MONTREAL, May 13, 2016 /CNW Telbec/ - Knowlton Capital Inc. ("Knowlton") (TSX-V: KWC‑H) announced on April 29, 2016 that it had entered into a letter of intent with Leni Gas Cuba Limited ("LGC") for a reverse take-over of Knowlton by LGC. Knowlton wishes to advise its shareholders that LGC issued the annexed press release yesterday regarding a new solar power and energy storage joint venture for Cuba. LGC is listed on the ISDX Growth Market under the stock symbol ISDX:CUBA.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The annexed press release below was issued by LGC. Knowlton has not made any independent inquiries as to its accuracy or completeness and assumes no responsibility for the contents thereof.
ANNEXED PRESS RELEASE
Leni Gas Cuba Limited
("LGC", "Leni Gas Cuba" or the "Company")
New Solar Power and Energy Storage Joint Venture for Cuba
London, Havana: 12 May 2016: London listed Cuban specialist investment company, Leni Gas Cuba Limited announces that it has entered into an agreement with UK Solar power and storage specialists, Commercial Funded Solar Ltd ("CFS"), designed to assess the potential for installing and operating renewable energy and hybrid power solutions (solar power, energy storage and integrated power management systems) in Cuba.
In 2014, Cuba set a target of producing 24 percent of its electricity from renewable sources by 2030. Solar is a big part of this initiative due to the abundance of sunshine in the country.
CFS (http://www.cfsolarworld.com) is a UK based muti-national company with operations in the UK, Africa and South America specialising in the installation of medium sized, commercially funded renewable power and storage systems of between 30kw and 1MW each.
CFS is currently focused on delivering a large number of investor funded commercial systems to Academy and School Groups in the UK public and private education sector as well as providing a commercially funded model for investors wanting a higher return, short term (1-3 year) investment in countries with supportive governments with immediate requirements to replace diesel generation, such as in Cuba.
CFS hosted the the Cuban renewable energy delegation to the UK in 2013 to visit their £8 million (8 Megawatt) solar farm in Suffock.
CFS and LGC intend to lead the development and construction of each project with the funding coming from external investors. Under the terms of the agreement, CFS and LGC will share on a 50/50 basis the development, funding and construction revenues for each renewable power plant built, and share on a 75/25 basis the 10-20 year operational contracts for all the systems.
David Lenigas, the Company's Chairman, said;
"There is a real need for more energy supply in Cuba over the next decade as the country continues to grow its economy, and we see the renewable energy sector as an area the Company would like to participate in. We are pleased to be working with the experienced team at Comercial Funded Solar on this initiative, one of the largest UK rural solar installers."
For further information, please contact:
Leni Gas Cuba Limited
David Lenigas, Executive Chairman
Anthony Samaha, Finance Director
Tel: +44 (0) 20 7440 0640
Beaumont Cornish Limited- ISDX Corporate Adviser
Tel: +44 (0) 20 7628 3396
Optiva Securities Limited- Broker
Tel: +44 (0) 20 3137 1902
Tel: +44 (0) 207 929 5599
Notes To Editors:
Leni Gas Cuba Limited, with operational offices in Havana, Spain and London, is listed in London and is one of the few public listed companies globally whose prime purpose is investing directly in the fast growth Cuban economy.
The Company has significant shareholdings in well established businesses operating in the Cuban travel, events, TV and film production support, Human Resources, Cultural, Import & Export and oil and gas exploration sectors.
Current Leni Gas Cuba Investments are as follows:
- 40% of Travelwelcome and inCloud9 Travel Group, a bespoke Cuban travel, events management, TV and film production assistance group.
- 15.8% of MEO Australia Limited ("MEO"), an Australian-listed Cuban oil and gas explorer which owns the large and highly prospective onshore Block 9 east of Havana. LGC is MEO's largest single shareholder.
- 15% of Petro Australis Limited, an Australian un-listed Cuban and oil and gas explorer which has certain back-in rights to 40% of MEO's Block 9 and is undertaking other oil and gas activities in Cuba.
- 50% of an imports and exports joint venture with Groombridge Trading Corporation ("GTC"), a Cuban-centric trading company
- 49% of Cuba Professionals Inc, a Cuban talent management and services company.
- 50% intersest in the Rushmans Lenigas Cuba Joint Venture for sport.
- Joint venture with Commercial Funded Solar Ltd to assess the potential of installing and operate renewable energy and hybrid power solutions (solar power, energy storage and integrated power management systems) in Cuba.
SOURCE Knowlton Capital
For further information: Rafi Hazan, Chief Financial Officer, Knowlton Capital Inc., Tel: (514) 839-7234