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| file | filename |
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| 8-K - Celestial Delights USA Corp. | v192366_8k.htm |
| EX-10.1 - Celestial Delights USA Corp. | v192366_ex10-1.htm |
Far East
Wind Power Enters Into Binding LOI to Develop Wind Farm in Ningxia,
China
BEIJING,
Aug. 4, 2010 (Marketwire) --
BEIJING
-- (Marketwire) -- 08/04/10 -- Far East Wind Power Corp.
(OTCBB: FEWP) ("Far East" or the "Company") has entered into a binding
Letter of Intent ("LOI") with Beijing Tongchuang Hengyuan Technology Development
Company (the "Owner") in order to acquire certain rights to a wind farm located
in Ningxia Hui Autonomous Region, People's Republic of China
("Ningxia").
Initial
plans include the development of a 50 megawatt wind farm with installed capacity
to potentially generate $10.2 million in revenues on an annualized basis if
fully utilized and the LOI further provides for the right of first refusal on a
preliminarily approved wind farm where potential developable assets at Ningxia
total 1 gigawatt (inclusive of the initial 50 megawatt wind farm) and if fully
developed, installed and utilized could represent approximately $204.0 million
in revenue on an annualized basis.
James
Crane, Company CFO, stated, "We are taking advantage of a niche marketplace in
China. 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 and we
are 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 cash flow for each partner for many years to
come."
The LOI
includes provisions for Far East's ownership interest in the wind farm to be
structured as a Sino-foreign joint venture (the JV) of 49% with the local
Chinese partner to own 51% of the project. Additionally, Far East plans to
undertake to fund up to $20.0 million of the development costs and the local
Chinese partner shall execute its business plan and work to obtain all necessary
remaining permitting and authorizations for the wind farm, and to secure low
interest rate bank debt financing of up to $70.0 million.
Far East
will consolidate all assets, liabilities and results of operations under
applicable accounting guidance as a result of holding the majority of the seats
on the JV's board of directors, and by controlling all cash disbursements, cash
dividends, cash receipts, and approval or disapproval of any equity or debt
financing to be contemplated or executed by the JV. Furthermore, there is
currently an informal agreement, pending Fars East's approval, regarding a
monthly dividend distribution plan whereby Far East and the Chinese partner
would receive monthly cash dividend distributions.
Additional
information will be available shortly on the Far East website at:
www.fareastwind.com.
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
Email
Contact
Evergreen
Investor Relations, Inc.
Phone:
1-866-513-2537
Email:
Email Contact
Web:
www.fareastwind.com