Far East Wind Power Announces Binding LOI to Acquire Interests in 200MW Wind Farm Development Rights in China
July 27 2010 - 9:00AM
Marketwired
Far East Wind Power Corp. (OTCBB: FEWP) ("Far
East" or the "Company") is pleased to announce it has entered into
a binding Letter of Intent ("LOI") with Heilongjiang Ruihao
Technology Group Co., Ltd. ("Ruihao") of Daqing City, Heilongjiang
Province, China ("Ruihao") to acquire certain rights to a number of
development stage wind farm projects located within the People's
Republic of China ("PRC").
The proposed venture will be collectively known as the Ruihao
Project (the "Project") of which Ruihao currently owns or has
exclusive access to substantial wind resources in Heilongjiang
province and Jilin province.
Far East and Ruihao have expressed interest in cooperating to
develop several wind farms, the first of which is the Guangyuan
Daxin Project Phase I, located at Daxin Village, Shengli Mongolian
Town, Tailai County, Qiqihaer, Heilongjiang Province. Planned
capacity is 49.5MW. Tariff in this area is RMB 0.61 Yuan per kWh
(US $0.090/kWh). The project is Phase I of a planned 200MW
development project.
The Guangyuan Daxin Phase I Project is in the final permitting
and approval process and Ruihao expects it to be construction ready
in 2010.
Far East aims to complete due diligence on the Ruihao Project
within 30 days after the LOI is signed, and the Definitive
Agreement shall contain customary representation and warranties,
covenants and indemnification provisions.
Details of the company's business, finances, appointments and
agreements can be found as part of the Company's continuous public
disclosure as a reporting issuer under the Securities Exchange Act
of 1934 filed with the Securities and Exchange Commission's ("SEC")
EDGAR database.
About Far East Wind Power Corp. (OTCBB:
FEWP) Far East Wind Power Corp. aims to generate clean and
profitable energy in one of the world's fastest growing energy
sectors through access to a portfolio of high-calibre utility-class
wind power development projects. Far East will inject innovation to
drive cost out of turbine manufacturing, introduce new technologies
and strategic relationships, plus aggressively pursue low cost of
capital to deliver the most competitive cost per capacity and
highest rates of return in the Asian marketplace. For more
information, visit: www.fareastwind.com
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, the
development, costs and results of new business opportunities.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that any beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to
be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
ON BEHALF OF THE BOARD
Far East Wind Power Corp.
----------------------------- Marcus Laun,
Director
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Marketing, LLC Jim Blackman (713) 256-0369 Email Contact Evergreen
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Web: www.fareastwind.com
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