Essential Innovations Wins ''Richmond 20TEN (Thermal Energy Network)'' Contract
July 25 2006 - 10:00AM
Business Wire
Essential Innovations Technology Corp. (OTCBB: ESIV), a United
States-based Geoexchange Energy Service Company, has been awarded a
contract by the city of Richmond, Vancouver, Canada, to provide a
Thermal Energy Network for the Richmond Oval. The project, a CAD
$178-million speed skating facility, will be constructed for the
2010 Vancouver/Whistler Olympics. ESIV will also provide a Thermal
Energy Network for an adjacent 2,500-unit residential development
project, the construction of which will coincide with the building
of the Oval. Under the terms of the agreement, Essential
Innovations's wholly owned subsidiary, Earth Source Energy Inc.,
will be responsible for the design, finance and construction of the
Thermal Energy Network infrastructure. Earth Source Energy will
also operate and maintain the system long-term. The Thermal Energy
Network will provide heating and cooling energy to the Richmond
Oval and the adjoining development projects. The system will also
be equipped to expand to other adjacent parcels in the future. Lynn
Mueller, Vice President of Earth Source Energy, said: "Once
completed, the 20TEN project will prevent the emission of 10,000
tons of CO2 per year. It will create a significant revenue stream
for the City of Richmond while helping homeowners save money on
their home heating and air conditioning bills. The first
residential units should be ready for occupancy in 2008, with the
final units completed and occupied by 2012." Earth Source Energy is
partnering with Innergex II Income Fund and its affiliate Innergex
Power Income Trust (TSX: IEF.UN) to provide the necessary funding
to facilitate the installation of the infrastructure. The city of
Richmond will be responsible for repayment of the funding through
the revenue generated by the long-term operation of the Thermal
Energy Network. Jason McDiarmid, President and CEO of Essential
Innovations, said: "This project will constitute the most advanced,
economically sustainable temperature geothermal energy utility in
the world. It will result in a significant reduction in pollution,
locally and globally, and set a benchmark for the city of Richmond,
as well as Canada, in terms of environmental leadership. We believe
the Richmond 20TEN project will be recognized as the model for
future large-scale development projects around the world." About
Essential Innovations Technology Corp. Essential Innovations is a
Geoexchange Energy Service Company that utilizes proprietary
turnkey Geoexchange systems and solutions to deliver heating,
cooling and dehumidification, as well as domestic hot water to
residential, commercial and institutional applications. The
Company's unique "one-stop-shop" approach to Geoexchange technology
applications incorporates all the requisite pockets of
technological expertise required for "best-practices" design and
implementation in one integrated package. Essential Innovations
currently has operations in the United States, Canada and Hong
Kong; exclusive distributors in Canada and Mexico; and exclusive
and non-exclusive sales agents in Mexico, Hungary, China and
Alaska. Additional information may be found at www.eitechcorp.com
and www.earthsource.ca 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. 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.
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