NaiKun Wind Releases Year-End Results, Marking Year of Major Milestones
11 Gennaio 2010 - 2:30PM
Marketwired
NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) has released its
financial results for the year ended September 30, 2009, a period
of major milestones in the development of Canada's first offshore
wind energy project, in British Columbia's Hecate Strait.
NaiKun Wind's activities and accomplishments during the year
include the following:
-- The formal submission of the project proposal, on November 24, 2008,
into BC Hydro's Clean Power Call. The 396MW project will harness the
power of the strong winds in Hecate Strait using up to 110 turbines
installed several kilometres off the eastern shore of Haida Gwaii
(formerly the Queen Charlotte Islands). The project will produce enough
clean, renewable power to meet the electricity needs of 130,000 B.C.
homes, and will also help the province meet its goals for the reduction
of greenhouse gas emissions and electricity self-sufficiency. In
addition to creating a wide variety of local jobs, the project will
support economic development on Haida Gwaii and eliminate the islands'
reliance on diesel generators for electricity.
-- The signing of a limited partnership agreement, on January 29, 2009,
between NaiKun Wind subsidiary NaiKun Wind Operating Inc. and the
Council of the Haida Nation to create an equal partnership which will
operate and maintain the project after construction. The comprehensive
limited partnership agreement provides for extensive benefits to the
Haida Nation, including a revenue stream from the partnership,
environmental stewardship, and employment and economic development
opportunities. The agreement formalizes the relationship between the
Haida Nation and NaiKun Wind which has been ongoing since 2002, and
builds on an earlier agreement signed by the two parties in May 2007.
-- The acceptance, on May 20, by the British Columbia Environmental
Assessment Office of NaiKun Wind's application for an Environmental
Assessment Certificate, which led to the granting of a provincial
Environmental Assessment Certificate on December 10, 2009. The issuance
of the Certificate marks the culmination of over six years of extensive
environmental studies, analysis and community consultation. The federal
government's decision on the environmental assessment application is
expected in early 2010. The Haida Nation has also undertaken an
environmental assessment of the project. The NaiKun Wind project is one
of only a handful of projects in the Clean Power Call to have been
granted a provincial Environmental Assessment Certificate.
-- The signing of a Memorandum of Understanding (MOU), on August 13, with
the Haida Enterprise Corporation (HaiCo), acting on behalf of the Haida
Nation. The MOU provides HaiCo with the opportunity to acquire up to 40
per cent of the wind energy project. The acquisition is consistent with
the original objective of bringing in a strategic equity partner that
can contribute to the success of the project. The Haida Nation is
currently evaluating the opportunity and seeking the support of the
federal government for the proposed ownership position.
As at September 30, 2009, NaiKun Wind had $14.29 million in cash
and cash equivalents, compared to $27.94 million at the end of
September 2008.
During the year ended September 30, 2009, NaiKun Wind incurred a
net loss of $11.77 million ($0.30 net loss per share), compared to
a net loss of $12.80 million ($0.35 net loss per share) for the
year ended September 30, 2008.
The Company's financial statements include a restatement for
prior year comparative figures relating to the accounting for the
tax implication of renunciated flow-through share expenditures and
the timing of the associated interest charges. This restatement is
disclosed in the notes to the Company's financial statements. On
the comparative figures as at September 30, 2009, the restatement
results in a decrease to the future income tax liability of $4.0
million, an increase in accounts payable and accrued liabilities of
$0.2 million, and a decrease in deficit of $3.8 million, as
compared to amounts previously reported. This restatement also
results in the recording of a future income tax recovery of $3.5
million and an interest expense of $0.2 million for the year ended
September 30, 2008. KPMG LLP has audited NaiKun Wind's consolidated
balance sheet as at September 30, 2009 and the consolidated
statements of loss, comprehensive loss, and deficit and cash flows
for the year then ended and issued an unreserved opinion on these
financial statements. In addition, KPMG LLP has audited the
adjustments resulting from the restatement and find that the
adjustments in all material aspects are appropriate and properly
applied.
In the new fiscal year key milestones for NaiKun Wind include
the issuance of Electricity Purchase Agreements by BC Hydro under
the Clean Power Call, the finalization of arrangements with equity
partners, and the finalization of the project financing plan.
NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) is a B.C.-based
renewable energy company that is traded on the TSX Venture
Exchange. Additional information is available on NaiKun's website:
www.naikun.ca.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
The TSX Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Contacts: NaiKun Wind Energy Group Inc. - Media Enquiries Doug
McClelland Director, Communications 604-631-4487
dmcclelland@naikun.ca NaiKun Wind Energy Group Inc. - Investor
Enquiries Peter Murray Manager, Investor Relations 604-631-4494
pmurray@naikun.ca www.naikun.ca
Grafico Azioni Oceanic Wind Energy (TSXV:NKW)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Oceanic Wind Energy (TSXV:NKW)
Storico
Da Set 2023 a Set 2024