Windflow share offer closes this week as power prices firm

23 September 2001

The Windflow Technology share offer will close next Friday September 28th. The Christchurch-based company has already raised its minimum requirement of $2m to establish local wind turbine manufacturing, and expects to close the offer near to its target of $3m. The company has established its office and will employ specialist staff to commence on the detailed design and specification of the first wind turbine.

Support for the company's share offer has come from more than 400 people throughout New Zealand, with several investments from Australia, the United States and Europe. "The strength of support, with many people investing in shares for the first time, gives us confidence for the future," said Dr Neil Cherry, Windflow Technology Chairman. The Christchurch City Council has agreed to purchase the output of the company's first wind turbine - planned to be operating by October 2002.

Meanwhile, power prices have firmed considerably as the result of this year's electricity crisis. The Windflow share offer is based on prices increasing to 5-6c/kWh by 2005. It appears that contract prices for the coming year have reached that level already.

The company's Investment Statement is available at its website - www.windflow.co.nz/shareoffering.