Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 25,156,080
COQUITLAM, BC, March 6 /CNW/ - James Henning, BA CFA CA CBV President and
the Chief Financial Officer of Western Wind Energy Corporation, met with a
representative of Pacific Hydro Limited in Melbourne, Australia last week to
discuss the settlement.
Western Wind Energy will be providing a settlement documentation package
to Pacific Hydro Limited that will include:
1. The repayment of the Mesa Acquisition Loan of US$13.4 million plus
2. The liquidation of the Mitsubishi Turbines and the allocation of
proceeds to each party based on their total investment in the
turbines or in the alternative full payment to each party of its
total investment if the other party utilizes the turbines for its own
3. Western Wind Energy will be providing assistance to Pacific Hydro
Limited by completing a secondary offering document of the Western
Wind Energy shares owned by Pacific Hydro to be sold through a
Canadian, European and US investment-banking firms. It is the hereto
stated objective of Western Wind Energy to maximize the proceeds of
the sale of the Western Wind Energy shares for the sole benefit of
Pacific Hydro Limited; and
4. The termination of all agreements and undertakings between Pacific
Hydro and Western Wind.
Western Wind is presently working with several investment-banking firms
in Europe, the US and Canada to provide debt and equity funding to repay the
Mesa Acquisition Loan and to acquire the Western Wind Energy shares from
Pacific Hydro Limited. Western Wind Energy will submit term sheets from the
various investment-banking firms to Pacific Hydro Limited as evidence all
parties want to put closure to this matter in the most expeditious manner.
Western Wind Energy is also studying the site suitability of the
Mitsubishi 1000A wind turbine generators to evaluate their use at different
project sites in an effort to expedite their sale and maximize the selling
The settlement documentation package to be submitted by Western Wind
Energy to Pacific Hydro Limited is subject to the approval by the Board and
Managements of Pacific Hydro Limited and Western Wind Energy and all
regulatory and governmental agencies having jurisdiction in the matters
between the parties.
Western Wind Energy currently produces clean renewable electrical energy
from over 500 wind turbine generators located in Tehachapi and San Gorgonio
Pass (Palm Springs), California. Western Wind Energy's annualized energy
output is approximately 75 billion watt hours per year. During the past two
years, Western Wind Energy has executed or acquired over $1 billion of power
sales agreements totaling 169.4 megawatts from the sale of wind energy
electrical generation, to two separate utilities. Western Wind Energy was the
first to execute a "wind" PPA in the State of Arizona, and in California, is
expanding from management's 25-year continuous operating history in the
Western Wind Energy is in the business of acquiring suitable land sites,
capital and technology for the production of electricity from wind energy.
Western Wind Energy conducts its operations through its wholly owned
subsidiaries in Arizona and California. Management of Western Wind Energy
includes individuals involved in the operations and ownership of utility scale
wind energy operations in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements included herein are "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Management
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statement. Important factors that could cause the actual
results of operations or financial condition of the Company to differ include,
but are not necessarily limited to, the risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange Commission.
For further information:
For further information: WESTERN WIND ENERGY CORP., 632 Foster Avenue,
Coquitlam, BC, V3J 2L7, Telephone: (604) 839-4192, Facsimile: (604) 939-1292,