NaiKun Wind Releases Second Quarter Financial Results
16 Maggio 2011 - 3:30PM
Marketwired
NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) (the "Company' or
"NaiKun Wind") today announced its financial results for the three
months ended March 31, 2011, a fiscal period during which the
Company maintained the expenditure level achieved through its
restructuring and continued to progress the new strategies it began
during the last quarter of fiscal 2010. The Company also announced
on March 17, 2011 that the NaiKun wind energy project has been
granted a federal screening decision, confirming that Canada's
first offshore wind project can be constructed with no significant
environmental, social and health effects.
NaiKun Wind is confident that the Company's current strategic
efforts towards the procurement on an electricity supply contract,
represents the best available opportunity to support the
advancement of the project and maximize shareholder value.
For the three months ended March 31, 2011, NaiKun Wind incurred
a net loss of $0.7 million ($0.02 per share), compared to $1.4
million ($0.04 per share) for the three months ended March 31,
2010. As at March 31, 2011 NaiKun Wind had $7.6 million in cash and
cash equivalents, compared to $10.2 million at the end of March 31,
2010. These numbers are consistent with the Company's planned
reorganization and restructuring.
For fiscal 2011, the Company expects cash operating expenditures
to be approximately $1.8 million. On this basis, the Company has
sufficient financial resources to sustain operations into 2014 and
beyond.
Effective April 1, 2010, as stated in the Company's news release
of May 20, 2010, compensation to members of the Board was reduced
by 50%. As part of the newly lowered Board compensation it was also
decided that going forward 25% of that compensation would be paid
in the form of common shares in lieu of cash. Accordingly, the
Company issued 52,991 shares to its directors for the quarter ended
March 31, 2011. Additionally, the Company issued 54,348 common
shares to the Company's CEO, for the quarter ended March 31, 2011,
as the share portion of his compensation.
NaiKun Wind Energy Group Inc. is a British Columbia-based
renewable energy company with offices in Vancouver, Masset and
Skidegate. Located on B.C.'s northwest coast, where the wind
resource is one of the strongest and most consistent in the world,
NaiKun Wind's 396MW offshore wind project would generate enough
energy to provide electricity to 130,000 B.C. homes. The NaiKun
Wind project is at an advanced stage of development with
environmental approvals from the Provincial and Federal Governments
and agreements in place with key suppliers and First Nations. Given
its development status, construction can begin within two years of
the award of an electricity purchase agreement. For more
information on NaiKun Wind, please visit 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: NaiKun Wind Energy Group Inc. Michael O'Connor
President & CEO 604-639-8460 604-685-4215 (FAX) info@naikun.ca
NaiKun Wind Energy Group Inc. Media Enquiries 604-631-4476 NaiKun
Wind Energy Group Inc. Investor Enquiries 604-631-4494
www.naikun.ca
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