Issued and outstanding: 58,710,383
VANCOUVER, 27 May 2011/PRNewswire-FirstCall / - Western wind energy Corp. ("Western wind") is pleased to announce that the second phase of the process evaluation in accordance with the substantial issuer bid, which is complete. Western wind under recommendation of one of their creditors, employs worldwide renowned DAI management consultants, Inc. ("DAI") a three-part review of all the assets of the company, financial and physical implementation. The first phase of a comprehensive assessment of project of Windstar was 120 MW in Tehachapi, California as the expected trade date is. This assessment leads equity value for Western wind, $ 206.8 million net.
The second phase includes three projects: first, the existing 10.5-megawatt Kingman is built project, in which all turbines are now completely. The second project is the existing 30-megawatt producing Mesa and the third is the 30-megawatt Yabucoa solar project, which was granted a power purchase agreement.
The net equity position for Western wind on these three (3) projects is US$ 152.8 million.
The net equity is $ 359.6 million for Western wind on the first two (2) phases. There are 58,710,383 shares issued and outstanding.
The final report on the remaining assets will be available soon. The delay with regard to the second phase by the extra time was needed, all costs relating to the project of Yabucoa in Puerto Rico fully evaluate caused.
Jeff Ciachurski, CEO of Western wind energy is called "We are delighted, that engaged the services of the DAI." "DAI is a world class guest energy company by authorities, banks, utilities and independent power companies for their comprehensive understanding of the entire spectrum of the energy business is perfect."
The Western wind Board of Directors, management team and employees are prohibited participate and sell in each potential share of share buy-back program.
About DAI management consultants, Inc.
Founded in 1987, DAI is a consulting company, specialized assessment and risk management services in the areas of power and energy infrastructure. DAI includes a comprehensive suite of analytical services of addressing technical, legal, and economic issues that directly affect power and energy projects. Clients of DAI have the United States Internal Revenue Service, large public and private utilities, financial institutions and independent power producers contain.
About Western wind energy Corp.
Western wind is a mid-tier vertically integrated renewable energy production company, the net capacity currently has over 100% direct ownership, of 500 wind turbines and 165 MW production or in the construction, and a 311 MW priority further extension development assets in the California-Arizona and the Commonwealth of Puerto Rico. In addition, the company of a 1,300 MW California development has initiative.
Western wind is in the business the have and the acquisition of land sites, generation assets and technology for the production of electricity from wind and solar energy. Administration of the Western wind includes people involved in the operations and ownership of the utility-scale wind energy facilities in California since 1981.
FOR THE BOARD OF DIRECTORS
"Signs"
Jeffrey j. Ciachurski
Chief Executive Officer
Neither the TSX Venture Exchange nor its regulation service provider assumes (such as in the policies of the TSX Venture Exchange is defined) responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute "forward-looking statements" under the securities laws, the known and unknown risks, uncertainties and other factors can distinguish the actual results from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "expected", "intend", "Projects", "Plans", "is", "believes", "seeks", "estimates", "should", "May", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements in this press release include, but are not limited to the company's use of the proceeds from the offer. These statements are based on current expectations of management and beliefs and actual events or results may differ significantly. There are many factors, which could cause that actual events or the express or implied by such forward-looking statements from future results expressed or implied by such statements differ. Factors include, but is not limited to, the company's ability to profitably use countries that are as planned and discussed other factors in the company's annual report and annual information in the company's 20F, the annual report filed with the U.S. Securities and Exchange Commission and securities regulators in Canada. Forward-looking statements are based on current expectations and the company assumes no obligation to update such information accordingly higher events or developments, where legally required.
"Western wind energy Corp. approved company 50 ® in 2010 as a TSX Venture." "TSX Venture 50 is a trademark of TSX Inc. and is used under license."
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