PENNINGTON, N.J., Jan. 26, 2005 (PRIMEZONE) -- WorldWater & Power Corporation (OTCBB:WWAT) announced today the Company's most significant accomplishments and milestones achieved during 2004. The company registered a revenue increase in excess of 300 per cent over 2003 results, from $1.28 million to more than $5.6 million, it was stated by Quentin T. Kelly, Chairman and CEO.
Installation of world's largest solar powered irrigation system - WorldWater & Power installed a 200 hp solar-powered irrigation system at a commercial citrus ranch in California. WorldWater's proprietary AquaMax(TM) solar drive powers the $2 million dollar water pumping installation, which is the largest solar-driven irrigation system in the world. The state-of-the-art solar irrigation system at the 400-acre Seley Red Grapefruit Ranch "will contribute to cleaner air and more efficient use of water resources," Quentin T. Kelly, WorldWater's Chairman and CEO, said at the commissioning ceremony in Borrego Springs, CA. "Seley Ranches is an example.... of the wise use of our limited natural resources," Mr. Kelly told the audience of California political, environmental and agricultural dignitaries.
Exclusive equipment supplier for world's largest community college photovoltaic installation - For the massive one megawatt PV system installation at Cerro Coso Community College in Ridgecrest, California, WorldWater completed on-schedule delivery of more than 6000 solar modules, inverters and distribution equipment for the project, the largest PV installation ever implemented on any community college campus. It is expected to generate 60 percent of the college's electricity requirements and, according to college officials, will save the college more than $300,000 in annual electricity costs.
California's first solar powered pumping system for a public water utility - WorldWater finalized a contract to install a 57 hp solar-powered pumping system in Idyllwild, California. The WorldWater system will power one of Idyllwild's basic water delivery systems, and is expected to save the Water District approximately 70 percent of electrical costs on the meter system where it will be installed. Half of the $309,000 cost will be reimbursed to the Idyllwild Water District by Southern California Edison under the California rebate plan. There are 440 public water utilities and districts in California.
Major energy grant award - WorldWater was awarded a NYSERDA (New York State Energy Research and Development Authority) grant of $377,500 from 1st Rochdale Cooperative Group Ltd. of New York City, the nation's first urban electricity cooperative. WorldWater will work with 1st Rochdale in developing solar projects in New York. The effort "is expected to bring cost effective solar power solutions to thousands of customers," said Dr. Anand Rangarajan, Executive Vice President of WorldWater & Power.
Change of operating name - In September, Chairman and CEO Quentin T. Kelly announced a new operating name, WorldWater & Power Corporation. The new name, said Kelly, "conveys a more accurate picture of what we deliver to our customers. In addition to water engineering, our company provides power to drive 600 hp motors and pumps with our proprietary solar technology."
Opening of Eastern Sales office and Western headquarters office - WorldWater opened a new Eastern Sales office at its headquarters in Pennington and a new Western headquarters office in Foster City, near San Francisco. The new offices will help to provide better services for the company's growing business in New Jersey and New York, and for California and other Western states.
About WorldWater & Power Corp:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.