Prime Sun Power Rebrands as "3Power Energy" and Finalizes Terms for Merger With Seawind Group - a Leading European Based Provide
26 Janvier 2011 - 12:00PM
Prime Sun Power Inc. (OTCBB:PSPW) (Frankfurt:PSD) (the "Company")
announces that it has rebranded into a new global brand that will
be known as 3Power Energy Group (3POWER). The Company specializes
in the development of renewable energy power plants world-wide.
3POWER has also finalized the terms of a prospective merger with
the Seawind Group (www.seawind.uk.com www.seawind.cl), a European
based leader in renewable energy. Seawind has been a successful
provider of engineering and EPCI services to the industry and an
independent project developer for more than 10 years with a notable
track record and leading global customers. The prospective merger
with Seawind is an important piece of 3POWER's strategy to bolster
their position as an emerging global leader in the field of
independent renewable power production. The planned merger also
expands 3POWER's reach into Hydro and Wind power production in
addition to photovoltaic (PV) solar energy.
"We were impressed with 3POWER's business model of expanding the
Company to have vertically integrated capabilities; from
development and engineering, to whole life operation of renewable
energy power plants. This is exactly the direction we were headed..
This opportunity to merge with 3POWER simply expedites our goals,"
said James Wilson, Managing Director and cofounder of Seawind.
"The combined teams of 3POWER and Seawind have extraordinary
industry experience and expertise in project development,
management, operations, and engineering know-how. The
combination will create a unique and solid foundation for global
expansion." said Mr. Tim Adams, Operational Managing Director
and cofounder of Seawind. Mr. Adams (who following the merger will
be appointed as the COO of 3POWER) has been in charge of Seawind
operations since inception, enabling Seawind to meet its customers'
needs and challenges.
Over the past three years, Seawind's cumulative revenues are
estimated at circa USD $60 million, and retains a core project and
engineering staff of 30 people. Seawind has a substantial
pipeline of Wind Power plants projects that are expected to produce
in excess of 1,000MW, which come in addition to 3POWER's current
pipeline of 225MW of PV Solar power projects, and 1,300MW of Hydro
Power Plants in Italy, France, Greece and Turkey.
After coordinating and completing the successful merger, the
current CEO of 3POWER, Mr. Olivier de Vergnies, will turn over
day-to-day operations to James Wilson, who will become CEO of
3POWER. "Mr. Wilson is an experienced professional who has grown
Seawind over the last 10 years into a successful and profitable
company. I have worked closely with him during the merger
preparations and I'm fully confident in his ability to lead
3POWER", said Mr. de Vergnies.
The Company appointed Mr. Toby Durrant as 3POWER's new Chief
Investment Officer. Mr. Durrant has expertise in corporate
finance and capital raising, and is an experienced professional
with strong contacts and networks in the financial industry. Mr.
Durrant will coordinate the capital raise and new listing. "I am
pleased at the prospect of becoming part of 3POWER. Having
participated closely in the merger preparations, I recognize the
opportunity that 3POWER's new engineering and operational expertise
represents, and I am confident that it will allow me to focus on
successfully raising capital, and meeting our additional financial
goals."
3POWER is currently in negotiation with selected financial
investors to provide a long-term loan of U.S. $50 million and
equity participation in the project's pipeline. Upon the completion
of the merger, 3POWER expects to exit from shell status and intends
to seek a listing on NASDAQ as soon as reasonably
possible.
"The merging of 3POWER and Seawind will create a solid platform
for both companies to continue their development in the field of
renewable energy. Seawind's depth of experience across diverse
renewable energy technologies, its proven management expertise, and
its current client and project base are valuable assets. Combined
with 3POWER's extensive pipeline of solar and hydro projects, they
facilitate the creation of a world-class producer of renewable
power," said James Wilson.
3POWER and Seawind expect to close the merger as soon as 2010
audited financial statements are completed. A detailed summary
of the terms of the merger and additional disclosures are expected
to be filed with the U.S. Securities and Exchange Commission
shortly.
About 3Power Energy Group:
3POWER is emerging as a world-wide independent major player in
producing sustainable renewable energy. 3POWER harnesses
cutting-edge solar, wind, and hydro technologies to develop clean,
sustainable power generation, and is a trusted energy provider to
utility companies and corporate entities around the world. 3POWER
expects to establish its headquarters in London, with satellite
offices and operations in North America, Latin America, Europe, and
Asia. Learn more at www.3powerenergy.com, www.seawind.uk.com or
www.seawind.cl.
Forward Looking Statements:
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to Prime Sun Power Inc. (which expects to very shortly
change its name to 3Power Energy Group Inc.) (the "Company"), its
business and the prospective merger transaction among the Seawind
Group of Companies and the Company. These forward-looking
statements can be identified by the use of terminology such as
"subject to," "believe," "expects," "plan," "project," "estimate,"
"intend," "may," "will," "should," "can," or "anticipates," or the
negative thereof, or variations thereon, or comparable terminology,
or by discussions of strategy. Although all of the
forward-looking statements set forth in this press release are
believed to be reasonable, actual results may differ materially
from those expressed in forward-looking statements as a result of
factors outside of the control of the Company. The Company
cannot provide assurances that any prospective matters described in
the press release will successfully close or otherwise be completed
or that the Company will realize the anticipated benefits of any
such transactions. Important factors that may cause actual results
to differ materially from those expressed in the forward-looking
statements are discussed in the Company's Securities and Exchange
Commission ("SEC") filings. Readers are cautioned not to place
undue reliance on forward-looking statements. The Company does
not undertake and specifically disclaims any obligation to update,
republish or revise forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrences
of unanticipated events. All forward-looking statements should
be regarded solely as the Company's current plans, estimates and
beliefs.
CONTACT: Media Contact: Steve Brazell
Hitman, Inc. - Competition Removal(TM)
New York (212) 300-6012
www.yourhitman.com
3Power Energy (CE) (USOTC:PSPW)
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