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Windflow Accepts Offer From Bank Of New York

Media Release - 3 December 2004



Christchurch, New Zealand - Friday, December 3, 2004 - Windflow Technology Ltd ("Windflow"), an innovator in wind turbine technology, is pleased to announce that it has accepted an offer from The Bank of New York to establish a Level 1 American Depository Receipt (ADR) program.

The establishment of this ADR program will facilitate the purchase of Windflow shares by United States investors.

This initiative is a clear reflection of the Company's focus on expansion into the numerous international markets for its technology and an appropriate vehicle to leverage the interest of capital markets in renewable energy technologies in the US. The program's formation was triggered through Windflow's engagement of New Zealand-US strategic advisory firm Spring-Start Ltd which has a long-standing business relationship with The Bank of New York and significant international investor relations expertise.

CEO Geoff Henderson commented "We are very excited to take this important step in bringing the Windflow story to international investors, and look forward to creating significant value for our shareholders as we achieve further key commercial and strategic milestones in the international marketplace."

About Windflow Technology Ltd

Windflow Technology Ltd (NZAX: WTL,, headquartered in Christchurch, New Zealand, is a New Zealand publicly listed global innovator in wind turbine design, development and manufacturing. Wind power, the fastest growing form of power generation worldwide, comprises a key aspect of the renewable energy targets set by nations in all regions of the world. Through its proprietary Torque Limiting Gearbox (TLG) and "pitch teeter coupling" (PTC) technologies, the Company overcomes fundamental industry problems which have dominated the economics of wind power generation to date. Reducing turbine mass by about 50%, the Windflow design is expected to have a fundamental 15-20% cost advantage in any market conditions. Currently undergoing beta-testing in the fully deregulated domestic NZ market, Windflow is focused on significant expansion and ongoing design innovation.

About ADRs

American Depository Receipts (ADRs) are commonly used to facilitate US investors investing in foreign companies not listed on a US exchange. An ADR is created when a broker purchases a company's shares on the home stock exchange and delivers those to the depository's local custodian bank, which then instructs the depository bank, The Bank of New York (, to issue ADRs Level 1 ADRs are not listed on any US exchange but may trade freely, just like any other security, in the Over-the-Counter (OTC) market. In other words, US investors will soon be able to obtain ADRs for Windflow shares by making enquiries directly with their brokers.

The benefit for existing Windflow shareholders is increased liquidity for their shares.

The benefit for Windflow is increased access to investment capital for any future share issues.


Spring-Start Ltd ( defines and promotes distinctive New Zealand business models within the international marketplace, realizing the true value of each proposition through tested capital raising and strategic initiatives. With a presence both in the US and New Zealand, SPRING's unique approach, capabilities, experience and networks constitute a powerful resource for its clients.

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