BELLINGHAM, Wash., Feb. 10, 2006 (PRIMEZONE) -- Essential Innovations Technology Corp. (OTCBB:ESIV) (Frankfurt:E6S), provider of cutting-edge geoexchange solutions for residential, commercial and industrial applications as both a geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology, announced today that on February 8, 2006, the Company entered into a share purchase agreement with Earth Source Energy, Inc. and Pacific Geo Exchange, Inc. to acquire all of the issued and outstanding stock of each of these companies.
The businesses to be acquired comprise western Canada's largest and most experienced geoexchange installers for commercial and residential applications with over 400 installations completed. The planned acquisition, will allow Essential Innovations to provide both the geoexchange equipment and the installation of that equipment as a turnkey solution.
Jason McDiarmid, President/CEO of ESIV said, "We are extremely happy with the official signing of the agreement to purchase. We feel that we have aligned ourselves with a proven industry leader in the design, application, and installation of geoexchange systems in this part of the World, and we look forward to the opportunity to be able to directly supply and support their efforts with our proprietary geoexchange technology."
Essential Innovations Technology currently has operations in the USA, Canada and Hong Kong; exclusive distributors in Canada and Mexico; exclusive sales agents or sales agents in Mexico, Hungary, China and Alaska; and the Company is now actively seeking further distributors, dealers and project opportunities throughout the North American and international marketplace for its proprietary geoexchange systems and solutions.
The Essential Innovations Technology Corp. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1595.
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 and Section 21E of the Securities Exchange Act of 1934. 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word "believes," "anticipates," "expects," "plans," "intends," "designs," "projects" or similar language, as well as statements regarding consumer or marketplace acceptance of the Company's new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations' products; initiatives undertaken by the Essential Innovations' divisions; the Company's research, manufacturing and facilities expansion programs; and the Company's growth, revenue, or projected earnings; all such statements which may or may not occur in the future. These forward-looking statements are made as of the date of this news release, and Essential Innovations Technology Corp. assumes 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. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our periodic reports filed from time to time with the Securities and Exchange Commission.