Pennington, New Jersey, United States
WorldWater & Solar Technologies Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-power solar systems, has announced that the Company has signed a Letter of Intent with M&G Promociones de Vivienda Urbana S.A., a real estate developer in Spain, to build several solar farms in Lorca (Murcia), Spain over the next five years. The contract to be negotiated will reflect plans by M&G to build three 10-MegaWatt (MW) farms over the next three years, with implementation starting in 2008 - 10MW each year - along with two 50MW farms in the fourth and fifth years. Negotiations will begin within weeks in Madrid to conclude the contract, which will be subject to conditions including financing, licensing and other commercial and permitting issues.
"This Letter of Intent represents a new phase of growth for WorldWater," stated Quentin T. Kelly, Chairman and CEO. "WorldWater has been chosen to provide complete turnkey systems and support for these massive solar electric farms in Spain, where renewable power is expected to provide long-term energy solutions with minimal environmental impact. We look forward to announcing the final terms of this agreement and see this as a transformational event for our company - validating both our technology and leadership in the industry. We expect to incorporate the solar concentrator technologies of both ENTECH, Inc., the firm we have signed a Letter of Intent to acquire, and EMCORE Corp., the company which invested in WorldWater last year to terrestrialize its space technology, in these multi-megawatt projects."
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
About M&G Promociones de Vivienda Urbana S.A.
With head offices in Madrid, M&G Promociones (CIF A81968018) is a real estate development company with principal land and housing development projects in Madrid, Valencia and Murcia provinces.
Forward Looking Statements:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
Source: Business Wire (Business Wire India)