Pacific Blue Energy CEO Franklin Provides Corporate Update

PHOENIX, AZ, March 30 /PRNewswire/ - Pacific Blue Energy Corp. (OTCQB: PBEC), a publicly traded developer of renewable energy projects is pleased to provide this corporate update to shareholders regarding its current operations.

"After careful consideration, we feel it's in the Company's best interest to terminate the proposed Gila Bend transaction.  Although the decision was difficult, this strategy places us in an improved position to pursue other high-potential renewable energy opportunities being generated by our team," said Joel Franklin, CEO of Pacific Blue.  "While many aspects of the Gila Bend project remained positive, several additional large scale solar projects approved for construction in the immediate vicinity raised questions as to the eventual available capacity of the local utility infrastructure.  Further project advancement would require significant additional investments to extend the land purchase agreement and to commission a costly power grid inter-connection study that could take six months or more to complete without a guaranteed positive outcome."

Pacific Blue will now re-focus resources towards its existing projects and accelerate the development of new opportunities to build mid-to-large scale renewable energy businesses in favorable regions of the United States.

In response to questions regarding the Alberta Securities Commission (ASC) and the interim cease trade order (ICTO), Mr. Franklin went on to state, "In the latest hearing, the ASC panel denied a staff request for an unlimited extension to the interim cease trade order.  Instead, ASC staff was allowed a limited extension of six months to complete their examination.  We continue to maintain the assertion that Pacific Blue has been unfairly included in this order and believe that we will eventually be fully exonerated."

The ICTO, which will be reviewed by the ASC on August 25, 2011, only prevents the trading of PBEC shares in the Province of Alberta, Canada, and does not affect trading of PBEC shares in any other jurisdiction including in the United States.  Pacific Blue Energy Corp. remains in full compliance with its regulatory reporting responsibilities to the U.S. Securities and Exchange Commission.

Further information regarding Pacific Blue renewable energy projects will be released as it becomes available.  Shareholders and other interested parties are urged to contact PBEC at [email protected] to receive press release alerts directly from the Company.

About Pacific Blue Energy Corp.

Pacific Blue Energy Corp. (PBEC) is a publicly traded renewable energy company that seeks to build and manage large renewable energy projects. PBEC's goal is to maximize shareholder value through select property acquisition, timely renewable energy facility construction and informed management of those projects.  Headquartered in Arizona, one of the prime solar energy markets in the United States, PBEC is positioned to take advantage of technological advances that will drive the coming surge in the U.S. solar generated electricity market.

Safe Harbor for Forward-Looking Statements

Statements that are not statements of historical or current fact constitute "forward-looking statements." Such statements can often be identified by use of words such as "believe," "expect," "estimate," "intend," "anticipate," "plan," to be uncertain and forward-looking. Forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause our actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) future financial results and financing requirements; (ii) our ability to control and manage our growth; (iii) the effectiveness, profitability, and marketability of our current and prospective products and services; (iv) our ability to protect proprietary information; (v), the impact of current, pending, or future legislation and regulation on our industry; and (vi) the impact of competitive products, services, pricing or technological changes. Additional risks and forward-looking statements are set forth from time to time in our filings with the United States Securities and Exchange Commission; including our Annual Reports on Form 10-K and our quarterly reports on form 10-Q, which are available on the Commission's website at www.sec.gov. All forward-looking statements included are made as of the date of this information, and we assume no obligation to update any such forward-looking statements.

SOURCE Pacific Blue Energy

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