SOURCE: Turkpower

October 05, 2010 09:59 ET

TurkPower Corporation Announces Update on Project Management 1320MW Coal Power Plant in Turkey

NEW YORK, NY--(Marketwire - October 5, 2010) -  TurkPower Corporation (OTCBB: GBIK) (the "Company") today updated the status of its exclusive agreement (the "Agreement") with Enerpro International SA ("Enerpro"). The Company and Enerpro entered into the agreement in November 2009 to participate in Enerpro's arrangement with Horizon Enerji Dagitim ve Elektrik Uretim A.S. ("Horizon") to consult Horizon in the development, construction and financing of its 1320MW capacity Coal Power Plant (Thermal Power Plant "TPP") project in the Ceyhan area of Turkey.

Horizon now holds all necessary licenses to construct and operate the plant. Total investment necessary to fund the project is approximately $2 billion, of which 30% is to be in the form of equity. Pursuant to the agreement, the Company shall receive consulting fees upon closing of the Horizon TPP project for its consulting and financing services. In addition the Company shall receive a 0.5% success fee upon completion of an electricity distribution deal for Horizon and a 2.0% success fee upon completion of an electric production deal for Horizon.

Ryan E. Hart, the Company's Chairman commented: "The Horizon project represents a huge opportunity for TurkPower and we are very pleased to be consulting this project on an exclusive basis. Turkey was the second fastest growing economy in Q1 and Q2 of 2010, and also home of the second fastest growing energy market in the world. The daily growing power demand can only be satisfied with large investments in the Turkish energy sector. The Company's management is working on signing other similar projects." The Company would like to caution its investors that while it is very excited and optimistic about the Horizon mandate and other similar large projects, there remain uncertainties and the Company will not be compensated for its efforts until a binding agreement with a purchaser or investor for the Horizon project has been signed.

About TurkPower Corporation
TurkPower Corporation (OTCBB: GBIK) is a Turkish-American consulting and service operations firm with a strong focus on the booming Turkish energy market. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey. In addition to its energy business, TurkPower aims at becoming a large player in the Turkish mining industry by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns.

Safe Harbor Statement

The statements by our officers, and other statements regarding optimism related to the business, consulting, service operations, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business and subject to successful financing. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.

Contact Information

  • TurkPower Corporation
    100 Park Avenue
    New York, New York 10017
    T 212-984-0628
    F 212-880-6499