Essential Innovations Signs Letter of Commitment for China Joint Ventures and the ''CIPEA'' Project
02 August 2006 - 2:45AM
Business Wire
Essential Innovations Technology Corp. (OTCBB: ESIV) has been
selected as the exclusive provider of Geoexchange technology
design, engineering and equipment supply to the CIPEA (China
International Practical Exhibition of Architecture) Project, in
Nanjing, China. The Company recently signed a letter of commitment
to form two joint-venture companies in China to direct the CIPEA
Project. "Working together with our Chinese partner, as well as
Ekistics Town Planning, allows us to further the use of Geoexchange
in the Chinese marketplace," said Jason McDiarmid, President and
CEO of Essential Innovations. "By extending the manufacturing of
our Geoexchange technology to China, we expect to become even more
competitive in both the international and domestic markets, and we
plan to subsequently aggressively pursue additional distribution
channels throughout the United States." Under the terms of this
joint-venture agreement, ESIV will partner with the developer and
owner of the CIPEA project in Nanjing, along with EKISTICS, a
multi-disciplinary consulting firm specializing in land development
master planning and design. ESIV and its partners will structure
and launch one of the companies for manufacturing and the other for
sales, engineering, installation and distribution. The CIPEA
Project will consist of a Modern Art and Architecture Museum and
Exhibition Hall designed by architect Steven Hall, Time magazine's
"America's Best Architect" in 2001; a conference center designed by
Arata Isosoki, one of the most famous architects in Asia; a hotel
complex and a large recreation center; as well as 20 unique
single-family homes. The site-wide architectural design was
developed by a group of 24 of the world's best-known architects
from 16 different countries. EKISTICS President Paul Rosenau, who
was instrumental in formulating the basis for the joint-venture
partnership, said: "Geothermal energy has the potential to become
one of the primary solutions to China's current energy crisis. The
partnership between ESIV and the CIPEA offers an opportunity to
show off the design talents of some of the world's most renowned
architects, as well as showcase Geoexchange technology as one of
the most innovative and efficient energy-producing systems. The
CIPEA project is expected to attract more than two-million visitors
in its opening year. It is hard to imagine a better way of
introducing Geoexchange technology to land developers and
government officials in China, as well as worldwide." The structure
of the letter of commitment calls for the parties to have the final
legal contracts put together for the joint ventures within 30 days
of the execution date. About EKISTICS Town Planning Inc. The
EKISTICS group of companies provides professional expertise in the
fields of town planning, architecture, urban design, resort
planning and landscape architecture and is currently undertaking
master plans for large scaled residential and resort developments
in 13 major cities in China. EKISTICS is actively promoting the use
of Geoexchange technology on all of their projects both here in
North America as well as in China. EKISTICS recently completed the
master plan for the Athletes Village in Whistler for the 2010
Olympic Winter Games. Additional information may be found at
www.ekistics.ca. About Essential Innovations Technology Corp.
Essential Innovations is a Geoexchange Energy Service Company that
utilizes proprietary turnkey Geoexchange systems and solutions to
deliver heating, cooling and dehumidification, as well as domestic
hot water to residential, commercial and institutional
applications. The Company's unique "one-stop-shop" approach to
Geoexchange technology applications incorporates all the requisite
pockets of technological expertise required for "best-practices"
design and implementation in one integrated package. Essential
Innovations currently has operations in the United States, Canada
and Hong Kong; exclusive distributors in Canada and Mexico; and
exclusive and non-exclusive sales agents in Mexico, Hungary, China
and Alaska. Additional information may be found at
www.eitechcorp.com and www.earthsource.ca. 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 and Section 21E of the Securities
Exchange Act of 1934. 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. Investors are cautioned that such
forward-looking statements involve risks and uncertainties. These
statements include, but are not limited to, statements that do not
describe historical facts and statements that include the word
"believes," "anticipates," "expects," "plans," "intends,"
"designs," "projects" or similar language, as well as statements
regarding consumer or marketplace acceptance of the Company's new
or existing products; comments concerning marketing and consumer
acceptance of proprietary products; the potential benefits of
Essential Innovations' products; initiatives undertaken by the
Essential Innovations' divisions; the Company's research,
manufacturing and facilities expansion programs; and the Company's
growth, revenue, or projected earnings; all such statements which
may or may not occur in the future. These forward-looking
statements are made as of the date of this news release, and
Essential Innovations Technology Corp. assumes 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. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our periodic reports filed from time
to time with the Securities and Exchange Commission.
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