WWEI off to good start:
Welwind Energy Receives Formal Documentation for Zhanjiang Windfarm Project From Zhanjiang Government
2010-07-16 08:00 ET - News Release
ZHANJIANG, July 16, 2010 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces that in a recent trip to China, headed by Larry McNabb – President of Welwind Energy, several meetings were held with the new Mayor and dignitaries of Zhanjiang Province. The purpose of the meeting was to familiarize the new Mayor with the Company and its history in efforts made by Welwind to obtain a PPA for its Zhanjiang Project. Mr. McNabb recently obtained officially translated documents from the Company's Zhanjiang office. One of the translated documents is the 'Approval Form of the General Office of the People's Government of Zhanjiang Municipality.'
The formal document is in reference to the relocation plan for the Company's Zhanjiang Windfarm. The document states, "…it is suggested (by the Urban Development and Reform Administration) to move the wind power project to Nansan Island of Potou District of Zhanjiang City..." The comments include, "all parties agree to the opinion of the Urban Development and Reform Administration." Government officials who signed the relocation approval include Zhanjiang's new Government Mayor (Mr. Ruan Ri Sheng), the Chief of Comprehensive Branch (Mr. Huang Qiang), Zhanjiang Government Vice-Mayor in Charge of Industry, (Mr. Wang Zhong Bing), Chief Secretary of Zhanjiang City Government (Mr. Zhu Lu), Zhanjiang Government Secretary-General (Mr. Li Lian), and Vice of Chief of Development and Reform Bureau, (Mr. Liao Guo Shu). In the meeting with Mr. Sheng, Government Mayor of Zhanjiang, he expressed great concern on behalf of Welwind for the significant delays the company has experienced and intimated that he will do everything possible in order to expedite Welwind's relocation and PPA process. Mr. McNabb reiterated the great sufferings the company has experienced as a result of the extensive delays in working with the Zhanjiang Government and expects that Welwind be a priority as a foreign company wishing to do business in China. It was acknowledged by all Government officials involved, that Welwind met every criteria required in the PPA process and due to the relocation request, Welwind should therefore be fast tracked in receiving a PPA for the new windfarm location.
Welwind Directors, Mr. Zeng and Mr. Feng have worked very hard over the last several months with the new Zhanjiang Government in updating all of their files on the company's project. Our new Director, Mr. Simon Wong, has been responsible for working with various finance groups in Hong Kong and will be providing documentation to the Zhanjiang Government to confirm financial security in moving forward. The financing will be debt or equity based and will not impact the shares outstanding. We anticipate a closing on the financing imminently.
"This is a great day for the Company and the shareholders of Welwind Energy. We feel that the company is back on track and ready to move forward in building out our business model. As challenging as the last few years have been in working on the Zhanjiang windfarm, our confidence has been restored after meeting with the Government Mayor," says Larry McNabb, President of Welwind Energy.
