BELLINGHAM, Wash., March 14, 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, is extremely pleased to announce that property site sales are underway at the Wakefield Beach residential project site. Wakefield Beach is a collection of 31 unique seaside homes overlooking the Pacific Ocean and Howe Sound located in Sechelt on the Sunshine Coast of British Columbia, Canada. Each of the homes face south to take advantage of the sun's natural energy as they showcase the breathtaking views that stretch from Mount Baker, in Washington State to Mount Washington on Vancouver Island, and all the islands in between. www.wakefieldbeach.com
Essential Innovations has contracted the exclusive right to provide geoexchange heating and cooling systems and ongoing geothermal services to each of the residential properties at Wakefield Beach. It is expected that the total build-out and occupancy of the project will take approximately 1 year to complete from this time forward. Under the terms of the Contract between Wakefield Beach and Essential Innovations, Wakefield Beach has included specific language within their property Disclosure statement that formally causes both the Strata Corporation that will govern the entire property site, and those homeowners on the property governed by the Strata, to be bound to an energy service contract (ESCO) with Essential Innovations. This contract is structured as a 25-year Operating Lease directly relating to the use of the Geothermal Loop field (GLF) installed by Essential Innovations to supply the geothermal energy to each of the homes to be constructed. Essential will install individual GLF's for each of the 31 property sites and will collect from the Strata an on-going monthly lease payment for a period of 25 years for the use of the GLF by the Strata and the homeowners on each of the individual properties throughout the Wakefield Beach site. The cash flow modeling for the long-term geothermal loop-lease represents an estimated revenue stream of $1,250,000 USD to Essential Innovations over the life of the Operating Lease.
In addition to the recurring revenue stream Essential Innovations is to receive from the loop-lease, the Company is also to be the exclusive provider of the Geothermal Heat Pump, or Geoexchange, equipment to be utilized in each of the homes. Furthermore, Essential Innovations is also to be the sole and exclusive provider of the installation and on-going maintenance of all of the geoexchange equipment that services the entirety of the site. The Company estimates that the supply and installation of equipment to the 31 individual Wakefield Beach should bring the Company $400,000 USD in revenue.
Says Jason McDiarmid, President/CEO, "Wakefield Beach clearly represents the growing demand and interest amongst the development community and homeowners alike, for Geoexchange to be THE 'Green' technology of choice when seeking affordable and effective solutions to deal with the current and future escalations in home heating and cooling costs. This project represents the second (2nd) of these types of large-scale subdivision or mixed-use project development opportunities that Essential Innovations is pursuing and negotiating at the present time. It has become commonplace for key decision makers within major development companies to make the application of geothermal technology a primary component of their planning and marketing processes within their on going residential and commercial project schedules. Our Company is now poised to take full advantage of a plethora of available developments whereby we can work towards the successful implementation of our turnkey geo-loop operating lease model in both the near and long-term."
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.
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.
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