Seakinetics Corporation

Seakinetics Corporation

September 03, 2009 03:00 ET

Seakinetics Corp Gearing for Solid Cashflow by Q4 2012 from Newly Acquired Retech Wind Energy Unit

TORONTO, ONTARIO--(Marketwire - Sept. 3, 2009) - Seakinetics Corp. (PINK SHEETS:SKTS)(FRANKFURT:M90) ( reports that its newly acquired Retech Wind Energy Unit will generate solid cash flows and profitability by Q4 2012. The Company reports that under the guidance of Jack Dhaliwal, its new Chief Technology Officer and head of the Retech Wind Energy Unit, it will soon initiate a program to secure up to 6,000 acres of premium land in the Shencottah Pass Region in Southern India. The first phase of the Company's large scale Tamil Nadu wind energy project will be developed on 2000 acres and will be capable of generating 90 MW of power for industrial and residential use.

The development of wind power in India began in the 1980s, and has significantly increased in the last few years such that India is ranked as the country with the 5th largest installed wind power capacity in the world. As of March 2009, the Indian wind energy sector has an installed capacity of 10,242.3 megawatts. The largest area of production is Tamil Nadu which generates approximately 40% of all wind energy produced in India. It is estimated that 6,000 MW of additional wind power capacity will be installed in India by 2012. Wind power accounts for 6% of India's total installed power capacity and it generates 1.6% of the country's power.Under the Kyoto Protocol India is obligated to produce 10% of its total energy needs through renewable sources.

Commenting on the development of the Tamil Nadu project, Mr Dhaliwal explained that "The choice of the Shencottah Pass is a result of intensive research conducted by Seakinetic's newly acquired subsidiary , Re-Tech Project Management over a period of 24 months and spanning six Indian States and 15 specific site." "Our research and feasibility studies are now complete and we are poised to become significant contributors to increasing the production of wind energy in India." stated Mr. Dhaliwal.

Seakinetics' new acquired ReTech Project management was established for the purpose of designing, developing, marketing and investing in innovative technologies and services in the renewable energy field. Seakinetics' mission is to be an industry leader in finding solutions for renewable energy today and tomorrow.

The Company recently reported that it had acquired Retech Project Management Inc, an Ontario corporation that holds the Tamil Nadu wind project in Southern India as well as a joint venture with Leviathan Energy Wave Ltd, Israel for the development of a proprietary wave energy turbine.

Seakinetics Corporation is listed on the Open Market Segment of the Deutsche Borse. A public offering of Seakinetics shares was not made in connection with their inclusion on the Open Market Frankfurt.

Seakinetics Corporation trades in the United States under the Symbol SKTS.

This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurances that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.

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