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NaiKun Wind
Energy Group (TSX VENTURE:NKW) (the "Company") held its Annual
General Meeting in Vancouver, British Columbia on March 14, 2012.
The results of voting on matters put before the Company's shareholders
include:
-- Election of Board of Directors: Philip Hughes (Chair), Michael C. Burns, Joe Houssian, Michael O'Connor, David Rehn and Graham Wilson were re- elected to the Board of Directors. -- Re-Appointment of Auditors: KPMG LLP, Chartered Accountants, were re- appointed as auditors of the Company.
The
Company also announces its financial results for the three months ended
December 31, 2011, a period in which the Company continued forwarding the NaiKun Wind Project while controlling its costs. A
substantial restructuring effort was undertaken in the third quarter of
fiscal 2010 and the Company has maintained both the expense profile and the
strategic efforts as laid out by the Board of Directors at that time. NaiKun Wind remains confident that these undertakings
represent the best available opportunities to support the advancement of the
project and maximize shareholder value.
An overview of NaiKun Wind's first quarter results
and projected expenditures include:
As of December 31, 2011, NaiKun Wind had $6.4
million in cash and cash equivalents compared to $6.8 million at the end of
September 2011.
For the three months ended December 31, 2011, NaiKun
Wind incurred a net loss of $0.58 million ($0.01 per share), compared to
$0.53 million ($0.01 per share) for the same period last year.
For fiscal 2012 the Company has budgeted cash expenditures of $1.5 million
which, given the Company's existing cash position, will sustain operations
into 2014 and beyond.
NaiKun Wind Energy Group Inc. is a British
Columbia-based renewable energy company. Located on B.C.'s northwest coast,
where the wind resource is one of the strongest and most consistent in the
world, NaiKun Wind's 396MW offshore wind project
would generate enough energy to provide electricity to 130,000 B.C. homes. If
the project does proceed it is expected to result in an estimated 500 jobs
during construction, 50 permanent jobs for maintenance and operations and
over $400 million in direct expenditures in the province during construction,
of which $250 million will benefit North Coast communities.
The NaiKun Wind project is at an advanced stage of
development, with environmental approvals and agreements in place with key
suppliers and First Nations and is now in a position to begin construction
within two years of receiving an energy purchase agreement. For more
information on NaiKun Wind, please visit www.naikun.ca.
Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including statements regarding the
business and anticipated financial performance of the Company. These
statements are subject to a number of risks and uncertainties. Actual results
may differ materially from results contemplated by the forward-looking
statements. When relying on forward-looking statements to make decisions,
investors and others should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such forward-looking
statements. The Company does not undertake to update any forward looking
statements, oral or written, made by itself or on its behalf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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