For Immediate Release
Vancouver, BC – January 25, 2019 – NaiKun Wind Energy Group Inc (TSX-V NKW) (the “Company”) held its Annual General Meeting in Vancouver British Columbia on January 24, 2019.
With over 22 million shares of the Company voted, the results of items put before the Company’s shareholders include:
- Election of Board of Directors: Philip Hughes, Joseph Houssian, David Rehn, Arthur Willms and Michael O’Connor were re-elected to the Board of Directors.
- Re-Appointment of Auditors: KPMG LLP, Chartered Professional Accountants, were re-appointed as auditors of the Company.
- 10% Rolling Stock Option Plan: The shareholders confirmed and re-approved the Company’s “rolling 10%” stock option plan.
- At the AGM, the Company’s CEO Michael O’Connor gave an update on the Project, the electricity demand projections for North West BC and the North East BC Oil and Gas region. He reported on how the remarkable improvements in offshore wind technology has lead to significant cost reductions and briefly discussed the partnership engagement work currently underway. “With the recently announced “Clean BC’’ policy it is clear the province will need considerable new clean electricity and in particular the North West region of BC will see opportunities for projects like Naikun.” The wind resource in Hecate Strait (Naikun permitted project) is recognized as an “exceptional offs-shore wind project with site characteristics that rival the best in the world” and is now cost competitive with other sources of energy. Michael O’Connor noted the meetings with world-class offshore wind partners are progressing well and expressed optimism that the NaiKun project would become part of the BC Government’s Clean Energy road map that is currently in the implementation stages.
In addition, the Company granted incentive stock options to certain directors and officers to purchase up to an aggregate of 1,250,000 common shares of the Company. The options are exercisable at a price of $0.10 per share, will expire on January 23, 2029, and will vest 50% at issue and 50% after 180 days.
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.
The NaiKun Wind project is at an advanced stage of development with environmental approvals from the Provincial and Federal Governments and agreements in place with key suppliers and First Nations. Given its development status, construction can begin within two years if an electricity purchase agreement can be secured. For more information on NaiKun Wind, please visit www.naikun.ca.
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