind Energy Group Inc.: Uniterre Changes Name, Announces New Board Appointments, Hires Investor Relations Firm

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) - NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) -

Michael C. Burns, Chairman and President of Uniterre Resources Ltd., announced today that the company has changed its corporate name. The new name, effective immediately, is NaiKun Wind Energy Group Inc. On the TSX Venture Exchange, NaiKun will trade under the symbol NKW (previously "UNT").

Mr. Burns noted that the new name more accurately represents the Vancouver-based company's primary business, which is development of the NaiKun Wind Farm in the waters of Hecate Strait between Haida G'waii (the Queen Charlotte Islands) and Prince Rupert. The company's development efforts have accelerated following a recently completed private placement. When all five phases are built, the NaiKun Wind Farm will be one of the largest offshore wind farms in the world.

Concurrent with the change in name, NaiKun Wind Energy Group Inc. announced four new appointments. Current chairman Michael C. Burns assumes the position of President of NaiKun Wind Energy Group Inc. Michael H. Altman, former President of Uniterre Resources, becomes Senior Vice President, General Counsel and Secretary. Kenneth F. McCready, a board member of EnCana Corp. and President of sustainable energy development consulting company K.F. McCready & Associates Ltd., joins the board of NaiKun Wind Energy Group Inc. Current NaiKun Wind Development Inc. president Ray Castelli also joins the NaiKun Wind Energy Group Inc. board.

NaiKun Wind Energy Group Inc. also announced today that it has engaged investor relations firm Contact Financial Corp. ("Contact") to help manage the information needs of existing and prospective shareholders. Contact has been granted options entitling it to purchase 100,000 shares of NaiKun Wind Energy Group at an exercise price of $0.42 per share. The options vest in stages over a 12-month period in accordance with TSX Venture Exchange regulations.

NaiKun Wind Energy Group Inc. is a Vancouver-based energy company that has traded on the TSX Venture Exchange (and its predecessors) since 1967. Its stock symbol is NKW. Since 2000, the company has focused on renewable energy and is now concentrating on development of a major wind farm in British Columbia's Hecate Strait.

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 I 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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