Wind Power Charts

[MWM]

KORE HOLDINGS INC (KORH.PK)

The Company’s wind energy subsidiary, Arcadian Inc., owns a large wind farm in the Altamonte Pass, east of San Francisco. The wind farm has an appraised value of $14,834,400 including more than a thousand wind turbines that were built in the 1980s and retrofitted in the 1990’s. The project includes leasehold interest on approx. 4,000 acres through 2036 with extension options. The Company plans to replace older turbines with new turbines from General Electric. The Company has secured financing of $120 million to “repower” the wind farm in two phases. At present, the wind farm is not operating while California’s Public Utilities Commission (PUC) sets energy prices and policies in the aftermath of California’s energy crisis of 2000, which led to Pacific Gas and Electric filing for temporary bankruptcy, resulting in power purchase contracts becoming uncollectible. PG&E is no longer in bankruptcy and the California legislature currently is developing a plan to ensure the commercial viability of alternative energy. The Company anticipates that the wind farm at Altamonte Pass will become operational again in the near future, with new, state of the art turbines and higher profit margins.