Essential Innovations Te... (CE) (USOTC:ESIV)
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Essential Innovations Technology Corp. (OTCBB: ESIV) has
been selected as the exclusive provider of Geoexchange technology
design, engineering and equipment supply to the CIPEA (China
International Practical Exhibition of Architecture) Project, in
Nanjing, China. The Company recently signed a letter of commitment to
form two joint-venture companies in China to direct the CIPEA Project.
"Working together with our Chinese partner, as well as Ekistics
Town Planning, allows us to further the use of Geoexchange in the
Chinese marketplace," said Jason McDiarmid, President and CEO of
Essential Innovations. "By extending the manufacturing of our
Geoexchange technology to China, we expect to become even more
competitive in both the international and domestic markets, and we
plan to subsequently aggressively pursue additional distribution
channels throughout the United States."
Under the terms of this joint-venture agreement, ESIV will partner
with the developer and owner of the CIPEA project in Nanjing, along
with EKISTICS, a multi-disciplinary consulting firm specializing in
land development master planning and design. ESIV and its partners
will structure and launch one of the companies for manufacturing and
the other for sales, engineering, installation and distribution.
The CIPEA Project will consist of a Modern Art and Architecture
Museum and Exhibition Hall designed by architect Steven Hall, Time
magazine's "America's Best Architect" in 2001; a conference center
designed by Arata Isosoki, one of the most famous architects in Asia;
a hotel complex and a large recreation center; as well as 20 unique
single-family homes. The site-wide architectural design was developed
by a group of 24 of the world's best-known architects from 16
different countries.
EKISTICS President Paul Rosenau, who was instrumental in
formulating the basis for the joint-venture partnership, said:
"Geothermal energy has the potential to become one of the primary
solutions to China's current energy crisis. The partnership between
ESIV and the CIPEA offers an opportunity to show off the design
talents of some of the world's most renowned architects, as well as
showcase Geoexchange technology as one of the most innovative and
efficient energy-producing systems. The CIPEA project is expected to
attract more than two-million visitors in its opening year. It is hard
to imagine a better way of introducing Geoexchange technology to land
developers and government officials in China, as well as worldwide."
The structure of the letter of commitment calls for the parties to
have the final legal contracts put together for the joint ventures
within 30 days of the execution date.
About EKISTICS Town Planning Inc.
The EKISTICS group of companies provides professional expertise in
the fields of town planning, architecture, urban design, resort
planning and landscape architecture and is currently undertaking
master plans for large scaled residential and resort developments in
13 major cities in China. EKISTICS is actively promoting the use of
Geoexchange technology on all of their projects both here in North
America as well as in China. EKISTICS recently completed the master
plan for the Athletes Village in Whistler for the 2010 Olympic Winter
Games. Additional information may be found at www.ekistics.ca.
About Essential Innovations Technology Corp.
Essential Innovations is a Geoexchange Energy Service Company that
utilizes proprietary turnkey Geoexchange systems and solutions to
deliver heating, cooling and dehumidification, as well as domestic hot
water to residential, commercial and institutional applications. The
Company's unique "one-stop-shop" approach to Geoexchange technology
applications incorporates all the requisite pockets of technological
expertise required for "best-practices" design and implementation in
one integrated package.
Essential Innovations currently has operations in the United
States, Canada and Hong Kong; exclusive distributors in Canada and
Mexico; and exclusive and non-exclusive sales agents in Mexico,
Hungary, China and Alaska. Additional information may be found at
www.eitechcorp.com and www.earthsource.ca.
FORWARD-LOOKING STATEMENTS: This news release contains
"forward-looking statements," as that term is defined in Section 27A
of the United States Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Statements in this press release,
which are not purely historical, are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Investors are cautioned that such
forward-looking statements involve risks and uncertainties. These
statements include, but are not limited to, statements that do not
describe historical facts and statements that include the word
"believes," "anticipates," "expects," "plans," "intends," "designs,"
"projects" or similar language, as well as statements regarding
consumer or marketplace acceptance of the Company's new or existing
products; comments concerning marketing and consumer acceptance of
proprietary products; the potential benefits of Essential Innovations'
products; initiatives undertaken by the Essential Innovations'
divisions; the Company's research, manufacturing and facilities
expansion programs; and the Company's growth, revenue, or projected
earnings; all such statements which may or may not occur in the
future. These forward-looking statements are made as of the date of
this news release, and Essential Innovations Technology Corp. assumes
no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Investors should consult all of the
information set forth herein and should also refer to the risk factors
disclosure outlined in our periodic reports filed from time to time
with the Securities and Exchange Commission.