Far East Wind Power Enters Into Binding LOI to Develop Wind Farm in Wulatehou Qi, Inner Mongolia
30 Novembre 2010 - 3:00PM
Marketwired
Far East Wind Power Corp. (OTCBB: FEWP) ("Far
East" or the "Company") has entered into a binding Letter of Intent
("LOI") with Tianlanhengfeng Electrical Power Corporation of
Hohhot, Inner Mongolia (the "Owner") in order to jointly develop
and operate a wind farm project located in Wulatehou Qi, Inner
Mongolia, China (the "Project").
The Mongolian project is planned for a total capacity of 300MW
with a first phase of 50MW. Development plans call for a total of 6
phases at 50MW each. The Owner has obtained all the necessary
approvals and permits from the local government and has commenced
construction.
Far East and the owner plan to establish a Joint Venture (JV) in
order to develop the first 50MW collectively and then aim to
proceed with ongoing phases to completion. Details regarding the
establishment of the JV will be announced upon completion of
negotiations.
James Crane, Company CFO, stated, "We continue to take advantage
of a niche marketplace in China. As previously stated, Chinese
state-owned enterprises are developing wind farms but there is not
enough development to meet China's stated renewable energy goals
and many entrepreneurs in China are attempting to enter the wind
farm marketplace. Consequently, we are diligently working with
these entrepreneurs to provide them with capital and refine their
business plans so that, as partners, we can develop assets that
will generate substantial mutual cash flow for many years to
come."
Far East's Chairman and CEO, Liu Xiaobu, states, "We are very
confident regarding this project as it is a mature and highly
promising prospect. We also look forward to a long-term
relationship with Mr. He Jianxun, Chairman of Tianlanhengfeng
Electrical Power Corporation, a well-known and respected leader in
the industry who has shown great interest and enthusiasm for our
proposals and has indicated the desire to sign a definitive
agreement as soon as reasonably possible."
The Definitive Agreement shall contain customary representation
and warranties, covenants and indemnification provisions. Details
of the company's business, finances, appointments and agreements
can be found as part of the Company's continuous public disclosure
as a reporting issuer under the Securities Exchange Act of 1934
filed with the Securities and Exchange Commission's ("SEC") EDGAR
database.
About Far East Wind Power Corp. (OTCBB:
FEWP) Far East Wind Power Corp. aims to generate clean and
profitable energy in one of the world's fastest growing energy
sectors through access to a portfolio of utility-class wind power
development projects. Far East will inject innovation to drive cost
out of turbine manufacturing, introduce new technologies and
strategic relationships, and aggressively pursue all available low
costs of capital to deliver the most competitive cost per capacity
and highest rates of return in the Asian marketplace. For more
information, visit: www.fareastwind.com.
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, regulatory
incentives, the development of new business opportunities, and
projected costs, revenue, profits and results operations. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among
others, the inherent uncertainties associated with new projects and
development stage companies. These forward-looking statements are
made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
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Contact: Far East Wind Power Corp. James Crane
Chief Financial Officer US +1 617 699 6325 China +86 186 2136 3580
Investor Relations: PR Financial Marketing, LLC Jim Blackman
(713) 256-0369 jim@prfmonline.com Evergreen Investor Relations,
Inc. Phone: 1-866-513-2537 Email: info@fareastwind.com Web:
www.fareastwind.com
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