Worldwide Provides Shareholder Update on Solar Project
April 03 2014 - 11:15AM
Marketwired
Worldwide Provides Shareholder Update on Solar Project
NEW YORK, NY--(Marketwired - Apr 3, 2014) - Worldwide Internet,
Inc. (OTC Pink: WNTR) (PINKSHEETS: WNTR) announced today a
shareholder update on its portfolio company Pamlico Energy Park,
LLC.
Pamlico Energy Park LLC ("Pamlico") has received its approval
from the North Carolina Utilities Commission for the initial stage
of 1 MW of the 5MW project. Pamlico has also completed the initial
lease of the 30 acre property, for the 5MW project, for 15 years
with an option to extend an additional 30 years. Pamlico is also in
discussions with third parties to lease up to an additional 70
acres to provide the land required to build up to 20MW in solar
projects.
Pamlico has engaged Pike Energy for engineering and procurement
services. Pike Energy is one of the largest providers of energy
solutions in the United States. It is also currently finalizing the
terms of the Power Purchase Agreement with Dominion Resources.
Dominion Resources announced this week the purchase of 139MW of
solar projects.
The financing of the project is through the Federal Investment
Tax Credit for 30% of the project costs, the North Carolina Tax
Credit for 35% of the project cost, in addition to depreciation and
the sale of Renewable Energy Credits. The total 20 MW project when
completed will be $40m.
The company also announced that it intends to complete an
initial $10,000,000 in financing, with its underwriter, by the end
of the second quarter on June 30, 2014. This would include having
the audited financials completed for the transaction.
Frank Kristan, President of Worldwide Internet, Inc., stated
that:
"We are very pleased with our investment in the renewable energy
industry. The strong partners we have on this project will provide
dividends for our shareholders and increase our asset base."
About Worldwide Internet, Inc.
Worldwide Internet, Inc. (OTC Pink: WNTR)
(www.worldwideinternetinc.com). The company is now focused on
making acquisitions of business operations and investments to
create a diversified holding company.
FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those expressed or implied in the
forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the OTC
Markets and. undertakes no duty to update any forward-looking
statement made herein. All forward-looking statements speak only as
of the date of this press release.
Contact: Frank Kristan frankkristan@worldwideinternetinc.com
Phone/Fax: (206) 984-3470