Seakinetics in Talks With Retech Project Finance; Looks to Appoint
Jack Dhaliwal as Executive Vice-P
Seakinetics in Talks With Retech Project Finance; Looks to Appoint Jack Dhaliwal as Executive Vice-President and Chief Operating Officer
(Thomson Reuters ONE) - TORONTO, ONTARIO--(Marketwire - July 02, 2009) - Seakinetics Corp(PINKSHEETS: SKTS)(FRANKFURT: M90) (www.seakineticscorp.com) , asystems manager and developer of innovative renewable energyprojects, reported today that it is in the final stages of talks withthe principals of RETECH PROJECT FINANCE, the company's joint venturepartner to acquire control over major RETECH projects in the Wind andWave energy segments of the renewable energy industry. It isanticipated that a transaction will be completed between the partieswithin 2-4 weeks. Terms of the transaction have not been disclosed.At the same time, the Company reports that Jack Dhaliwal, who iscurrently the acting Chief Technology Officer for the Company, hasaccepted an appointment to the position of Executive Vice-Presidentand Chief Operating Officer, pending closing of a transaction withRETECH. Mr. Dhaliwal will retain his responsibilities for guiding theCompany in its day to day activities in the technological developmentof both large scale wind and wave energy projects. In addition, Mr.Dhaliwal will be charged with the task of introducing newopportunities in the renewable energy sector to Seakinetics goingforward.Seakinetics was established for the purpose of designing, developing,marketing and investing in innovative technologies and services inthe renewable energy field. Seakinetics' mission is to be an industryleader in finding solutions for renewable energy today and tomorrow.Seakinetics Corporation is listed on the Open Market Segment of theFrankfurt Borse. A public offering of Seakinetics shares was not madein connection with their inclusion on the Open Market Frankfurt.Seakinetics Corporation is also listed in the United States, (Symbol:SKTS).Forward-Looking StatementsThis press release contains "FORWARD-LOOKING STATEMENTS" within themeaning of the Private Securities Litigation Reform Act of 1995.Statements in this release are forward-looking statements based oncurrent expectations and assumptions that are subject to known andunknown risks, uncertainties, or other factors which may cause actualresults, performance, or achievements of the company to be materiallydifferent from any future results, performance, or achievementsexpressed or implied by such forward looking statements. Actualresults could differ materially because of factors such as the effectof general economic and market conditions, entry into markets withvigorous competition, market acceptance of new products and services,continued acceptance of existing products and services, technologicalshifts, and delays in product development and related product releaseschedules, any of which may cause revenues and income to fall shortof anticipated levels. All information in this release is as of thedate of this release. The company undertakes no duty to update anyforward-looking statement to conform the statement to the actualresults or changes in the company's expectations.Contacts:Seakinetics Corporationinfo(at)seakineticscorp.comwww.seakineticscorp.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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"Seakinetics in Talks With Retech Project Finance; Looks to Appoint
Jack Dhaliwal as Executive Vice-P
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