Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - 'Diamondview Estates' - Project Update
23 April 2008 - 12:30AM
PR Newswire (US)
'Essential Innovations provides Geoexchange heating and cooling
systems for the upcoming Diamondview Estates 'Parade of Homes -
Street of Dreams' BELLINGHAM, Wash., April 22
/PRNewswire-FirstCall/ -- Essential Innovations Technology Corp.
(OTC:ESIVOTC:-OTC:FRANKFURT:OTC:E6S) (BULLETIN BOARD: ESIV -
FRANKFURT: E6S) is extremely pleased to announce that the
Diamondview Estates residential project site in Westbank, B.C. is
well underway with a number of the lots at the site already having
been sold and the installation of geothermal loop-fields and
Geoexchange equipment installation having been completed in the
first three (3) of the luxury show homes at site. The first phase
of this project consists of 70 single-family residential sites with
custom-built homes expected to range between 3,500 - 6,000 square
feet on average, although some homes may also be significantly
larger (or smaller). A proposed second phase consisting of another
201 condominium units and 9 townhomes has been submitted for
regulatory approval, and for which Essential Innovations has a
"Right of First Refusal" should the developer choose to market with
the same Geothermal Option as with Phase One. The developer has
agreed to promote the Company and its innovative turnkey geothermal
services throughout the span of the project. The developer expects
the total build-out of the first phase of the project will be
completed by the end of 2013. Diamondview Estates is overlooking
Okanagan Lake and the City of Kelowna in the beautiful Okanagan
Valley of British Columbia, Canada. The Diamondview Estates project
site boasts a 75-foot cascading waterfall feature on site to
complement the already breathtaking panoramic view lots.
http://www.diamondview.ca/ "Over the weekend of May 3rd, 2008,
Diamondview Developments Ltd., project owner of Diamondview
Estates, will be marketing the project site using a "Parade of
Homes -- Street of Dreams" that displays for the public the
beautiful show homes now located at site, all of which have been
serviced with Essential Innovations geothermal (Geoexchange)
heating and cooling systems. Under our agreement with the developer
our Company will have on-site marketing and advertising allowable
during this time to educate visitors as to the overall benefits and
advantages associated with the utilization of Geoexchange in each
of the show homes, and to how they could each experience long-term
energy and cost savings, added comfort, and an appreciated property
value -- all of which represent further benefits that go along with
incorporating a geothermal system in their individual future
residence(s) should they choose to purchase a home site in
Diamondview Estates. It is estimated that the cash flow generated
for the Company over the duration of the long-term geothermal
loop-lease for Phase One of the project represents a revenue stream
of $4 - 6MM to Essential Innovations over the 25-year term of the
Operating Lease (this is dependent on the number of homes that
choose the Geothermal loop-lease option available to them). In
addition to the recurring revenue stream Essential Innovations is
to receive from the loop-lease, Essential Innovations is also the
exclusive provider of the Geothermal Heat Pump or, Geoexchange,
equipment to be utilized in each of the homes to be constructed.
Furthermore, Essential Innovations is the sole and exclusive
provider of the installation and on-going maintenance of all of the
Geoexchange equipment that services the entirety of the site, while
at the same time receiving under contract the additional benefit of
being able to accumulate any of the carbon offset credits generated
within the project. We estimate that the supply and installation of
equipment to the individual Diamondview homes should bring the
Company $1 - 1.4 MM in sales income," said Jason McDiarmid,
President/CEO. Paul Yu, President of Diamondview Developments
feels, "The Diamondview Estates project provides to our prospective
lot-buyers the opportunity to live in, and experience, one of the
most spectacular views available anywhere in the Okanagan Valley of
British Columbia. From my perspective, the inclusion of Geoexchange
in my project was determined by a growing demand and desire felt by
the development community and homeowners alike, that now recognize
Geoexchange technology as a truly affordable and effective means of
alleviating the economic and environmental pressures associated
with the continued use of fossil fuel based heating systems in the
residential marketplace. For myself as a developer, it is also a
strong marketing tool, as the ability to provide "green" solutions
when selling high-end luxury projects of this sort can set me apart
from the competition. I have personally been very happy with the
relationship Diamondview Developments Ltd. has had with Essential
Innovations and we look forward to the remainder of work to be done
at Diamondview Estates and to the opportunity that lies ahead to
work with Essential Innovations on other projects we have in our
pipeline for the future." Essential Innovations Technology Corp.
provides cutting-edge Geoexchange solutions for residential,
commercial and industrial applications as both a manufacturer of
proprietary geothermal heat pump technology and as a Geoexchange
energy service company. 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. 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/ http://www.diamondview.ca/
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