For Immediate Release
Vancouver, B.C. – May 29, 2020 – NaiKun Wind Energy Group Inc. (TSX-Venture: NKW) today announced its financial results for the three months ended March 31, 2020, a fiscal period during which the Company continued to explore ways to forward the NaiKun Wind Project while controlling its costs. A substantial restructuring was undertaken in fiscal 2010 and the Company has maintained both the expense profile and the strategic efforts as laid out by the Board of Directors. NaiKun Wind remains confident that these undertakings represent the best available opportunities to support the advancement of the project and maximize shareholder value.
For the three months ended March 31, 2020, NaiKun Wind incurred a net loss of $219,476 ($0.003 per share), compared to $357,987 (0.005 per share) for the three months ended March 31, 2019. As at March 31, 2020, NaiKun Wind had $8,400 in cash and cash equivalents, compared to $232,037 at the end of September 30, 2019. These numbers are consistent with the Company’s planned operations.
These statements are being filed under the name of NaiKun Wind Energy Group Inc as they are for the quarter ending March 31, 2020. At the Company’s May 15, 2020 Annual General and Special Meeting, where 50% of shareholders were represented, 99% of voted shares were voted in favour of the Company name being changed to Oceanic Wind Energy Inc. (“Oceanic”) and future statements will be prepared under that name. The name change is effective May 28, 2020, the same date that the Company shares will be traded under Oceanic (TSX-V – “NKW”). At the same shareholder meeting the shareholders voted 99% in favour of selling the development rights of the project to Northland Power Inc, as has been disclosed in earlier news releases.
NaiKun Wind remains optimistic that the significant energy forecasts for Northern B.C. and the implementation of BC’s CleanBC Policy will benefit NaiKun. The NaiKun Wind project is the only project of significant scale in the region. With the remarkable advances in offshore wind development, the NaiKun Project is both affordable and competitive to meet the long-term electricity needs of British Columbia.
NaiKun Wind Energy Group is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun Wind’s 400MW offshore wind project would generate enough energy to provide electricity to 200,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and more that $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
NaiKun Wind Energy Group Inc.
Tel: 604-631-4483 • Fax: 604-685-4215