World Wide Co-Generation Inc.

November 09, 2005 14:55 ET

World Wide Co-Generation Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2005) -

(formerly World Wide Interactive Discs Inc.)

World Wide Co-Generation Inc. (the "Company") wishes to announce, that its corporate name was changed from World Wide Interactive Discs Inc. to World Wide Co-Generation Inc. by Articles of Amendment effective February 13, 2004. Through inadvertence, this change of name has not been reflected in any of the documents filed by the Company on SEDAR and, accordingly, the Company is refiling all financial statements and management's discussion and analysis filed after such date to reflect the change of name. No other changes to such documents are being made. The refiling of such documents is expected to be completed on or before November 15th, 2005.

The Company also wishes to announce that it has entered into a letter of intent with morEnergy Capital Corporation ("morEnergy"), an arm's length third party, pursuant to which morEnergy has agreed to purchase the Company's wholly-owned subsidiary, Blue Power Distributed Energy Corporation ("Blue Power"), for a purchase price of $200,000. Blue Power carries on a small scale natural gas co-generation business in Collingwood, Ontario. The Company has decided to sell Blue Power as, among other things the Company does not have sufficient funds available to finance the replacement of the heat exchanger and the expansion of Blue Powers' generating capacity to a level that will permit its operations to become profitable. Management of the Company sought out other alternatives, including obtaining debt and/or equity financing and possible business combinations, but was unsuccessful.

As the sale of Blue Power represents the sale of all or substantially all of the assets of the Company, the approval of the Company's shareholders is required to complete the transaction. The Company has convened an annual and special meeting of shareholders to be held on December 9, 2005 to consider this transaction. If approved, the transaction is expected to close before December 31, 2005. As the letter of intent is non-binding, there is no assurance that a definitive agreement will be entered into or that the transaction will be completed.

Contact Information

  • World Wide Co-Generation Inc.
    Gordon Wilton
    President
    (905) 677-2500