PACIFIC BLUE ENERGY CORP. PROVIDES UPDATE ON CEASE TRADE ORDER BY ALBERTA SECURITIES COMMISSION
PBEC Reports Progress Made On Current Renewable Energy Projects
PHOENIX, Sept. 21 /PRNewswire-FirstCall/ - Pacific Blue Energy Corp. (OTCBB: PBEC), a publicly traded developer of renewable energy projects, announced today the Company is working with its advisors to address and correct certain misinformation regarding the Company which appears to have been distributed by third parties. The Company's goal is to obtain a further hearing before the Alberta Securities Commission in order to request that the interim cease trade order issued on August 20, 2010 be lifted.
The Commission's interim cease trade order, which has now been extended to March 2011, prevents the trading of the PBEC shares in the Province of Alberta, Canada. The interim cease trade order does not prevent trading in PBEC's shares in any other market, including in the OTC Pink Sheets market in the United States.
According to Joel Franklin, chief executive officer of PBEC, "The management team of Pacific Blue Energy understands the responsibility it has to abide by all regulatory requirements related to the trading of the company's securities and will take whatever steps are necessary to fulfill its responsibilities.
Mr. Franklin emphasized that PBEC had not made any projections as to the future price or market value of its shares and cautioned investors that such predictions by third parties should not be relied upon.
"We are committed to communicating with investors -- in a matter consistent with regulatory requirements and expectations -- timely, accurate and thorough information about our business strategy as it continues to unfold and our operational progress as we move forward," Franklin said. "And we recognize that our shareholders have placed their confidence in our company and its mission to become a leader in developing utility-scale renewable energy projects in the Southwest that will generate clean energy for generations to come."
During the past six months, Pacific Blue Energy has made substantial progress related to the renewable energy projects in Arizona, according to Franklin. PBEC is in the process of aquiring 100 acres in Gila Bend where it plans to develop a municipally approved 15MW solar farm. Town leaders in Gila Bend have made a commitment to making the region become the solar capital of the world. PBEC expects to complete the permitting process on this land by January 2011. In addition, the company owns approximately 154 acres in Coconino County near Flagstaff where it plans to develop the Sunshine Solar Project and the Sunshine Wind Park.
In July 2010, PBEC entered into an agreement with Siliken Renewable Energy, a leading designer and builder of some of the world's largest photovoltaic (PV) solar farms, which will work with PBEC to build out the Sunshine Solar Project. Under the agreement, Siliken and PBEC plan to jointly collaborate to submit a bid to a local utility to develop a 15MW solar farm Siliken's main business is the manufacture of PV modules and inverters for stand-alone or grid-connected installations for both residential and commercial projects.
Franklin said in May 2010, PBEC also entered into a joint-venture agreement with Patriot Solar Inc, a desiger and builder of large photovoltaic solar projects. Under the agreement, Patriot will identify private commercial solar projects in Arizona, Nevada, Utah and Texas, and PBEC will have the first right of refusal to provide funding for such projects for a period of two years. Once PBEC agrees to any such projects, Patriot will be responsible for all engineering calculations, engineering design, procurement, construction, permitting, REC filings, interconnection agreements and on-going operations and maintenance. PBEC will be responsible for all costs related to the development of the projects. The term of the agreement with Patriot is for an initial two years with an option to extend the agreement for another one year period. In addition to its solar projects, PBEC also owns 52.5 percent of Sunshine Wind Park in Coconino County, Arizona. The company has a total investment of $414,000.00 in the Sunshine Wind project.
"In addition to the progress on our current energy projects, in April 2010, the company's board of directors appointed George M. Buckingham as the company's chief operating officer," Franklin said. Buckingham has been involved in renewable energy and development for much of his professional career.
"We also have added two individuals, George Sagredos and Yoram Gordon, to our board of advisors. Sagredos is a long-time industry executive who has served as chief operating officer, president and a director of Energy Infrastructure Acquisition Corporation since it was founded in 2005.
"Gordon, who holds a master's degree in engineering and management and a bachelor's degree in mechanical engineering, has spent his 30-year career in numerous leadership positions with a variety of technology companies," Franklin said.
For the second quarter ended June 30, 2010, Pacific Blue Energy reported a cash balance of $1,241,048.00 and total assets of $2,295,206.00. While a forward split in the company's common stock was implemented effective November 6, 2009, no split is scheduled or contemplated for the company's common stock on November 6, 2010.
About Pacific Blue Energy Corp.
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Pacific Blue Energy Corp. (PBEC) is a publicly-traded solar 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 believes that it is positioned to take advantage of technological advances that will drive the expected surge in the U.S. solar generated electricity market. More information is available at www.PacificBlueEnergyCorp.com.
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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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