Seakinetics Corporation

Seakinetics Corporation

August 13, 2009 06:21 ET

Seakinetics Signs Definitive Agreement With Re-Tech Project Management Inc; Initial Plans Call for Investment of $US 50 Million in Renewable Wind and Wave Energy Projects in India and Israel

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2009) - Seakinetics Corp ( (PINK SHEETS:SKTS)(FRANKFURT:M90), a systems manager and developer of innovative renewable energy projects, reported today that it has signed a definitive purchase agreement with Re-Tech Project Management Inc. whereby it has taken control over the Tamil Nadu wind energy development project in Southern India and a joint venture development project in Israel of an innovative wave energy turbine. The all stock transaction is valued at approximately $US 6.5 million.

As a result of the Purchase Agreement, Re-Tech Project Management, Inc. a Canadian incorporated company, will be a wholly owned subsidiary of Seakinetics Corp.

Says Jack Dhaliwal, co-founder of Re-Tech, "I've been involved with the Tamil Nadu wind farm project in India from its inception in 2006. During this time, well over $US 650,000 in technical and economic feasibility work has been successfully completed." Explains Mr. Dhaliwal, "As a result of earlier expenditures, the viability of Tamil Nadu as a premier wind farm on a global scale has already been proven. We are now ready to launch a multi million dollar investment program which will include land acquisition, site development work and Phase 1 construction of what may well be a 300 MW wind farm when fully completed over the next ten years. This is truly a massive project which has the potential of generating substantial sums of revenues and profits over the long term."

In commenting on the Seakinetics transaction with Re-Tech, James C. Shelley, Seakinetics President says, "We are very excited about the future direction of our Company in the years ahead. We now have complete ownership over the Tamil Nadu wind farm project and will be a full joint venture partner in cutting edge technology in the wave energy field. These are two diverse yet equally significant opportunities for fast becoming a major player in the renewable energy business on the world stage." Mr Shelley adds "While we recognize that we will be investing a minimum of US$50 million over the short term, in large measure, I think that the success of this transaction with Re-Tech is a measure of our collective determination not only to build Seakinetics into a very profitable enterprise, but also, to ensure that our shareholders reap significant rewards for their confidence and patience as we strive to achieve our goals and objectives as early as possible."

Seakinetics 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.

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 is also listed on the Pink Sheets (Symbol:SKTS) in the United States.

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 those disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.

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