Seakinetics Corporation

Seakinetics Corporation

September 08, 2009 04:56 ET

Seakinetics Corporation Set to Grow Management Team to Build Out Tamil Nadu Wind Project in India; Company is Expanding the Board of Directors

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2009) - Seakinetics Corporation (PINK SHEETS:SKTS)(FRANKFURT:M90) reported today that it will take aggressive measures to fortify and expand its management staff as required to complete Phase I of its Tamil Nadu wind energy project in Southern India by Q4 2012. The Company also reported that it is currently in talks with a number of leading technical and knowledgeable professionals in the energy business with a view to expanding its Board of Directors on or before the next Annual General Meeting.

"When fully completed, our Tamil Nadu power project in southern India will represent one of the most significant developments in wind energy in this decade. We are concentrating all of our efforts to ensure that all of the elements are in place to make Tamil Nadu a world class renewable energy project which will provide a new and substantial energy source for India", explained Jack Dhaliwal, Seakinetics Executive Vice-President and Chief Technology Officer.

Mr. Dhaliwal added "We will continually assess our people resources to ensure that we are adequately staffed to meet our timeline objectives for completing this major project. I have no doubt that much of our future success will come about as a result of the excellent talent that we will have in place at our domestic facilities in North America and international field operations in India."

James C. Shelley, Seakinetics President stated, "We also intend to expand and strengthen our Board of Directors as soon as possible. We are fully cognizant of the enormous financial undertaking that lies before us and we will do whatever is necessary at a Board level to ensure the highest standards of corporate governance in all of our corporate activities."

Seakinetics Corp and its wholly owned subsidiary, Re-Tech Project Management Inc., 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 is currently developing a phased in 300 MW wind energy farm in the Tamil Nadu region of Southern India. It is also engaged in a joint venture development with Leviathan Energy Wave Ltd., Israel for the development of a proprietary wave energy turbine.

Seakinetics 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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