Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - ESIV Joint Venture With Optimira Energy -
29 April 2008 - 12:30AM
PR Newswire (US)
'The JV will provide the financing, administration and project
management services necessary to offer to developers a long-term
operating lease.' BELLINGHAM, Wash., April 28
/PRNewswire-FirstCall/ -- Essential Innovations Technology Corp.
(OTC Bulletin Board: ESIV; FRANKFURT: E6S) is happy to state to the
public that the Company has executed a Geothermal Development
Agreement with Optimira Energy Canada, Ltd. ("Optimira"). With over
70 professionals located in the U.S. and Canada, Optimira possesses
in house technical and financial experience capable of providing
for a full range of turnkey Geoexchange Energy Service Company
(ESCO) services such as structured finance, risk and asset
management, supply, procurement, information management,
infrastructure renovation, and controls. Together the two companies
are presently evaluating a number of potential project
opportunities throughout North America, with particular emphasis
being placed on the United States and a handful of initial primary
targets. For its role in the JV with Optimira, ESIV shall: (a)
provide a turnkey fixed price and fixed schedule contract to the JV
for drilling, HDPE pipe, materials and labor, ground loop tie-in,
flushing and purging and contract and project management for the
complete geo-field portion of such geothermal loop-field
infrastructure that is to be provided to the project site.
Additionally, ESIV agrees to provide to the JV preferential project
pricing for the heat pumps that are to be utilized in each of the
buildings, homes and/or individual suites within the project
development should the JV also wish to offer to the end user the
heat pumps under a program of lease to own (generally a 10 year
term) -- in situations where the JV does not wish, however, to
offer a lease program for the heat pumps then ESIV will be able to
sell the heat pumps directly to the developer (Developer-Direct).
As its contribution to the JV Company Optimira shall: (a) be the
lead manager of each Project, (b) develop, structure and arrange
third party financing to fund the construction and operations of
each Project, (c) oversee the construction of each Project, (d)
asset manage each Project and (e) administer all Project
financings. Jason McDiarmid, President/CEO, ESIV commented, "In
addition to our core manufacturing business we are focused on
pursuing relationships that will allow us to provide world-class
services and solutions as a Geoexchange ESCO, capable of building
and managing large-scale eco-sustainable geothermal utility-style
projects that generate long-term high-return verifiable cash flow
opportunities. With the consummation of this agreement now giving
us the ability to operate the ESCO offering of our business through
a Joint Venture company to be formed between ESIV and Optimira
Energy, we have the potential to set ourselves apart from the rest
of the industry. Optimira Energy will provide the financing and
administration for ESIV Geoexchange ESCO projects, while ESIV
itself will utilize a collaboration of services and technology
being provided through the manufacturing and the design-build
consultation segments of our business to then profitable contract
services to the JV Company. On project completion and
commissioning, ESIV and Optimira will then share in the long-term
cash flow generated from the operation of each Geoexchange ESCO
project. These projects can be derived from stand-alone individual
project applications, or they can be established to connect many
different and unique mixed-use residential and commercial buildings
over several city blocks and/or entire communities in 'Thermal
Energy Network' designs. Such large scale utility designs can also
be coupled with other available sources where energy may be
utilized such as sewer, thermal solar, gray water recovery while
the ground infrastructure can be further enhanced through
utilization of renewable electrical sources like hydro, wind and
solar to create a truly sustainable system, such forms of
complementary technology initiatives for which both ESIV and
Optimira are collectively in pursuit." Stephen Clevett, President
& CEO of Optimira Energy stated, "We are delighted to be
working with ESIV to provide our and ESIV's customers with fully
integrated energy solutions that optimize energy purchase, supply
and utilization with Geoexchange as a core technology component.
Our focus as an energy conservation company is directly aligned
with ESIV's core business. Optimira is a strong advocate of
customer-sited renewable energy supply coupled with 'traditional'
energy services and technology to objectively measure and control
energy utilization. This three-pronged approach, in our opinion, is
the optimal method by which end-users can optimize not only their
energy utilization but also their carbon footprint." 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. For Investor Relations Inquiries
related to ESIV please contact: Allegiant Financial Group @ 1 866
669 8098 ESIV Direct Corporate Contact: Jason McDiarmid President
& CEO Tel: 360-392-3902 Fax: 360-733-3941
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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