Radar Acquisitions Corp.

Radar Acquisitions Corp.

March 23, 2005 08:30 ET

Radar Signs LOI to Acquire Biomass Power Plant




MARCH 23, 2005 - 08:30 ET

Radar Signs LOI to Acquire Biomass Power Plant

CALGARY, ALBERTA--(CCNMatthews - March 23, 2005) - Tim Bergen, Chief
Financial Officer of Radar Acquisitions Corp. ("Radar") (TSX
VENTURE:RAC) would like to inform its shareholders of its recent signing
of a Letter of Intent (the "LOI") relating to Radar's acquisition and
operation (the "Transaction") of a 10 megawatt ("MW") wood fired biomass
electrical power plant (the "Power Plant") and related assets (the
"Assets"), including land and buildings. Agreements providing the
definitive terms and conditions of the Transaction are currently under
negotiation, with the completion of the Transaction anticipated no later
than May 1, 2005. Following said completion, Radar will restart the
Power Plant. A news release providing a full description of the material
terms and conditions of the Transaction will be issued following closing.

The Power Plant was refurbished between 1999 and 2002 and sits on a
strategically located 16 acre parcel of land in Oregon. Following the
completion of the Transaction, Radar anticipates that it will be able to
expand the Power Plant with the addition of another 10 MW biomass power
plant. In December 2004, Radar retained Acres Parsons E&C Limited, a
Canadian registered EPCM company with extensive knowledge and background
in biomass power plants, to conduct a review of the Power Plant and
Assets. Radar's decision to proceed with the Transaction and enter the
LOI and was based, in part, upon the receipt of a satisfactory report
from Acres.

Completion of the Transaction is subject to the receipt of all necessary
corporate and regulatory approvals, including the acceptance of the TSX
Venture Exchange, and the completion of Radar's due diligence review.

Radar's lead project is its Buick Power Project, on October 20, 2004,
Radar signed a three-way Memorandum of Understanding (MOU) with Black
Hills Generation and Kiewit Mining Group Inc in order to further the
development of the Buick Power Project. The terms of the MOU are that
Black Hills or its Affiliate shall provide Plant O&M Services, Kiewit or
its Affiliate shall provide Mine O&M Services and Radar or its Affiliate
shall provide the Lignite Resource for the Project's Lignite Mine. The
Buick Power Project is located 90 miles south east of Denver, Colorado,
and encompasses over 22,500 acres of leases held by Radar. These leases
include 15,360 acres of land leased from RME Land Corp., a subsidiary of
Anadarko Petroleum Corporation (NYSE:APC). A measured resource of 216
million tons plus an indicated resource of 45 million tons for a
measured plus indicated resource of over 260 million tons of coal has
been reported within the leases (see the engineering report filed on
www.sedar.com August 8, 2002 By Garry Smith, a qualified person). Radar
is pleased to report that progress is being made on the Buick Power
Project as scheduled.

Radar will continue to update shareholders on the progress of future
corporate news, financings, and project developments. Management
welcomes the opportunity to present detailed project information to
shareholders or other interested parties.

Foreign Purchase Information:
CUSIP # 7499231
IBM Security Code - 565656
Stock Symbol RAC on the TSX Venture Exchange

All statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove
to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Radar's
expectations are disclosed in documents filed from time to time by Radar
with the TSX-Venture Exchange, the Alberta Securities Commission and the
British Columbia Securities Commission.


Contact Information

    Radar Acquisitions Corp.
    Peter Leger
    Project and Corporate Information
    (403) 262-3797 or Toll Free 1-877-262-5888
    (403) 233-2344 (FAX)
    Radar Acquisitions Corp.
    Gordon Beach (Broker/Investor Communications)
    Investor Inquiries
    (403) 262-3797 or Toll Free 1-877-262-5888
    (403) 233-2344 (FAX)
    The TSX-Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.