NEW YORK, Jan. 11, 2012 /PRNewswire/ -- 3Power Energy Group
Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD) is
pleased to announce that the company entered into an agreement to
develop 240 hectares of land in Nuoro region, elevation 800M at sea
level in Sardinia. The land will be leased by 3Power upon the
completion of the licensing and permit process.
Seawind Services, the company subsidiary providing the
engineering work for wind projects, will start installing the wind
measurement equipment very soon. The landowner is a prominent
family in the region and will support the licensing and permits
process.
3Power also reallocated the projects under the acquisition
agreement signed in May 2011 with
"Power Andina" to a 19.5Mwt project in Hacienda Quichote. The new
project is developed by Andina and has more than four years
bankable wind data. Preliminary project design and Environmental
permitting have been completed. 3Power management considers the new
projects more advantageous for the company in its strategy of fast
expanding strategy and enhancing its projects pipeline
portfolio.
Forward Looking Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to 3Power, its business and prospective development
plans. These forward-looking statements can be identified by the
use of terminology such as "subject to," "believe," "expects,"
"plan," "project," "estimate," "intend," "may," "will," "should,"
"can," or "anticipates," or the negative thereof, or variations
thereon, or comparable terminology, or by discussions of
strategy. Although all of the forward-looking statements set
forth in this press release are believed to be reasonable, actual
results may differ materially from those expressed in
forward-looking statements as a result of factors outside of the
control of 3Power. 3Power cannot provide assurances that any
prospective matters described in the press release will
successfully close or otherwise be completed or that 3Power will
realize the anticipated benefits of any such transactions.
Important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in 3Power's Securities and Exchange Commission
filings. Readers are cautioned not to place undue reliance on
forward-looking statements. 3Power does not undertake and
specifically disclaims any obligation to update, republish or
revise forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrences
of unanticipated events. All forward-looking statements should
be regarded solely as 3Power's current plans, estimates and
beliefs.
SOURCE 3Power Energy Group Inc.