SOURCE: Seakinetics Corp.

March 03, 2009 09:06 ET

Seakinetics Corporation Signs Management Pact With Re-Tech Project Finance; Jack Dhaliwal to Serve as Chief Technology Officer

NEWMARKET, ON--(Marketwire - March 3, 2009) - SEAKINETICS CORP. (PINKSHEETS: SKTS) (FRANKFURT: M90), a developer and marketer of cutting edge renewable energy technologies, reported today that it has entered into a Project Management agreement with Re-Tech Project Finance to co-ordinate and manage sales, marketing and engineering support for its advanced wave energy project in Europe and Asia. At the same time, SEAKINETICS and Re-Tech will maintain a standing agreement to co-develop and market innovative technologies in other segments of the renewable energy industry.

In conjunction with this announcement, SEAKINETICS is also appointing Jack Dhaliwal, a Re-Tech engineer and expert in the Renewable Energy business, as the company's Chief Technology Officer (CTO).

James Shelley, President of Seakinetics, said, "We are delighted with having Re-Tech on board to assist in co-coordinating whatever it takes to bring a large scale wave energy project to market as early as possible. Based on Mr. Dhaliwal's technical knowledge and industry expertise combined with his worldwide contacts, the Company is confident in Mr. Dhaliwal's ability to move this project forward. The Company will leverage Mr. Dhaliwal's experience and knowledge in the renewable energy sector to the benefit of Seakinetics and its shareholders."

About Jack Dhaliwal

Mr. Dhaliwal is a native of Vancouver, Canada and brings over 25 years of intensive large scale project management expertise and hands on experience to Seakinetics. Mr. Dhaliwal has participated in the engineering management of several mega capital projects throughout North America and Asia including the design and development of the proposed $300,000,000 million Tamil Nadu wind project in Southern India.

About Re-Tech Project Finance

Re-Tech Project Finance is a privately held developer and financier of new processes and methodologies used to harness renewable energy in the most cost effective and efficient way possible.

About Seakinetics Corporation

Seakinetics Corporation is a publicly traded company established for the purpose of designing, developing, and marketing ground breaking technologies in the renewable energy field. Shares of the Company are traded on the Open Market Segment of the Frankfurt Exchange. A public offering of the Company's shares was not made in connection with their inclusion on the Open Market Segment of the Frankfurt Exchange.

FORWARD-LOOKING STATEMENTS

This press release contains "FORWARD-LOOKING STATEMENTS" within the meaning of The Private Litigation Reform Act of 1995. Statements in this release are forward-looking statements based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements.

Actual results could differ materially because of the factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing product and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to the actual results or changes in the company's expectation.

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