NKW Oceanic Wind Energy Inc

NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) announced today that its Board
of Directors (the "Board") has initiated a process to retain an advisory firm to
assist the Company in undertaking a review of the strategic alternatives
available to ensure maximum shareholder value.


Since the recent announcement by BC Hydro that NaiKun Wind's 396 MW offshore
wind energy project was no longer under consideration in the Clean Power Call,
the Board has been evaluating the potential for the project and the offshore
wind industry in the context of renewable energy development in British
Columbia. While the timing and specifics of BC Hydro's near term procurement
plans are uncertain in advance of the release of the Integrated Resource Plan
that is required under the new Clean Energy Act, the Company believes that its
project located in the Haida Energy Field off the east coast of Haida Gwaii can
play an important role in BC's future energy solutions.


The strategic review will encompass a careful assessment of alternatives
including continuing to advance the offshore wind energy project as the
Company's primary project, potential business combination or joint venture
opportunities in the renewable energy sector, the sale of the Company's
interests, among others. It is anticipated that the review will be completed in
a timely manner. NaiKun Wind advises that no decisions have been made, no formal
proposals received and no agreements reached regarding its assets, the Company
or any subsidiaries. The Company cautions that there can be no assurance that
the review of strategic alternatives will ultimately result in a transaction.


"We continue to believe that there are significant opportunities presented by
the NaiKun Wind Project," said Philip Hughes, Board Chair, "and with this in
mind, the Board would like to fully explore all options available to optimize
shareholder value."


While the Company is facing a setback with regard to the offshore wind project,
the Company has a number of significant assets which will be central to the
evaluation of strategic alternatives, in examining how the company can leverage
these assets to sustain the project and ensure maximum shareholder value. These
assets include:




--  A solid financial position, with no debt and $10.2 million of cash and
    equivalents (as at March 31st);
--  A project at an advanced stage of development, including extensive
    engineering, environmental and site data collection and analysis which
    confirms a world class wind resource and the suitability of the site for
    the project;
--  A strong team of world class suppliers and partners, including Siemens,
    ENMAX and north coast First Nations; and
--  A provincial environmental certification which concluded that the
    project will have no significant environmental, social or health effects
    on the surrounding area. 



The Company will also be undertaking further restructuring to dramatically
reduce its cost structure to ensure that existing financial resources can
support the development of the offshore wind energy project into 2014 and
beyond. In addition, and as part of this restructuring, effective April 1, 2010,
the Board's fees were reduced by 50%.


"Projects of our scale and advanced degree of development are expected to be
necessary to meet the Province's energy goals, and in line with this, we are
committed to taking steps to ensure that the project can be sustained over the
long term," said Paul Taylor, NaiKun Wind President and CEO.


While the strategic review is underway, NaiKun Wind will continue to work on the
development of the wind project by completing the federal environmental
assessment process which the Company expects to accomplish during the summer.
NaiKun Wind will also continue to support the Haida as they finalize their
deliberations regarding the opportunity to participate as an equity partner in
the generation project.


NaiKun Wind also announced today its financial results for the latest quarter.
During the quarter ended March 31, 2010, NaiKun Wind incurred a net loss of
$1.42 million ($0.04 net loss per share), compared to a net loss of $3.29
million ($0.08 net loss per share) for the quarter ended March 31, 2009. The
reported loss has decreased from the same period last year due to reduced
development expenditures given that activities related to securing environmental
approvals are largely complete. As at March 31, 2010, NaiKun Wind had $10.2
million in cash and cash equivalents, compared to $11.5 million at the end of
December, 2009.


NaiKun Wind has prepared an assessment of the Clean Power Call process and the
Clean Energy Act which is available on the Company's website at www.naikun.ca.


NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy
company with offices in Vancouver, Masset and Skidegate. Once contracted, NaiKun
Wind's 396MW offshore wind energy project would generate enough energy to
provide electricity to 130,000 B.C. homes and play a significant role in
combating climate change. The project would bring high value jobs to the region
during the construction and operating phases. NaiKun Wind is committed to
working in partnership with First Nations and collaboratively with stakeholder
groups and local communities in the development of its project. 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.

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