Windflow Option Uptake a Solid Achievement

3 October 2008

Christchurch wind turbine manufacturer Windflow Technology will confirm next week the final outcome of the second stage of a two-year capital build, with additional funding provided by shareholders exercising their entitlement to additional shares under the 2008 options programme which ended on 30 September 2008.

“The options exercise has raised $2.6 million, or almost half the target set a year ago,” said CEO Geoff Henderson.

“While the options were not fully taken up, having coincided with the financial crisis, falling global markets and a general lack of investor confidence, the capital raising can be regarded as a solid achievement.”

“Our loyal shareholders have seen the company deliver on its promises to reach commercial production and have looked beyond the present turmoil on sharemarkets in increasing their holdings.”

“We also look forward to the capital subscription mid-month by Mighty River Power Ltd when it purchases a 19.95% shareholding in Windflow Technology.”

Windflow Technology announced earlier this week that a further order of 32 turbines was confirmed by the Te Rere Hau Joint Venture.  Windflow Technology has a pipeline of other potential wind farm clients, positioning it well for further growth.

For Further Information Please Contact:

Mr Warren Head

Head Consultants Ltd

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