Essential Innovations Technology - Letter From the President/CEO
18 April 2008 - 12:30AM
PR Newswire (US)
BELLINGHAM, Wash., April 17 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC Bulletin Board: ESIV; FRANKFURT:
E6S) is pleased to provide this corporate update to its
shareholders and the investment community at large. Stated Jason
McDiarmid, President/CEO, "When last we reached out to the
marketplace with an organizational update in May of 2007, we
provided guidance that the Company had found it necessary at that
time to make certain substantive changes particularly focused
towards our Geoexchange contracting subsidiary company Earth Source
Energy. With this in mind, over the course of the remainder of the
year of 2007, Earth Source Energy was able to successfully complete
and commission a number of large Geoexchange project applications
it had under contract for that period. As example, the Company
completed sizeable geothermal loop-field installations at the Black
Rock Resort project, in Ucluelet, BC, the Quest University project
in Squamish, BC, and of particular importance, at the Wakefield
Beach luxury town home project in Sechelt, BC. The Company had been
contracted by Wakefield Beach Homebuilders with the exclusive right
to provide complete Geoexchange heating and cooling systems and
ongoing geothermal services to each of the 31 residential
properties in Phase One at the Wakefield Beach project. On
completion of the project by Earth Source Energy in the summer of
2007 a large utility provider purchased from us the geothermal
loop-field system that we had sold and installed at the Wakefield
site, for a cash payment of $380,000 CAD. Further, we were also the
exclusive provider of the geothermal heat pump or Geoexchange
equipment and distribution system used in each of the homes, such
contract also completed in the same summer of 2007. The total
contract value paid to us from Wakefield Beach Homebuilders over
the duration of the contract to exclusively provide the geothermal
heat pump equipment and building distribution systems, was $515,000
CAD. At present day, we now continue to remain the sole and
exclusive provider of the ongoing maintenance of all of the
Geoexchange equipment that services the entirety of Phase One of
the site. With Earth Source Energy now currently re-structured to
operate in a project design, consultation and management capacity,
with a primary interest in the facilitation of ESCO projects in
excess of $500,000 cost base, rather than as a typical full-scale
contracting business, it allows us to dedicate the majority of our
time and internal resources to truly focus on the manufacturing and
distribution opportunities presently available for the Geoexchange
equipment provided by our core manufacturing business. Today, we
are driven to the production, network expansion and ensuing
training and dealer support for our proprietary geothermal heat
pump technology, with such goal being supported by our
supplementary business segment capable of providing unique
financing options for long-term geothermal loop-field
infrastructure installation and management alongside our financing
partners -- these distinct objectives are representative of our
overall business organizational model, and they place us in a
unique position in the Geoexchange industry set. With the sales and
promotion of our Geoexchange heat pump technology forming the basis
of our overall business direction, we are happy to report that we
are currently in promising discussions and negotiations with
certain parties seeking product exclusivity for specific regions of
Canada and the USA, whilst we also are engaged in on-going
negotiations to allow us to establish manufacturing capabilities in
overseas markets in the next 18 - 24 month period. In this regard,
we are in talks with government agencies in Canada, the USA, and
Asia, as to providing financing assistance to help our Company with
the set-up of such an international manufacturing operation. We are
totally determined to continue to develop such global manufacturing
& distribution initiatives, while at the same time remaining
active in the consultation and design assistance necessary for many
residential and commercial mixed-use subdivision projects in the
North American, Middle Eastern and Asian marketplaces for which we
are engaged. Such projects all have sincere interest in the ESCO
project structure we offer, whether as a joint venture or simply to
have a third-party financing capability provided through our
Company or our select financing associates. On this day, all of the
Board, the management, and the employees at Essential Innovations
remain ever confident that should we now continue to be able to
execute on our goals and objectives on a going forward basis, that
the Company and the enduring shareholders of ESIV will achieve a
strong return on investment over the long-term." Essential
Innovations Technology Corp. provides cutting-edge Geoexchange
solutions for residential, commercial and industrial applications
as both a Geoexchange energy service company and as a manufacturer
of proprietary geothermal heat pump technology. The Company was
incorporated in April 2001, and it has four wholly owned
subsidiaries located in British Columbia, Canada and in Hong Kong,
SAR, China. Geoexchange technology harnesses the earth's clean,
renewable thermal energy stored just below the surface or in large
bodies of water for purposes of heating, cooling, domestic hot
water and/or dehumidification. A Geoexchange system is used to
"exchange" the earth's natural heating and cooling properties
between a building and the ground. This non-combustion transfer of
energy is the source of performance and environmental superiority,
as Geoexchange systems need only a small amount of electrical
energy to then capture, move and concentrate a large amount of free
energy provided by the earth. http://www.eitechcorp.com/
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. Although we believe that the
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no absolute assurance that
such belief, plans, expectations or intentions will prove to be
completely accurate. 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. DATASOURCE:
Essential Innovations Technology Corp. CONTACT: Jason McDiarmid,
President & CEO of Essential Innovations Technology Corp.,
+1-360-392-3902, fax, +1-360-733-3941, Web site:
http://www.eitechcorp.com/
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