DGAP-News: Prime Sun Power rebrands as '3Power Energy' and Finalizes Terms for Merger with Seawind Group - A Leading European Based Provider of Renewable Energy
(firmenpresse) - EquityStory AG-News: Prime Sun Power Inc. / Key word(s): Miscellaneous
Prime Sun Power rebrands as '3Power Energy' and Finalizes Terms for
Merger with Seawind Group - A Leading European Based Provider of
Renewable Energy
27.01.2011 / 18:00
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Prime Sun Power rebrands as '3Power Energy' and Finalizes Terms for Merger
with Seawind Group - A Leading European Based Provider of Renewable Energy
Finalized terms of acquisition set stage for accelerated global expansion.
New York, NY - January 24, 2011 - Prime Sun Power Inc. (OTCBB/New York:
PSPW&Xetra/Frankfurt: PSD) (the 'Company') announces that it has
rebranded into a new global brand that will be known as 3Power Energy Group
(3POWER). The Company specializes in the development and operation of
renewable energy power plants world-wide.
3POWER has also finalized the terms of a prospective merger with the
Seawind Group (www.seawind.uk.com www.seawind.cl), a European based leader
in renewable energy. Seawind has been a successful provider of engineering
and EPCI services to the industry and an independent project developer for
more than 10 years with a notable track record and leading global
customers. The prospective merger with Seawind is an important piece of
3POWER's strategy to bolster their position as an emerging global leader in
the field of independent renewable power production. The planned merger
also expands 3POWER's reach into Hydro and Wind power production in
addition to photovoltaic (PV) solar energy.
'We were impressed with 3POWER's business model of expanding the Company
to have vertically integrated capabilities; from development and
engineering, to whole life operation of renewable energy power plants. This
is exactly the direction we were headed.. This opportunity to merge with
3POWER simply expedites our goals,' said James Wilson, Managing Director
and cofounder of Seawind.
'The combined teams of 3POWER and Seawind have extraordinary industry
experience and expertise in project development, management, operations,
and engineering know-how. The combination will create a unique and solid
foundation for global expansion.' said Mr. Tim Adams, Operational Managing
Director and cofounder of Seawind. Mr. Adams (who following the merger will
be appointed as the COO of 3POWER) has been in charge of Seawind operations
since inception, enabling Seawind to meet its customers' needs and
challenges.
Over the past three years, Seawind's cumulative revenues are estimated at
circa USD $60 million, and retains a core project and engineering staff of
30 people. Seawind has a substantial pipeline of Wind Power plants
projects that are expected to produce in excess of 1,000MW, which come in
addition to 3POWER's current pipeline of 225MW of PV Solar power projects,
and 1,300MW of Hydro Power Plants in Italy, France, Greece and Turkey.
After coordinating and completing the successful merger, the current CEO of
3POWER, Mr. Olivier de Vergnies, will turn over day-to-day operations to
James Wilson, who will become CEO of 3POWER. 'Mr. Wilson is an experienced
professional who has grown Seawind over the last 10 years into a successful
and profitable company. I have worked closely with him during the merger
preparations and I'm fully confident in his ability to lead 3POWER', said
Mr. de Vergnies.
The Company appointed Mr. Toby Durrant as 3POWER's new Chief Investment
Officer. Mr. Durrant has expertise in corporate finance and capital
raising, and is an experienced professional with strong contacts and
networks in the financial industry. Mr. Durrant will coordinate the capital
raise and new listing. 'I am pleased at the prospect of becoming part of
3POWER. Having participated closely in the merger preparations, I recognize
the opportunity that 3POWER's new engineering and operational expertise
represents, and I am confident that it will allow me to focus on
successfully raising capital, and meeting our additional financial goals.'
3POWER is currently in negotiation with selected financial investors to
provide a long-term loan of US $50 million and equity participation in the
project's pipeline. Upon the completion of the merger, 3POWER expects to
exit from shell status and intends to seek a listing on NASDAQ as soon as
reasonably possible.
'The merging of 3POWER and Seawind will create a solid platform for both
companies to continue their development in the field of renewable energy.
Seawind's depth of experience across diverse renewable energy technologies,
its proven management expertise, and its current client and project base
are valuable assets. Combined with 3POWER's extensive pipeline of solar and
hydro projects, they facilitate the creation of a world-class producer of
renewable power.' said James Wilson.
3POWER and Seawind expect to close the merger as soon as 2010 audited
financial statements are completed. A detailed summary of the terms of the
merger and additional disclosures are expected to be filed with the U.S.
Securities and Exchange Commission shortly.
About 3Power Energy Group:
3POWER is emerging as a world-wide independent major player in producing
sustainable renewable energy. 3POWER harnesses cutting-edge solar, wind,
and hydro technologies to develop clean, sustainable power generation, and
is a trusted energy provider to utility companies and corporate entities
around the world. 3POWER expects to establish its headquarters in London,
with satellite offices and operations in North America, Latin America,
Europe, and Asia. Learn more at www.3powerenergy.com, www.seawind.uk.com or
www.seawind.cl
Forward Looking Statements:
This release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to Prime
Sun Power Inc. (which expects to very shortly change its name to 3Power
Energy Group Inc.) (the 'Company'), its business and the prospective merger
transaction among the Seawind Group of Companies and the Company. These
forward-looking statements can be identified by the use of terminology such
as 'subject to,' 'believe,' 'expects,' 'plan,' 'project,' 'estimate,'
'intend,' 'may,' 'will,' 'should,' 'can,' or 'anticipates,' or the negative
thereof, or variations thereon, or comparable terminology, or by
discussions of strategy. Although all of the forward-looking statements
set forth in this press release are believed to be reasonable, actual
results may differ materially from those expressed in forward-looking
statements as a result of factors outside of the control of the Company.
The Company cannot provide assurances that any prospective matters
described in the press release will successfully close or otherwise be
completed or that the Company will realize the anticipated benefits of any
such transactions. Important factors that may cause actual results to
differ materially from those expressed in the forward-looking statements
are discussed in the Company's Securities and Exchange Commission ('SEC')
filings. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not undertake and
specifically disclaims any obligation to update, republish or revise
forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrences of unanticipated events. All
forward-looking statements should be regarded solely as the Company's
current plans, estimates and beliefs.
###
Media Contact: Steve Brazell
Hitman, Inc. - Competition Removal(TM)
New York (212) 300-6012
www.yourhitman.com
End of Corporate News
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110250 27.01.2011
Datum: 27.01.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 33072
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