VANCOUVER, Nov. 19 /CNW/ - Fairfax Capital Inc. (TSXV: FFX) is pleased to
announce that through its wholly owned subsidiary, Free Energy Solutions Inc,
a Letter of Intent has been executed with Oris Geothermal Corporation to form
a joint venture for the purpose of developing a Thermal Energy Network and
utility for residential and commercial developments in Richmond, British
Columbia. Free Energy will provide expertise and utilization of its innovative
technologies based upon thermal superconductor and geoexchange.
Development potential is for 1852 confirmed and pending residential
housing units and over 200,000 square feet of commercial space. The Thermal
Energy Network will provide heat, air-conditioning and hot water to the
residential housing units and commercial spaces on a monthly basis and provide
consumers the energy at a savings to conventional energy supplies (natural gas
or electric heat).
Fairfax Capital Inc. anticipates receiving revenue from the joint venture
by spring of 2008.
The proposed Thermal Energy Network is a big win for the environment as
fossil fuels are eliminated except for electricity to run heat pumps, energy
consumption is reduced by as much as 75% and CO(2) emissions are reduced by
thousands of tons a year.
About Oris Geothermal Corporation
Oris Geothermal is a British Columbia corporation founded upon increasing
the application and use of sustainable energy initiatives within new
developments. Its aim is to reduce GHG's and overall energy requirements by
providing renewable energy sources to residential and commercial developments.
Its principal business is to construct these systems for employment within all
of our current and future projects. Its head office and principal place of
business is located in Richmond, British Columbia.
Additional information about Oris Geothermal and their ventures can be
found at www.londonlanding.com.
About Free Energy Solutions Inc.
Free Energy is a British Columbia corporation in the renewable energy
sector. Free Energy is a 100% subsidiary of Fairfax Capital Inc. Its principal
business is developing innovative technologies for the heating and cooling
industry based on a new class of thermal superconductors now becoming
available on the world market. Its head office and principal place of business
is located in Richmond, British Columbia.
Free Energy's technologies build on the well-established principle of
"earth source energy", which allows a building to draw free heat out of the
ground for heating and induce heat into the ground for cooling. Free Energy is
in the process of developing a high efficiency condenser that can be used in
commercial refrigeration applications, a seawater heat exchanger for large
commercial air conditioning systems, and a simple heat exchanger that can be
installed in the ground to act as a heat source or heat sink for conventional
residential heating and air conditioning systems. Prototypes of its geoheating
and geocooling units have already been developed.
Information on the technology can be viewed at the Free Energy website at
About Fairfax Capital Inc.
Fairfax is a British Columbia corporation with its head office in
Vancouver, British Columbia. Fairfax is listed on the TSX Venture Exchange as
a Tier 2 company. Fairfax has a total of 12,636,453 common shares issued and
outstanding, of which 7,140,000 shares are subject to escrow arrangements.
Additional information on Free Energy and Fairfax may be found in the
Information Circular for the 2007 annual and special general meeting of
Fairfax shareholders, which is posted on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF FAIRFAX CAPITAL INC.
Alf Sanderson, President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. The statements made in this release may
contain forward-looking statements or statements relating to matters that
involve a number of risks and uncertainties. Actual events or results
could differ materially from the Company's expectations and projections.
For further information:
For further information: please contact the Company by phone at (604)
657-5638 or by email email@example.com