WorldWater & Solar Technologies Corp. Receives Letter of Intent to Build Four Projects Totaling 3.25 MW in Italy
WorldWater & Solar Technologies Corp. (WWAT.OB, OTC BB), developer
and marketer of proprietary high-power solar systems, announced today
that the Company has received a Letter of Intent (LOI) from Solar
Dynamic Energy Ltd. (SDE) Of Milan and London to construct solar sites
totaling 3.25 MW in Southern Italy. SDE will work with La Esco del
Sole, a solar marketing and installation company that is one of the
oldest solar companies in Italy with 25 years of experience. The four
projects in Italy are:
-- 250 KW pilot site in Lecce
-- 1 MW installation in Palermo
-- 1 MW installation in Rome
-- 1 MW installation in Foggia
The LOI is subject only to contractual negotiations. WorldWater &
Solar will engage SDE as its solar marketer in Italy. All projects are
scheduled to begin construction in the second quarter of 2008. The new
LOI reflects WorldWater´s market strides in Europe following on the 3
MW project with Ingenium Energetica S.L. of Barcelona, announced on
Dec. 13, and the 10 MW project with M&G Promociones de Vivienda Urbana
S.A. of Madrid.
The solar projects for SDE and M&G Promociones will use the
WorldWater-ENTECH 20x Concentrator Technology and modules, and are
planned to be implemented as soon as the ENTECH modules are
manufactured by WorldWater, with volume delivery expected in the
Spring of 2008. The Ingenium project in Spain will use single access
flat plate modules.
Quentin T. Kelly, Chairman and CEO of WorldWater & Solar
Technologies stated, "This new project is part of WorldWater´s
aggressive push for a large market share in the rapidly expanding
solar business in Europe - Spain, Italy and beyond. We intend to take
full advantage of our ENTECH competitive pricing advantages and
efficiencies throughout the Mediterranean countries, where the sunny
climates are particularly responsive to our 20x concentrator
technology."
About WorldWater & Solar Technologies Corp.:
WorldWater & Solar Technologies Corporation is a full-service,
international solar electric engineering and water management company
with unique, high-powered and patented solar technology that can not
only generate and distribute electricity, but can drive 1000
horsepower motors and pumps from sunshine independently or in
conjunction with the electric grid, providing solutions to a broad
spectrum of the world´s electricity and water supply problems. For
more information about WorldWater & Solar Technologies Corp., visit
the website at www.worldwater.com.
Forward Looking Statements:
Except for historical information contained herein, this document
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks and uncertainties that may cause the Company´s
actual results or outcomes to be materially different from those
anticipated and discussed herein. Further, the Company operates in
industries where securities values may be volatile and may be
influenced by regulatory and other factors beyond the Company´s
control. Other important factors that the Company believes might cause
such differences are discussed in the risk factors detailed in the
Company´s 10-KSB and its quarterly reports on Form 10-QSB both as
filed with the Securities and Exchange Commission, which include the
Company´s cash flow difficulties, dependence on significant customers,
and rapid development of technology, among other risks. In assessing
forward-looking statements contained herein, readers are urged to
carefully read all cautionary statements contained in the Company´s
filings with the Securities and Exchange Commission.