Windflow gets off the ground! Offer extended to September 28th

13 August 2001

The Windflow Technology share offer has reached the minimum $2m required to establish local wind turbine manufacturing in New Zealand.

The Company will now apply to the Companies Office for an extension to September 28th in order to fill the offering (target $3 million).
Note: the extension is to "September 28th or such earlier date as the Directors nominate". The Directors may close at any time if the maximum is reached early.

In the meantime, work will commence on establishing the venture, setting up an office, employing staff and finalising specifications for the major wind turbine components.

"We are delighted to have reached this major milestone," said company chairman, Dr Neil Cherry. "Public support for our proposal has been overwhelming as people pay more for electricity, recognise how vulnerable our hydro resource is with two serious shortages in less than a decade, express concern at the climate change impacts of gas-powered generation, and see the opportunity for a socially responsible and very timely investment. We would like to express our thanks to the hundreds of investors who have come forward to do something about it."

"We look forward to being able to make real progress now," said executive director Geoff Henderson. "Work can now commence on making this vision a reality. Wind power is going to be a major player in New Zealand's energy future. Neil, I and others have been saying this for a long time, but building a world-beating wind turbine right here in New Zealand is the best way of making the point. We're excited by the challenge.