For Immediate Release
Vancouver, B.C. – August 26, 2022 – Oceanic Wind Energy Inc. (TSXV-NEX: NKW.H) today announced its financial results for the nine months ended June 30, 2022. This is the seventh full fiscal quarter following the completion of the sale of the Offshore Wind Farm located in Hecate Strait (the “Project”) to Northland Power Inc. (TSX: NPI) (“Northland”). Effective September 1, 2020, the closing date of the transaction, Northland is responsible for all aspects of the Project’s developments. The terms of the transaction can be found on SEDAR or the Company’s website www.oceanicwind.ca. Oceanic holds a minority interest in the limited partnership that is developing the project. The Company has implemented planned reductions in the operating costs of the Company in line with its new role.
For the three months ended June 30, 2022, Oceanic Wind incurred a net loss of $89,436 ($0.00 per share), compared to $116,739 (0.00 per share) for the three months ended June 30, 2021. As at June 30, 2022, Oceanic had $77,515 in cash and cash equivalents, compared to $238,303 at the end of September 30, 2021. These numbers are consistent with the Company’s planned operations.
The wind project is of significant utility scale and with the growing need for more electricity to meet the provinces CleanBC and GHG reduction objectives and the continuing advances in offshore wind development, the project is well positioned to help meet the long-term electricity needs of British Columbia. With Northland as the developer, the need for renewable energy to power BC’s future, and the strong support from the federal government to reduce GHG to support Climate Change commitments, Oceanic remains optimistic the project will be developed in the near future.
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.