Puerto Plata, Dominican Republic, March 05, 2018 (GLOBE NEWSWIRE) -- MITU Resources Inc. (“MTUU” or the “Company”) (OTC PINK: MTUU), is pleased to provide this discussion regarding the planned commercial introduction of the Company’s licensed WindShark self-starting vertical axis wind turbines within the regulated cannabis sector in California.
One of the major factors effecting gross margins in the cannabis sector is the cost of the enormous quantity of electricity required to run a greenhouse or indoor grow facility. Experts estimate that currently over 3% of all California energy is used in cannabis cultivation. The Company sees tremendous potential in California’s emerging cannabis market for the deployment of rooftop arrays of WindSharks to supply a significant portion of the required power of the average indoor cannabis growing operation.
The Company estimates that each of California’s largest licensed indoor cannabis producers requires approximately 4,500-5,000 kWh/day for lighting alone. WindShark’s compact and lightweight design make them ideal to be supported on existing rooftops of buildings in arrays of up to 200 individual turbines with the potential to produce over 480 kWh/day per license, or approximately 10% of the average lighting requirement.
There are currently 2,500 licensed cannabis producers in California, of which more than 1,500 are indoor facilities of up to 20,000 sq. ft. Assuming a 2% adoption by current indoor producers, the Company believes that potential demand in California for WindShark could reach 6,000 total turbines installed for gross revenues of approximately $6,000,000.
“One of the most exciting and immediate opportunities for applying the WindShark technology is in California’s emerging regulated cannabis market where indoor growers face stiff competition from outdoor growers and higher than the national average energy prices,” commented Simeon Leonardo Reyes Francisco, CEO of MITU Resources. “We think that a WindShark turbine array on an existing rooftop is a cost-effective way to produce a significant amount of the daily energy requirement and positively impact the bottom line of any indoor cannabis grower. We look forward to partnering with several California-based Cannabis growers for the first WindShark installations in the very near future.”
For additional information regarding WindShark Energy, visit www.mituresources.com.
About MITU Resources Inc.
MITU Resources Inc. (OTC Pink: MTUU) is a publicly traded wind energy technology company. The Company’s licensed WindShark vertical axis wind turbines are ideally suited for populated and low-wind environments as a stand-alone solution or in conjunction with other renewable or traditional power sources. The Company files periodic reports with the Securities and Exchange Commission, which can be viewed at www.sec.gov.
FORWARD LOOKING STATEMENT
This news release includes forward-looking statements that reflect MITU Resources Inc. current expectations about its future results, performance, prospects and MITU Resources Inc. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities for the remainder of 2018 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements.