Vancouver, British Columbia-based NaiKun Wind Energy Group Inc.'s board of directors has selected Cormark Securities Inc. to provide advisory services for a review of the strategic alternatives available to the company to maximize shareholder value.
Cormark is familiar with NaiKun Wind's assets and operations, having led the company's $35 million equity financing in 2007.
The objectives of the review are to assess options among and beyond those identified to date by management, to maximize exposure within renewable energy markets and to do so at the lowest reasonable cost for value delivered, according to the company. These options include continuing to advance the offshore wind energy project as the company's primary project, potential business combination or joint venture opportunities in the renewable energy sector, the sale of the company's interests, and others. It is anticipated that the review will be completed this summer.
NaiKun Wind advises that no decisions have been made, no formal proposals have been received and no agreements have been reached regarding its assets, the company or any subsidiaries. Furthermore, there can be no assurance that the review of strategic alternatives will ultimately result in a transaction.
While the strategic review is under way, NaiKun Wind says it will continue to work on development of its offshore wind project by, among other activities, completing the federal environmental assessment process and continuing to support the Haida Nation as it finalizes deliberations regarding potential participation as an equity partner in the project.
SOURCE: NaiKun Wind Energy Group Inc.