Greenworld Wind Supreme Power Co. Ltd.
Greenworld Wind Power in Discussions With Amanah Islamic Bank
Greenworld Wind Power Co.Ltd. / Key word(s): Miscellaneous Greenworld Wind Power in Discussions With Amanah Islamic Bank Toronto, Canada – (For immediate release) – March 5, 2012 Greenworld Wind Power Co. Ltd. (Greenworld): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), is leading negotiations with the Al-Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) to assist in financing the expansion of the Kumalarang mini-hydro power plant in Lantawan, Basilan. Greenworld recently acquired a 40% interest in Crestford View Generation Corp., which has an agreement with the Basilan Electric Cooperative Inc. to significantly expand the Kumalarang mini-hydro power plant, which the Cooperative operates. The plant expansion will add an additional 700KW capacity to the existing 640KW power plant, in order to meet growing demand for electricity in the area. The area's population is primarily poor and Muslim, and Greenworld identified the fact that it could meet with the objectives of the Amanah Islamic Bank to promote and accelerate the socio-economic development of the Autonomous Region of Muslim Mindanao (ARMM) through banking, financing and participating in agricultural, commercial and industrial ventures based on the concept of Islamic banking. The Amanah Islamic Bank, now owned by the Development Bank of the Philippines, is the only bank in the Philippines authorized to offer Islamic banking in the Philippines, and focuses its operations within the provinces of Basilan, Cotabato, Lanao del Norte, Lanao del Sur, Palawan, Sulu, Tawi-Tawi, Zamboanga del Norte and Zamboanga del Sur, where there are large, if not predominant, Muslim populations. It is also licensed to do both commercial and investment banking services, similar to universal banks which enjoy the ability to practice multiple functions much like an investment house in addition to traditional banking services. The concept of Islamic banking pertains to a system that mirrors that of Sharia (Islamic Law) wherein the collection and payment of interest is strictly prohibited as are transactions that involve charging interest, because of the teachings that all income should be determined by the amount of work in congruence with the factors of production. The financing for the Kumalarang project fits within the concept of Al-Qardhasan, or Benevolent Loans, designed to assist the poor through economic development and expansion of small and medium sized enterprises. Greenworld is currently putting together the necessary package of documentation for the loan application, based on promising initial talks with the Bank. Once this documentation is complete, more detailed negotiations can begin. Disclaimer & Safe Harbor Statement: This release may contain certain 'forward-looking statements' with respect to certain of Greenworld Wind Power Co. 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 Greenworld Wind Power Co. Ltd.'s actual results to differ materially from those anticipated. Greenworld Wind Power Co. 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 Greenworld Wind Power Co. Ltd. operates. The actual results that Greenworld Wind Power Co. 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. Greenworld Wind Power Co. Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change.
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