Asiapac Capital Services Inc.
AsiaPac Capital Services to Benefit From Feed-in Tariffs to National Power Grid
Asiapac Capital Services Inc. / Development of Sales 21.04.2010 16:25 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Toronto, Canada - (For immediate release) - April 21, 2010 AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www .asiapaccapital.ca), has been advised by its mini-hydro project consultant that the Philippine government is planning to establish a higher feed-in tariff rate for mini-hydro projects. Recent projects have paid private operators in the range of Php 4.50 per kW-h (kilowatt hour), but it is now anticipated that the Company's mini-hydro projects will benefit from a feed-in tariff in the range of Php 6.00 per kW-h. In January 2010, the Philippine Department of Energy (DOE) and the National Renewable Energy Board (NREB) and in consultation with the Renewable Energy (RE) Alliance, conducted a three day seminar to review the recently passed legislation related to renewable energy, R.A. 9513. With the recent passage last year (2009) of the Philippine Renewable Energy Law (R.A. 9513) and its Implementing Rules and Regulations (DC 2009-05-0008), a Feed-In Tariff mechanism has to be established in the country within a year (February 2010). In particular, a feed-in tariff scheme which provides an obligation to the power industry to source RE generation at a guaranteed fixed price over a period of time, which should not be less than a period of 12 years (15 years per ERC), to be determined by the Energy Regulatory Commission (ERC). Company President, Mr. Samuel Lee, advises; 'Our consultants believe that the new tariffs will be established within sufficient time for our mini-hydro projects to benefit from the new feed-in tariff regime. Essentially, the government is acknowledging that it must guarantee a reasonable ROI for these vital projects, as the country continues to strive to reduce its reliance on imported oil. These new tariffs have the potential to increase our ROI significantly, with rates one third higher than our initial assumptions when we applied for the permits.' Disclaimer & Safe Harbor Statement: This release may contain certain 'forward-looking statements' with respect to certain of AsiaPac Capital Services Ltd.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'may', 'could', 'would', 'might', 'will' and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause AsiaPac Capital Services Ltd.'s actual results to differ materially from those anticipated. AsiaPac Capital Services Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which AsiaPac Capital Services Ltd. operates. The actual results that AsiaPac Capital Services Ltd. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. AsiaPac Capital Services Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change. For further information please contact: AsiaPac Capital Services Ltd. Suite 3500 Hudson Bay Center No. 2 Bloor Street East Toronto ON M4W 1A8 Email: info@asiapaccapital.ca 21.04.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found