‘The JV will provide the financing, administration and project management services necessary to offer to developers a long-term operating lease.’
BELLINGHAM, Wash., April 28, 2008 / –Essential Innovations Technology Corp. is happy to state to the public that the Company has executed a Geothermal Development Agreement with Optimira Energy Canada, Ltd. (”Optimira”). With over 70 professionals located in the U.S. and Canada, Optimira possesses in house technical and financial experience capable of providing for a full range of turnkey Geoexchange Energy Service Company (ESCO) services such as structured finance, risk and asset management, supply, procurement, information management, infrastructure renovation, and controls. Together the two companies are presently evaluating a number of potential project opportunities throughout North America, with particular emphasis being placed on the United States and a handful of initial primary targets.
For its role in the JV with Optimira, ESIV shall: (a) provide a turnkey fixed price and fixed schedule contract to the JV for drilling, HDPE pipe, materials and labor, ground loop tie-in, flushing and purging and contract and project management for the complete geo-field portion of such geothermal loop-field infrastructure that is to be provided to the project site. Additionally, ESIV agrees to provide to the JV preferential project pricing for the heat pumps that are to be utilized in each of the buildings, homes and/or individual suites within the project development should the JV also wish to offer to the end user the heat pumps under a program of lease to own (generally a 10 year term) — in situations where the JV does not wish, however, to offer a lease program for the heat pumps then ESIV will be able to sell the heat pumps directly to the developer (Developer-Direct).
As its contribution to the JV Company Optimira shall: (a) be the lead manager of each Project, (b) develop, structure and arrange third party financing to fund the construction and operations of each Project, (c) oversee the construction of each Project, (d) asset manage each Project and (e) administer all Project financings.
Jason McDiarmid, President/CEO, ESIV commented, “In addition to our core manufacturing business we are focused on pursuing relationships that will allow us to provide world-class services and solutions as a Geoexchange ESCO, capable of building and managing large-scale eco-sustainable geothermal utility-style projects that generate long-term high-return verifiable cash flow opportunities. With the consummation of this agreement now giving us the ability to operate the ESCO offering of our business through a Joint Venture company to be formed between ESIV and Optimira Energy, we have the potential to set ourselves apart from the rest of the industry. Optimira Energy will provide the financing and administration for ESIV Geoexchange ESCO projects, while ESIV itself will utilize a collaboration of services and technology being provided through the manufacturing and the design-build consultation segments of our business to then profitable contract services to the JV Company. On project completion and commissioning, ESIV and Optimira will then share in the long-term cash flow generated from the operation of each Geoexchange ESCO project. These projects can be derived from stand-alone individual project applications, or they can be established to connect many different and unique mixed-use residential and commercial buildings over several city blocks and/or entire communities in ‘Thermal Energy Network’ designs. Such large scale utility designs can also be coupled with other available sources where energy may be utilized such as sewer, thermal solar, gray water recovery while the ground infrastructure can be further enhanced through utilization of renewable electrical sources like hydro, wind and solar to create a truly sustainable system, such forms of complementary technology initiatives for which both ESIV and Optimira are collectively in pursuit.”
Stephen Clevett, President & CEO of Optimira Energy stated, “We are delighted to be working with ESIV to provide our and ESIV’s customers with fully integrated energy solutions that optimize energy purchase, supply and utilization with Geoexchange as a core technology component. Our focus as an energy conservation company is directly aligned with ESIV’s core business. Optimira is a strong advocate of customer-sited renewable energy supply coupled with ‘traditional’ energy services and technology to objectively measure and control energy utilization. This three-pronged approach, in our opinion, is the optimal method by which end-users can optimize not only their energy utilization but also their carbon footprint.”
Essential Innovations Technology Corp. provides cutting-edge Geoexchange solutions for residential, commercial and industrial applications as both a manufacturer of proprietary geothermal heat pump technology and as a Geoexchange energy service company. The Company was incorporated in April 2001, and it has four wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, China.
Geoexchange technology harnesses the earth’s clean, renewable thermal energy stored just below the surface or in large bodies of water for purposes of heating, cooling, domestic hot water and/or dehumidification. A Geoexchange system is used to “exchange” the earth’s natural heating and cooling properties between a building and the ground. This non-combustion transfer of energy is the source of performance and environmental superiority, as Geoexchange systems need only a small amount of electrical energy to then capture, move and concentrate a large amount of free energy provided by the earth.
For Investor Relations Inquiries related to ESIV please contact: Allegiant Financial Group @ 1 866 669 8098 ESIV Direct Corporate Contact: Jason McDiarmid President & CEO Tel: 360-392-3902 Fax: 360-733-3941 jmcdiarmid@eitechcorp.com http://www.eitechcorp.com
Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word “believes,” “anticipates,” “expects,” “plans,” “intends,” “designs,” “projects” or similar language, as well as statements regarding consumer or marketplace acceptance of the Company’s new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations’ products; initiatives undertaken by the Essential Innovations’ divisions; the Company’s research, manufacturing and facilities expansion programs; and the Company’s growth, revenue, or projected earnings; all such statements which may or may not occur in the future. These forward-looking statements are made as of the date of this news release, and Essential Innovations Technology Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no absolute assurance that such belief, plans, expectations or intentions will prove to be completely accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our periodic reports filed from time to time with the Securities and Exchange Commission.
