SKTS trades in the grey sheets. here is the latest PR for Seakenetics Corp.
Seakinetics Opens Office in Delhi India; Company Poised to Participate in USD$500 Billion Infrastructure Funds for Power Industry
Seakinetics Opens Office in Delhi India; Company Poised to Participate in USD$500 Billion Infrastructure Funds for Power Industry
TORONTO, CANADA, Sep. 22, 2009 (Marketwire) -- Seakinetics Corporation (PINK SHEETS:SKTS)(FRANKFURT:M90) (www.seakineticscorp.com) announced today that it had opened its new office in Delhi, India as a strategic move to support the development and construction of its 300 MW Tamil Nadu wind energy project in southern India. The new office will also facilitate the company's ability to take advantage of the recently announced plans of the Indian government to infuse USD$500 billion into infrastructure improvements with new electric power production and grid improvements.
According to Jack Dhaliwal, Seakinetics Exec Vice-Pres and Chief Technology Officer. "The infusion of this significant investment in the production of electricity addresses the serious infrastructure deficit suffered by India where utility interruptions are commonplace in almost every Indian city at least once a day."
Mr Dhaliwal explained that "While Seakinetics is currently committed to wind and wave energy projects, it fully intends to participate downstream in the solar segment as well. This strategy embraces the very focus of the Indian government infrastructure initiative. In order to close the infrastructure deficit and to sustain GDP growth at 9.5 percent the Planning Commission has estimated that India will need to invest an additional $500 billion during the next plan period."
"Seakinetics is in the right place at the right time to take advantage of the impressive initiative by the Indian government to decrease the deficit in energy production while at the same time working to generate 'green energy' within its borders." stated Jack Dhaliwal, Chief Technology Officer.
Seakinetics Corp and its wholly owned subsidiary, Re-Tech Project Management Inc., was established for the purpose of designing, developing, marketing and investing in innovative technologies and services in the renewable energy field. Seakinetics' mission is to be an industry leader in finding solutions for renewable energy today and tomorrow.
The Company is currently developing a phased in 300 MW wind energy farm in the Tamil Nadu region of Southern India. It is also engaged in a joint venture development with Leviathan Energy Wave Ltd., Israel for the development of a proprietary wave energy turbine.
Seakinetics is listed on the Open Market Segment of the Deutsche Borse. A public offering of Seakinetics shares was not made in connection with their inclusion on the Open Market Frankfurt.
Seakinetics Corporation trades in the United States under the Symbol SKTS.
This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurances that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.
Source: Marketwire Canada (September 22, 2009 - 3:08 AM EDT)
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