For Immediate Release
Vancouver, B.C. – August 10, 2020 – Oceanic Wind Energy Inc. (TSX-Venture: NKW) today announced its financial results for the three months ended June 30, 2020, a fiscal period during which the Company continued to explore ways to forward the Company’s 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. Oceanic 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 June 30, 2020, Oceanic Wind incurred a net loss of $176,601 ($0.002 per share), compared to $294,574 (0.004 per share) for the three months ended June 30, 2019. As at June 30, 2020, Oceanic Wind had $107,032 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.
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”). The name change was 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. Oceanic is confident that this sale will formally close in the very near future.
Oceanic Wind remains optimistic that the significant energy forecasts for Northern B.C. and the implementation of BC’s CleanBC Policy will benefit Oceanic. The Company’s wind project is the only project of significant scale in the region. With the remarkable advances in offshore wind development, the Oceanic project is both affordable and competitive to meet the long-term electricity needs of British Columbia.
Oceanic Wind Energy Inc 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, the Company’s offshore wind project would generate enough energy to provide electricity to power 100,000’s of 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.
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 Oceanic Wind Energy Inc.
Tel: 604-631-4483 • Fax: 604-685-4215