Finavera Renewables Re-Appoints Board of Directors at AGM and
Provides Strategic Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 03, 2008) -
Finavera Renewables Inc. ("Finavera Renewables" or the "Company")
(TSX VENTURE: FVR) is pleased to announce the completion of its 2008
Annual General Meeting ("AGM"). Shareholders unanimously re-appointed
Damien Reynolds (Chairman), Jason Bak (CEO), John Icke, David Lamont,
and Hein Poulus to the Board of Directors. All of the proposed
resolutions were passed at the AGM including the approval of the
Company's rolling stock option plan.
Finavera Renewables CEO, Jason Bak, states, "Our plan of adding
significant shareholder value through wind project development will
be realized with the completion of two joint ventures and our
anticipated success in the BC Hydro Clean Power Call. Many
pre-revenue companies face challenges in the current capital climate,
however, our plan to bring project finance to the Company without
undue dilution will clearly indicate our ability to finance large
wind projects while retaining significant upside. In this challenging
market, we recognize that focus and execution are the keys to
success. We are focusing on executing these partnership agreements
that will bring our projects through to commercial operation."
Mr. Bak provided highlights of the Company's progress:
- Wind projects in British Columbia, Canada and Ireland have been the
focus of much of the Company's activity for 2008. The Company has
been aggressively pursuing partners for the projects through
value-adding joint venture structures while continuing project
development work including: site identification, environmental
assessment, community and First Nations consultation, civil and
electrical engineering, energy yield studies and construction
assessment.
- The Company has entered into discussions with a potential corporate
investor, and has received a non-binding indicative financing
proposal in connection with four wind projects currently being
developed by the Company in the Peace Region of British Columbia,
Canada. The proposal contemplates an investment of 100% of the equity
requirements, approximately $200 million, for the four projects on
the award of an electricity purchase agreement by BC Hydro pursuant
to the BC Hydro Clean Power Call.
- Signed a Letter of Intent with a large investor for the joint
development of the 105 megawatt Cloosh Valley Wind Project in
Ireland. The Letter of Intent contemplates a joint venture agreement
providing for further development and an equity investment in the
Project, which has an estimated in service date of 2011.
- Continued to evaluate development options in order to extract the
maximum value for shareholders from the 75MW Ghost Pine wind project.
- Wind resource assessment is underway for the nearby 75MW Lone Pine
wind project. The Company intends to make an interconnection
application for this second Alberta project in the near future.
- Progress is also being made with the Company's wave energy
technology. The planned development of the next generation of the
Company's wave energy converter, the AquaBuOY 3.0, is continuing in
order to improve the power output and economics of the device. This
includes an analysis of advanced composite materials in the
manufacturing of the device and discussions with potential technology
development partners in an effort to enhance the core hose pump
technology. The AquaBuOY 2.0 prototype is now being readied for final
analysis. The results of this upcoming test will contribute
significantly to the design work on the next generation of the
device.
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company's objective is to
become a major renewable and green energy producer by developing and
operating its assets in the wind and wave energy sectors. Finavera
Renewables is developing wind energy projects in Canada and Ireland.
In Canada, a two stage 150MW project is being developed in Alberta.
Construction on this advance stage project is estimated to begin in
2008 and provides for near term revenue. In British Columbia,
projects totaling approximately 300MW have been entered into the
provincial Environmental Assessment process, and several other sites
are being developed. In Ireland, two pre-construction wind projects
are under development with a potential capacity of 175MW. Data
collection and environmental studies have been continuing at a number
of sites in both countries. Finavera Renewables is also developing
wave energy conversion technology based in part upon licensed and
patented 'AquaBuOY' technology designs which are based on proven buoy
technology. The Company is developing wave energy projects for
AquaBuOY use in the United States, South Africa and Canada. One of
those projects, in California, has secured a 2MW power purchase
agreement with Pacific Gas and Electric.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available. This press release
contains "forward-looking information" that is based on Company's
current expectations, estimates, forecasts and projections. This
forward-looking information includes, among other things, statements
with respect to the strength of the Company's proposed wind farms,
outlooks and business strategy. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, level of activity,
performance or achievements to be materially different than those
expressed or implied by such forward-looking information. Such
factors include, but are not limited to: uncertainties related to the
ability to raise sufficient capital, changes in economic conditions
or financial markets, litigation, legislative or other judicial,
regulatory and political competitive developments and technological
or operational difficulties. This list is not exhaustive of the
factors that may affect the Company's forward-looking information.
These and other factors should be considered carefully and readers
should not place undue reliance on such forward-looking information.
The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information,
future events or otherwise.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
Contacts:
Finavera Renewables Inc.
Myke Clark
SVP Business Development & Corporate Communications
(604) 288-9051
Email: mclark@finavera.com
Website: www.finavera.com
Kyoto Planet Capital Partners
David Rokoss
Investor Relations
(604) 697-0967 ext. 305
Email: finavera@kyotoplanet.com
Weber Shandwick
Jai Ferguson
Media
(425) 452-5464
Email: jferguson@webershandwick.com