VANCOUVER, British Columbia, Dec. 14, 2006 (PRIME NEWSWIRE) -- Greenwind Power Corp (USA) (Pink Sheets:GWDP) is pleased to announce that it has completed a reorganization agreement with its partner Energy Logics. Under the terms of the reorganization agreement Greenwind has been forgiven approximately US$500,000.00 in loans owed to Energy Logics which Greenwind used for developing its wind energy projects in Southern Alberta. Energy Logics will pay to Greenwind an additional US$200,000.00 upon the closing. Under the terms of the reorganization agreement Energy Logics and Greenwind have transferred interests to each other resulting in the following ownership of their respective projects.
-- West Raley Wind Energy Inc: Energy Logics 51%, Greenwind 49%
-- PH Wind Energy Inc: Greenwind will maintain its 5% interest.
-- Castle Rock Wind Energy Inc and Westfield Wind Energy Inc:
Greenwind has transferred its 5% interest in each project having
no further interest in these projects
-- Hucik Ridge Wind Energy Inc: Energy Logics 51%, Greenwind 49%
-- Yagos Wind Energy Inc: Energy Logics 61%, Greenwind 39%
-- Riverside Ranch Wind Energy Inc: Has become part of the Yagos
project as it was more economical from design and wind turbine
layouts reflecting the wind regime for that project.
-- Zoratti Wind Energy Inc: Greenwind 100%
-- Standoff Colony Project: Greenwind 100%
-- Livingstone Colony project: Greenwind 100%
Furthermore, upon the closing of the reorganization agreement shareholder agreements were executed for each wind energy company sharing common interests in. The purpose of the reorganization was to give Greenwind's partners additional control of some of the projects which would enable them to facilitate funding using their financial resources.
Greenwind Power Corp (USA) is a Vancouver, BC-based company that is rapidly emerging as a company dedicated to the development and operation of renewable energy projects. Greenwind's primary focus is the development of grid based wind farms; however, Greenwind's secondary focus has been the research and development of economical wind/diesel hybrid systems coupled with the emergence of new developments in energy storage systems which systems would be utilized for off-grid applications. Greenwind sees this market as significant potential for additional growth of the company in the next few years. The company expects more news in the near future and will report it as developments occur.
Note:
The Company has not authorized the release of this information in any form that contravenes the Communications Act and will not be responsible for unsolicited massive distribution of this material by e-mail or facsimile by unauthorized parties. Statements in this press release, which are not historical facts, are "forward looking statements" within the meaning given to that term in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.