You mean this/
Appointment of James Wilson to the Board
On October 19, 2011, Mr. James Wilson was appointed to the Board. Since 2001, Mr. Wilson has served as the co-founder, chief executive officer and director of Seawind Energy Limited (“Seawind Energy”) and Seawind Services Limited (“Seawind Services” and together with Seawind Energy, the “Seawind Companies”). Prior to such positions, he worked as a Production and Mechanical Engineer in the marine, shipping and defense sectors in various capacities. He received his MBA in 1994 from Henley Management College.
The Company has determined that Mr. Wilson’s previous experience in managing energy projects have provided him with the skills and contacts necessary to serve as a director.
On May 13, 2011, the Company entered into a Stock Purchase Agreement with the Seawind Companies and the shareholders of Seawind Energy (the “Seawind Group Shareholders”). The Company has acquired Seawind Energy, and its wholly owned subsidiary Seawind Services, from the Seawind Group Shareholders in exchange for the issuance of 40,000,000 restricted shares of the Company’s common stock (such acquisition is referred to herein as the “Seawind Acquisition”). The valuation for purposes of such acquisition was determined to be $2,400,000 on the basis of an understanding between the Company and the representatives of the Seawind Companies as of January 25, 2011, with the number of shares to be issued thereof calculated by reference to the publicly quoted closing price of the Company’s Common Stock on January 25, 2011. The Seawind Companies have become wholly owned subsidiaries of the Company.
The Company is currently negotiating compensation arrangements with Mr. Wilson. The Company has not yet determined on which committees of the Board Mr. Wilson will serve.
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