Nordic Turbines Inc. announced that the proposed merger with wind turbine manufacturer GC Nordic is steadily moving ahead as planned. As part of the acquisition announced in May, a second secured loan in the amount of $2,500,000 USD has been sent to GC Nordic, bringing the total secured loan amount to $3.5 million USD. The loans will cover inventory acquisitions further to the completion and delivery of a large turbine order currently under contract.
Upon completion and acceptance by both parties, the proposed definitive agreement will result in a merger between Nordic Turbines and GC Nordic. Subsequently, the shareholders of GC Nordic will become majority shareholders of Nordic Turbines Inc.
GC Nordic is a wind-turbine manufacturing venture under Nordic New Energy Co. Ltd., an affiliate of the prominent multi-division Wuhan Guoce Group. The organization, a well-established manufacturer of hydraulic and electronic systems, offers direct access to a national clientele that represents a large industrial market share in the People’s Republic of China. The company holds a license to manufacture a robust and innovative wind turbine system originally developed in Europe.
Further details regarding agreements with GC Nordic are filed as part of the company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s EDGAR database. For more information, please contact investors@nordicturbines.com
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