Sebastian River Holdings Company Vaenza Teams Up With Nature Power for Solar-Wind Success
Nov. 23, 2010 (GlobeNewswire) --
SEOUL, South Korea, Nov. 23, 2010 (GLOBE NEWSWIRE) -- Sebastian River Holdings Company, Inc. (Pink Sheets:SBRH) Vaenza, Inc. is pleased to announce that it has merged with Nature Power, a Korean based Wind Power development and manufacturing firm with a 12,000 sq. ft facility south of Seoul, South Korea.
Vaenza CEO, Mr. Sang Gil Oh states, "This is a tremendous opportunity for Vaenza as it gives us additional resources which we feel will expedite the delivery of our technology in both Solar and Wind Power categories as Nature Power will serve as our Wind Power division, allowing our Vaenza team to focus exclusively on Solar Technology, including roadway Solar products, as Nature Power utilizes their existing technology and contact base to effect immediate sales and revenue for our firm."
The two companies began merger proceedings in October of this year, allowing Vaenza to extend its manufacturing capabilities, in using the Nature Power team and facilities to manufacture solar and wind technology direct to market. Nature Power has existing exclusive distribution contracts to customers in Korea, Asia and Canada through a strategic partner, R.L. Enterprises, which manufactures the wind turbine, solar generator, inverter and battery charger for the company's Wind Power product line.
Vaenza expects to release contract and sales details in the coming days and all involved, "are excited about the prospect this merger brings," states Oh.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
CONTACT: Gerrard Hollister Investor Relations
IR contact:
310-909-7988
SBRH@GerrardHollister.com
Source: Globe Newswire (November 23, 2010 - 1:55 PM EST)
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