Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - Announces details on 'The Vietnam Joint Ventur
June 10 2008 - 8:30AM
PR Newswire (US)
BELLINGHAM, Wash., June 10 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC:ESIVOTC:-OTC:FRANKFURT:OTC:E6S)
(BULLETIN BOARD: ESIV - FRANKFURT: E6S) a United States-based
Geoexchange Company, has signed a letter of commitment regarding
the formation of 2 joint ventures in Vietnam. The specific purpose
of the joint ventures is to establish both a global manufacturing
and distribution headquarters for the ESIV proprietary geoexchange
heat pump technology as well as a sales, design and installation
capability within the Country of Vietnam. ESIV is to partner in the
joint ventures with a Vietnamese partner, Tien Thanh Environmental
Consulting ("TT"), and with Ekistics Management Inc. ("Ekistics"),
a Canadian based urban and town planning specialist. ESIV will hold
its ownership stake in each of the JV companies through its Hong
Kong subsidiary Essential Innovations Asia Limited ("EI Asia"). In
reference to Ekistics (http://www.ekistics.ca/) -- it is now
researching and implementing geothermal technology in projects both
nationally within Canada and internationally. Ekistics has
completed the design work for over 35 residential and resort
projects in China and are currently working on 15 new large scale
master planned communities in twelve different cities in China,
including Beijing & Shanghai. Paul Rosenau, President of
Ekistics, is currently spearheading the design of seven new 5-star
resort golf course communities in China and Vietnam. These are:
Sanya Four Seasons Golf Resort: a 300 room hotel and 36-hole golf
course in Sanya, China; Du Jiang Yan Golf Resort: a 700 home and
36-hole golf course community in Chengdu, China; Hui Dong Golf
Resort: a 300 unit, 18-hole golf course project in Hui Zhou, China;
Tuyen Lam Lake Golf Resort: a 550 unit, 18- hole golf course resort
in Dalat, Vietnam; Golden Sea Lake Resort: a 400 home and 36-hole
golf course community in Beijing, China; Wan Sheng Ba Golf Resort:
a 500 home and 18-hole golf course resort project in Chongqing,
China; and Cu Hin Golf Resort: a 400 home and 36-hole golf course
resort and hotel project in Cam Ranh, Vietnam. Each of these
projects represents a significant opportunity to employ Geoexchange
technology and are being looked at as possible projects for which
the Geoexchange technology manufactured by the Vietnam Joint
Venture companies between EI Asia, TT, and Ekistics can or may be
employed. Stated Jason McDiarmid, President/CEO, ESIV, "Under the
terms of the joint venture agreements EI Asia will hold a 75% stake
in the manufacturing and distribution company, and a 40% stake in
the Vietnamese sales and installation business. The Tien Thanh
& Ekistics cooperative will then equally share 25% and 60%
respective holdings in each of the JV companies. As per the
understanding between our parties, TT & Ekistics are required
to invest $750,000 USD for initial capitalization and as their
financial contribution to the joint ventures for which they will
then be assigned their equity ownership. In turn, technology,
engineering, design, & installation expertise is to be provided
by Essential Innovations, as it's initial contribution to the JV
companies. Separate of the JV between our parties, TT &
Ekistics have already purchased and own the land where the
manufacturing facility is to be constructed. The JV companies will
then enter into a long-term lease arrangement with TT &
Ekistics for the exclusive use of the building. In this regards,
ESIV management and Ekistics architectural specialists have now
collaborated to develop preliminary design plans for this factory.
The building is to be constructed on a site that has been purchased
in the high-profile Hiep Phouc industrial park and customs
clearance zone located and under development within Ho Chi Minh
City. Construction for the manufacturing plant is set to get
underway in the next 60 - 90 days, with a current target of being
able to begin light production and equipment testing in the Spring
of 2009, with the full-scale launch of the global manufacturing and
distribution operation scheduled for late 2009. These joint venture
companies are a culmination of a number of years of planning and
efforts by ESIV to make a tangible and legitimate mark in the Asian
marketplace. By moving the manufacturing of our leading edge
Geoexchange technology to Vietnam it will allow us to become even
more competitive in the domestic market and aggressively pursue
distribution channels particularly throughout the United States.
The opportunity to take advantage of the demand for Geoexchange
technology across Asia in general is enormous. That said, with the
added and unique benefit of the clientele already working
throughout China and Vietnam with Ekistics and it's President Paul
Rosenau becoming available to the joint ventures for the purposes
of promoting the use of Geothermal heating & cooling, it places
the joint ventures in a truly exceptional position to be able to
make a visible and verifiable long-term impact on the Geoexchange
industry overall." 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. 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. DATASOURCE: Essential
Innovations Technology Corp. CONTACT: ESIV Investor Relations,
Allegiant Financial Group, 1-866-669- 8098; or ESIV Direct
Corporate Contact, Jason McDiarmid, President & CEO,
+1-360-392-3902, Fax, +1-360-733-3941, Web site:
http://www.eitechcorp.com/ http://www.ekistics.ca/
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