World Energy Holdings & Research PLC
World Energy Holdings & Research PLC announces the signing of a Letter of Intent by its subsidiary World Energy Hydro Limited to acquire controlling interests in 5 Hydro Electric Power Plant special purpose entities in Central America
World Energy Holdings & Research PLC / Key word(s): Acquisition World Energy Holdings & Research PLC announces the signing of a Letter of Intent by its subsidiary World Energy Hydro Limited to acquire controlling interests in 5 Hydro Electric Power Plant special purpose entities in Central America World Energy Holdings & Research PLC ('WEHR' of the 'Company') is pleased to announce the signing of a Letter of Intent for its subsidiary World Energy Hydro Limited ('WEH') to acquire controlling interests in 5 hydroelectric power plant projects in Central America from its fellow member of the wider World Energy group, World Energy Holdings Guatemala S.A. ('the LOI'). The LOI anticipates that WEH will acquire a 75% stake in each of Hydro Electrica El Islan, S.A., World Energy Sosi, S.A., World Energy Ixtaguacan, S.A., and World Energy Semuc, S.A. (together, the 'Hydro Pack 1 Entities') and a 99.99% stake in the World Energy Maya, S.A. being the special purpose entities which hold the rights to construct and operate the relevant projects Jorge Vizcarra, WEH's CEO, said: 'This LOI marks the next step in our aim of making WEHR the focus for the wider World Energy group's hydro electric interests.' The LOI gives WEH a one year exclusivity period in respect of the proposals but is otherwise non-binding. The acquisitions are subject to the fulfilment of certain conditions including due diligence, agreement on price and terms and , given the related party nature of the acquisitions, WEHR shareholder approvals. The parties are to negotiate in good faith to complete the proposed acquisitions by 30 June 2011.
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Disclaimer: This press release is solely for informational purposes and does not constitute a prospectus or other offering document nor an offer to sell or a solicitation of an offer to buy securities of WEHR. No regulatory authority has approved the press release. This press release contains forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the current assessments, views, assumptions and beliefs made by WEHR or its officers according to the information available as of the date of this press release about future events, operating performance, financial condition, business strategy, WEHR's plans and objectives for future operations and the industry in which it operates. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual outcomes to differ materially from those suggested in this press release. WEHR undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events or developments or otherwise. All subsequent written and oral forward-looking statements attributable to WEHR and those acting on its behalf, are expressly qualified in their entirety by the foregoing. Enquiries to:
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