Attached files
Exhibit 99.1
[SKY HARVEST LOGO]
SKY HARVEST SELLS SASKATCHEWAN WINDPOWER ASSETS TO
LEADING CANADIAN WIND PRODUCER
November 18, 2013 Symbol: SKYH:OTC Markets
VANCOUVER, BRITISH COLUMBIA - Sky Harvest Energy Corp. is pleased to announce
that it has sold its interest in assets relating to its Sky Harvest Project
located in southwestern Saskatchewan to a major Canadian wind power development
company, including its leasehold interests in approximately 15,000 acres of
land, accumulated wind data, environmental assessment studies, and its
meteorological tower.
In consideration of Sky Harvest's sale of the assets, the purchaser has agreed
to pay a purchase price in three instalments comprised of a fixed payment
payable upon execution of a power purchase agreement ("PPA"), a first success
fee based upon the number of megawatts contracted under the PPA and payable upon
financial close, and a second success fee also based on contracted megawatts and
payable upon the commencement of commercial operations.
"Given the Sky Harvest Project's potential to host up to a 150 megawatt
windpower generation facility, the Company could realize up to $8.17 million
dollars from the purchase" said William Iny, president and CEO. The agreement
further provides that if the purchaser is unable to execute a PPA respecting the
project by December 19, 2019, it will return the assets to Sky Harvest for
nominal consideration.
Sky Harvest will remain involved in the project in a development services
capacity as it aids the purchaser in liaising with landowners and communities
within Saskatchewan, as well as revising lease agreements. Sky Harvest also
retains its interests in the Keewatin and Matador sites in southwest
Saskatchewan, which it will continue to develop.
Sky Harvest invites shareholders and other interested parties to visit its
website located at www.skyharvestenergy.com. You may also contact Sky Harvest at
604-267-3041 locally or toll-free 1-877-700-7021
SKY HARVEST ENERGY CORP.
William Iny, President & CEO
SKY HARVEST ENERGY CORP. IS A UNITED STATES AND BRITISH COLUMBIA REPORTING
ISSUER INVOLVED IN THE DESIGN AND MANUFACTURE OF VERTICAL AXIS WIND TURBINES AND
IN THE DEVELOPMENT OF WIND POWER PROJECTS LOCATED IN SOUTHWEST SASKATCHEWAN,
CANADA.
Safe harbor for Forward-Looking Statements: Except for statements of historical
fact, the information presented herein constitutes forward-looking statements.
Forward-looking statements may include financial and other projections, as well
as statements regarding the Company's future plans, objectives or economic
performance, or the assumptions underlying any of the foregoing. The Company
uses words such as "may", "would", "could", "will", "likely", "expect",
"anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions to identify forward-looking statements. Any such
forward-looking statements are based on assumptions and analyses made by the
Company in light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as other factors we
believe are appropriate in the circumstances. However, whether actual results
and developments will conform to the Company's expectations and predictions is
subject to a number of risks, assumptions and uncertainties. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the company to be materially different from those indicated. Forward looking
statements in this press release include the following: that the Company will
reach a power purchase agreement with a third party and that a resulting project
will produce up to 100 megawatts of power generation. Factors which may delay or
prevent these forward looking statements from being realized include that the
purchase may not be successful in the further development of the Sky Harvest
project, that it may not reach a power purchase agreement with a third party,
and that Sky Harvest may be unsuccessful in developing its other projects.
Readers should refer to the risk disclosures outlined in the Company's periodic
reports filed from time to time with the United States Securities and Exchange
Commission on EDGAR at www.sec.gov and with the British Columbia Securities
Commission at www.sedar.com.
For further information:
Sky Harvest at 604-267-3041 locally or toll-free 1-877-700-702