Second Phase of Fair Market Valuation CompletedBy Western Wind Energy, PRNE
Thursday, May 26, 2011
VANCOUVER, British Columbia, May 27, 2011 -
- Toronto Stock Exchange (Venture) Symbol: "WND"
- Issued and Outstanding: 58,710,383
Western Wind Energy Corp. ("Western Wind") is pleased to announce that
the second phase of the valuation process pursuant to the Substantial Issuer
Bid process is completed. Western Wind under recommendation from one of its
lenders, engaged the world renowned DAI Management Consultants, Inc., ("DAI")
to perform a three-part valuation process of all of the Company's assets,
both financial and physical. The first phase was a comprehensive valuation of
the 120 MW Windstar Project located in Tehachapi, California as of the
expected commercial operations date. That valuation produced a net equity
value on behalf of Western Wind, of US $206.8 million.
The second phase covers three projects: First is the existing
10.5-megawatt Kingman Project, in which all turbines are now fully erected.
The second is the existing 30-megawatt producing Mesa Project and the third
is the 30-megawatt Yabucoa Solar Project, which has been granted a power
The net equity position for Western Wind on these three (3) projects is
US $152.8 million.
The total net equity position for Western Wind on the first two (2)
phases is US $359.6 million. There are 58,710,383 shares issued and
The final report covering the remaining assets will be available in due
course. The delay regarding the second phase was caused by the extra time
needed to fully evaluate all the costs associated with the Yabucoa Project in
Jeff Ciachurski, CEO of Western Wind Energy states "we are pleased to
have engaged the services of DAI. DAI is a world class energy valuation firm
that is highly respected by government agencies, banks, utilities and
independent power companies for their comprehensive understanding of the
entire spectrum of the energy business."
The Western Wind Board of Directors, management team and staff are
prohibited from participating and selling into any prospective share buy-back
About DAI Management Consultants, Inc.
Founded in 1987, DAI is a consulting firm specializing in valuation and
risk management services for the power and energy infrastructure sectors. DAI
provides a comprehensive suite of analytical services addressing the
technical, regulatory, and economic issues that directly affect power and
energy projects. Clients of DAI have included the United States Internal
Revenue Service, major public and private utilities, financial institutions
and independent power producers.
About Western Wind Energy Corp.
Western Wind is a mid-tier vertically integrated renewable energy
production company that currently has by way of 100% direct ownership, over
500 wind turbines and 165 MW of net rated capacity in production or in
construction, and a further 311 MW of priority expansion development assets
in the States of California, Arizona and the Commonwealth of Puerto Rico. In
addition the company has a 1,300 MW California Development Initiative.
Western Wind is in the business of owning and acquiring land sites,
generation assets and technology for the production of electricity from wind
and solar energy. Management of Western Wind includes individuals involved in
the operations and ownership of utility scale wind energy facilities in
California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute "forward-looking
statements" under applicable securities laws, which involve known and unknown
risks, uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or achievements
expressed or implied by such statements. Words such as "expects",
"anticipates", "intends", "projects", "plans", "will", "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 news release include, but are not limited to, the
Company's intended use of proceeds from the Offering. These statements are
based on management's current expectations and beliefs and actual events or
results may differ materially. There are many factors that could cause such
actual events or results expressed or implied by such forward-looking
statements to differ materially from any future results expressed or implied
by such statements. Such factors include, but are not limited to, the
Company's ability to profitably utilize the lands as planned and the other
factors discussed in the Company's annual report and annual information
contained in the Company's 20F Annual Report filed with the United States
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 to reflect later events or
developments, except as required by law.
"Western Wind Energy Corp. was recognized as a TSX Venture 50(R) company
in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
For further information: Lawrence Casse, Investor Relations +1-416-992-7227 firstname.lastname@example.org
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