Secureview Systems Inc. has Entered Into a Letter of Intent to Acquire a Power Company With Government Contracts in Estonia.Business Editors Secureview Systems Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SCVWF) ("Secureview") management is pleased to announce that it has entered into a letter of intent (the "Letter of Intent") with Estwind Energy, a private power company incorporated in Estonia, to acquire all issued and outstanding shares of Estwind Energy in exchange for 2,731,728 common shares of Secureview, this being equal to 20% of the currently issued and outstanding common shares of Secureview. Estwind Energy has been given a license from the Estonian Utility Company to install a pilot project in Estonia consisting of a total of six wind turbines (V39 500 kilowatt kilowatt: see watt. Vestas). Three of the wind turbines are expected to be located in Saamemaa, with the remaining turbines expected to be located in Tostamaa, both in reliably constant high-wind areas (8.53 m/sec). Estonian Utility Company has agreed with Estwind Energy to purchase all of the electricity -- up to 3 MW (megawatts) of power (1 MW = 1,000,000 Watts) -- that these wind turbines will produce. In addition, Estonian Utility Company has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to purchase up to 300 MW produced by additional installations of Estwind Energy's wind turbines after Estwind Energy's pilot project has been completed. Estwind Energy is one of the first power companies to take advantage of business opportunities in Estonia arising from that country's swift and radical decentralization de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. of energy utilities and its professed pro·fess v. pro·fessed, pro·fess·ing, pro·fess·es v.tr. 1. To affirm openly; declare or claim: "a physics major need to lower emissions levels as a means of entering the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . Estwind Energy's management expects to follow its pilot project with other installation projects in that region of Europe as well as in Northern Canada Northern Canada is the vast northernmost region of Canada variously defined by geography and politics. Definitions and usage Also referred to as the Canadian North or (locally) as the North , where wind-turbine power can provide customers and utility companies with electricity at rates which are anticipated to be advantageous. Estonia must bring its environmental regulations into compliance with the European Union standards by the year 2005. Wind turbine-generated electricity is an inexpensive and clean alternative, as well as a proven technology providing significant amounts of power in Northern Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Saaremaa and Tostamaa sites are ideally situated with respect to electricity distribution systems. In addition to being right on the shore of Estonia's Parnu Island, they are located within half a kilometre of 35 KW power lines which would connect them to the nation's entire power system. Estwind Energy intends to commence its pilot project utilizing six refurbished Vestas brought in from Germany and assembled on site at an estimated cost of US$174,000 per turbine. After installation, expenses associated with operating wind turbines are anticipated to be very low, under US$3,000 annually. In addition to the common shares of Secureview to be issued for the purchase of all of the issued and outstanding shares of Estwind Energy, the parties have agreed in the Letter of Intent that Secureview shall pay a bonus of up to a maximum of 3 million shares to the principals of Estwind Energy for additional licenses granted by the government of Estonia, and in particular licenses granted by the government agency responsible for power generation to Estwind Energy. A condition of the Letter of Intent is that Secureview will have to raise up to US$1.2 million for capitalization of the pilot project. The Company is contemplating changing its name, subject to shareholder approval, to reflect its change in focus to wind power energy. ON BEHALF OF THE BOARD, SECUREVIEW SYSTEMS INC. "Gary Schellenberg" Gary Schellenberg President MANAGEMENT OF SECUREVIEW WHO TAKE FULL RESPONSIBILITY FOR ITS CONTENTS HAS PREPARED THIS NEWS RELEASE. THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, SECUREVIEW'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. |
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