BBSE: Barnabus Energy Applauds New Canadian Solar Energy Subsidy
Wednesday March 29, 9:00 am ET
SOLANA BEACH, CA--(MARKET WIRE)--Mar 29, 2006 -- Barnabus Energy, Inc. (OTC BB:BBSE.OB - News), currently doing business as Open Energy Corporation (OEC) subject to a pending name change, was pleased to learn today that the Canadian Province of Ontario has become the first region in that country to offer cash incentives to homeowners or businesses that install solar electric power generating equipment.
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Under the program, the Provincial Government has set a fixed price of 42 cents per kilowatt-hour which would be sold by the producer directly to their local electrical utility. Government spokespersons were reported as saying that the initiative, called the Standard Offer Program, will add as much as 1,000 megawatts of renewable energy to Ontario's power grid over the next 10 years. This is equivalent to the power needs of 250,000 homes.
The Company's recently acquired affiliate, Solar Roofing Systems (SRS), is headquartered in Ontario and stands to benefit directly from the recent news. Of interest is the fact that SRS now has access to a wider product line which includes solar roofing solutions for virtually every need.
With this enhanced capability in mind, President of East Coast Operations, Norman Dodd, stated today that, "This is an exciting announcement for everyone that works in the renewable energy field, particularly in the solar industry. This incentive will allow us to capitalize on opportunities that exist in Ontario and hopefully other provinces that follow Ontario's lead."
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is currently undergoing corporate restructuring including a name change to Open Energy Corp. (OEC). The Company focuses on the development and commercialization of renewable energy products and technologies for a wide range of applications including solar energy, power production, and water desalination. The Company pursues these objectives through acquisitions, strategic partnerships, technology transfer opportunities, and other business strategies.
