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Successful Uptake of Windflow Rights Issue

Successful Uptake of Windflow Rights Issue

Windflow Technology Limited’s 1 for 2 Renounceable Rights Issue, which closed on Friday 3 December, has raised in excess of $3.3 million (including $1 million from the partial underwrite by Aeolian Property Company Limited). This represents more than 60% of the $5.4 million maximum possible subscription by shareholders.

“We are pleased with the uptake by our shareholders”, said Chairman Barrie Leay. “Their loyal support enables us to progress into 2011 with increased confidence.” The funds will primarily be used to support Windflow’s entry into the United Kingdom wind turbine market, where the incentive of a Feed-In Tariff recently introduced by the UK Government has created high levels of enquiry for the company’s IEC certified 500 kW wind turbine.

Windflow’s distributor Ventus Green Energy is actively conducting site surveys and feasibility studies, and planning approval is being sought for suitable turbine sites as part of the process of turning enquiries into firm orders. “While the process is time consuming because of the large number of existing enquiries, and is expected to extend well into 2011, substantial progress is being made,” said Mr Leay.

In accordance with the plans set out in the prospectus and the business plan that led to Windflow winning the UK market entry competition managed by UK Trade & Investment during the period of the rights issue, Nick Bowmar from Windflow’s Christchurch base has relocated to Glasgow as UK Business Development Manager to directly assist the distributor and the turbine purchasers.

Windflow is currently commissioning Stage 4 of the Te Rere Hau wind farm near Palmerston North, which will by mid 2011 increase the number of operating Windflow 500 turbines on this site from 65 turbines to 97.

ENDS

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