Windflow share offer re-opens

Thursday, 19 July 2001, 3:28 pm
Press Release: Windflow Technology

Media Release

18 July 2001

The Windflow Technology share offer has officially re-opened today, with the Companies Office confirming registration of its Prospectus. Minister of Energy Pete Hodgson has reaffirmed his support for the venture in the foreword he has provided for the offer documents. His letter of consent was the last piece of paperwork required by the Companies Office.

The offer is essentially unchanged from Windflow's early offering which raised 76% of the minimum target, $2.025 million. That offering closed on June 26th, earlier than planned because of a statutory time limit, which the Companies Office had only advised six days earlier.

All commercial terms and financial projections are identical to the earlier offering except for the financial year end being changed from March 31st to June 30th.

In addition the updated offer documents include reference to recent developments such as: · the contract signed with the Christchurch City Council to buy the output of the first Windflow turbine · the high wholesale power prices this winter · the government's Draft Energy Strategy which includes targets for renewable energy.

The offer documents can be downloaded from http://www.windflow.co.nz/shareoffering/

The Windflow venture is adding to the knowledge economy by establishing New Zealand-based manufacturing of its state-of-the-art design. This combines two proven technologies for reducing fatigue loads and thus machine weight. It is an evolutionary, rather than revolutionary, design based on technologies which have been running successfully in full-scale turbines overseas. Both technologies were developed in Britain under the engineering leadership of Windflow director and CEO, Geoff Henderson. Mr Henderson is a registered professional engineer in New Zealand and California.

"Public support for our proposal has been overwhelming as people pay more for electricity, express concern at the climate change impacts of gas-powered generation, and see the opportunity for a socially responsible investment." said Mr Henderson. "We look forward to completing the offer as soon as possible so that we can start building the wind turbine and the sustainable energy industry that will develop with it."

-ends-

Further information: http://www.windflow.co.nz Contact: Tim Armitage, Armitage Consultancy Tel: 03 351 8090, e-mail: tim@armi.co.nz

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