Welwind Announces Joint Venture Negotiations With Wind Farm Project in China With Signed Power Purchase Agreement
Thursday August 21, 9:00 am ET

SAN DIEGO, Aug. 21, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTC BB:WWEI.OB - News) (the ``Company'') announces that it has entered into an agreement to begin the due diligence process of acquiring a 49% (forty-nine) interest in a 49 MW wind farm project located in China. The potential acquisition would require a US$37.5M investment of which Welwind has multiple parties interested in participating in this debt financing.

Welwind deems this potential acquisition attractive as this project has already attained their PPA and Clean Development Mechanism (CDM). To help countries meet their emission targets, and to encourage the private sector and developing countries to contribute to emission reduction efforts, the Kyoto Protocol included three market-based mechanisms -- Emissions Trading, the Clean Development Mechanism and Joint Implementation.

The CDM allows emission-reduction projects in developing countries to earn certified emission reduction (CER) credits, each equivalent to one tonne of CO2. These CERs can be traded and sold, and used by industrialized countries to a meet a part of their emission reduction targets under the Kyoto Protocol.

The wind farm project of interest has qualified for CDM through a rigorous public registration and issuance process. It is now eligible to sell or leverage against the credits earned in addition to the revenue it will generate from the sale of energy through the PPA.

The company further announces that it will provide an update for Welwind's Zhanjiang project next week.

ABOUT WELWIND

Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations.

Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.

The Welwind Energy International Corporation logo is available at: http://www.primenewswire.com/newsroom/prs/?pkgid=3727

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact:

          NetGain Financial

          Investor Relations

          Robert Bragg

          866-636-0252

          rob@netgain-financial.com

          Welwind Energy International Corp.   

          604-460-8487

          866-677-2272

          info@welwind.com

          www.welwind.com

Source: Welwind Energy International Corporation

Disclaimer:

This information was provided to NetGain Financial, Inc. (NetGain) by Welwind Energy International Corp (Welwind or the Company) and should not be relied upon for investment decisions.  This document in not an offer or solicitation to buy or sell the security but should be used for information purposes only. Further due diligence should be done through the Company?s filings with the SEC.  This security is speculative and should not be purchased unless you can afford to lose your entire investment.  Welwind has contracted NetGain for a period of six months of ?Investor Relations?.  NetGain will be compensated five thousand dollars a month for the six months and three million shares of Welwind common RESTRICTED stock.  This stock CANNOT be sold on the open market for at least six months and only through SEC Rule 144 (as amended).  FORWARD LOOKING STATEMENTS-SAFE HARBOR: This email contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements.  Such forward-looking statements are made based upon management?s beliefs, as well as assumptions made by, and information currently available to management pursuant to the ?safe-harbor? provisions of the Private Securities Litigation Reform Act of 1995.  The statements, estimates and projections as to the future revenues and results of operations of the Company are based upon estimates provided by Welwind management.  The projections of the future financial and operating performance have been provided to assist in an evaluation of the projected business, but are not to be relied upon as accurate representations of future results. Furthermore, because the projected financial information is based upon estimates and hypothetical assumptions about circumstances and events that have not yet taken place and are subject to variation, there are no representations or warranties associated therewith, and there can be no assurance that the projected results will be attained.  This Plan is