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Message: Year-End Financial Results, Marks Year of Significant Steps Forward
| January 26, 2009 |
| NaiKun Releases Year-End Financial Results, Marks Year of Significant Steps Forward |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - NaiKun Wind Energy Group Inc. ("NaiKun") (TSX VENTURE:NKW) has released its financial results for the year ended September 30, 2008, a year of significant steps forward for the development of Canada's first offshore wind energy project, in British Columbia's Hecate Strait. As at September 30, 2008, NaiKun had $27.94 million in cash and cash equivalents, compared to $36.71 million at the end of September 2007. During the year ended September 30, 2008, NaiKun incurred a net loss of $16.19 million ($0.44 net loss per share), compared to a net loss of $5.07 million ($0.25 net loss per share) for the year ended September 30, 2007. Cash outflows increased during the year as the company substantially intensified the development of its wind energy project. NaiKun has submitted a 396 MW proposal into BC Hydro's Clean Power Call as the first phase of its offshore wind power project. This phase will include up to 110 3.6 MW turbines, enough to provide 130,000 B.C. homes with clean electricity and help move the province of British Columbia closer to achieving its goal of self-sufficiency by 2016. During the year NaiKun formed new partnerships and signed agreements with key industry leaders and First Nations, and progressed with field work including the environmental assessment and consultation processes. Important additions were also made to the NaiKun team, including Paul Taylor, President, CEO and Board member, Steven Eckert, Senior Vice President and Michael J. O'Connor, Senior Vice President. New directors Fred Dabiri, Joe S. Houssian, Philip Hughes and Dave Rehn were also appointed to the board during the year. "NaiKun isn't immune to the effects of the current worldwide economic situation, but with the strength of the project, our team including industry and First Nations partners, and our financial resources, we are continuing to make advances in the development of the project," said Paul Taylor, NaiKun's President and CEO. "The coming year promises to be equally active and successful. We expect to secure a purchase agreement with BC Hydro when it awards contracts mid-year, which will lead to signing significant contracts with major suppliers. We will submit our applications for environmental assessment certificates to the B.C. Environmental Assessment Office and the Council of the Haida Nation in the early part of 2009." Key accomplishments during the year ended September 30, 2008 included: - Securing of commercial agreements with the Lax Kw'alaams and Metlakatla First Nations for the transmission component of the project. - Approval of the Application Terms of Reference for the environmental assessment review processes and environmental and socio-community studies. - Confirmation of the high-producing winds at the project site and its suitability for offshore construction through the completion of several engineering field studies including extensive wind and wave analysis, geophysical surveys and the installation of a custom-designed meteorological mast equipped with a light detection and ranging (LiDAR) unit. - Negotiations with potential suppliers of wind turbine generators, resulting in a letter of intent with Siemens Wind Power signed in November. - A public opinion poll in September conducted for NaiKun by the Mustel Group indicating 73 per cent of British Columbians support the project. NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) is a B.C.-based renewable energy company that is traded on the TSX Venture Exchange. Additional information is available on NaiKun's website: www.naikun.ca. |
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