Itasca, Ill.-based M-Wave Inc., a manufacturer of performance printed circuits, has entered into a definitive agreement to acquire 160 acres of land to be used as a wind farm in Tehachapi, Calif. The company is also in negotiations with the same landowner to acquire an additional 4,840 acres. The company plans to change its name to Green St. Energy to reflect its new operations.
Under the agreement, M-Wave will acquire the land for approximately $16 million, through the issuance of 1 million shares of restricted stock and a note, convertible into a maximum of $16 million worth of restricted common stock, subject to limitations on conversion amounts and a floor of $0.53 per share. The land is located at the highest point of the ridge line in the area, which results in a higher level of wind.
‘We are excited to acquire a highly desirable area of land in the wind capital of California,’ says Tony Cataldo, M-Wave's chairman and CEO. ‘Tehachapi is the ideal location to develop wind farms, due to the proximity of transmission lines, highly desirable topography and friendly regulatory environment. We believe this land acquisition represents the initial phase of building a world-class renewable energy company.’
SOURCE: M-Wave Inc.