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Windflow Seeks Further Capital


NZX and Media Statement

1 September 2011

Windflow Seeks Further Capital

Windflow Technology Ltd is seeking capital from shareholders through a Share Purchase Plan (SPP) opening Thursday 15 September 2011. The SPP will provide the company with funds to conduct a formal licensing sale process for its intellectual property assets (IP), maintain its presence in the UK and continue to support its O&M and warranty obligations to NZ Windfarms Ltd.

Windflow's 500 kW turbine and innovative drive-train is now technically and commercially proven, with IEC Class 1A Certification and 170 turbine-years of track record at the Te Rere Hau wind farm where 97 turbines are operating at over 95% availability in some of the strongest winds in the world.

Windflow has identified numerous potential licensees who have an interest in its technology. It has had preliminary discussions with several substantial international companies with a view to licensing the existing 500 kW design and/or providing engineering design services to develop variants for different markets. Windflow intends to conduct a formal competitive process to maximise the value of the IP to the Company and its shareholders. Indications to date suggest that the IP has a value significantly in excess of the capital being sought.

Windflow's last capital raising in November was focused on providing working capital for the Company while working to obtain sales in the UK where its mid-size turbine offers landowners attractive revenues under the Feed-In Tariff (FIT) scheme. While the UK market still looks promising, some of the risks signalled in the November 2010 have eventuated. The delay in receiving cash from anticipated UK orders has resulted in Windflow's cash reserves, which were replenished in November, becoming depleted, despite Windflow's actions to preserve cash.

Nevertheless Windflow intends to continue its low-cost market presence in the UK in the expectation that the uncertainty created by the FIT scheme review will be finally determined by the end of 2011, and that orders in at least modest volumes will be forthcoming.

All eligible shareholders as of the record date of 14 September will be sent a copy of the Share Purchase Plan with the opportunity to subscribe for a one-off parcel of shares in parcels of up to $15,000 value, regardless of existing shareholding.

Key dates:

· Record date 5:00 pm Wednesday 14 September

· Opening date Thursday 15 September

· Closing date 5:00 pm Monday 3 October, unless extended

· Allotment date Thursday 6 October

· Despatch date Friday 7 October

The Company will be providing a detailed update in its Preliminary Announcement which will be released no later than 13 September.

ends

© Scoop Media

 
 
 
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