NaiKun Wind: Results From Annual General Meeting & First Quarter Financial Results
March 15 2012 - 4:51PM
Marketwired
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.
Contacts: NaiKun Wind Energy Group Inc. Michael O'Connor
President and CEO 604-639-8460 604-685-4215 (FAX) NaiKun Wind
Energy Group Inc. Investor Enquiries 604-631-4489 www.naikun.ca