Wind Works Power Corp. Increases Stake in Key Ontario Project to 100%
Stuart Smith (November 6th, 2009) Writes:
OTTAWA, ONTARIO — (Marketwire) — 11/06/09 — Wind Works Power Corp. (OTCBB: WWPW)(FRANKFURT: R5E1)(WKN: AOKE72) is pleased to announce that they have signed an agreement to increase their equity interest from 50% to 100% in Settlers Landing Wind Park. The agreement calls for the issuance of 300,000 restricted common shares of Wind Works stock, and the payment in cash of $450,000, the latter subject to milestones.
As part of the acquisition of Zero Emission People, announced October 27, 2009, Wind Works acquired a 50% interest in Settlers Landing, a 10 megawatt wind energy project located near Pontypool, in Ontario, Canada.
“Settlers Landing is a key project in our portfolio and we are very excited about the opportunity to increase our equity stake to 100%,” commented Dr. Ingo Stuckmann, CEO and director of Wind Works. “With this project, we have the opportunity to create an investment value of over $30 million.
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