SARDIS, BC, July 11, 2003 — Capstone International Corp. said it has finished the due diligence portion of the company’s first acquisition in the power generation and utilities industry.
Capstone has requested its attorneys prepare final documents for the Merger/Acquisition of First National Power Corporation (FPOW), a private company based in Toronto, Canada.
About First National Power Corporation
First National Power Corporation is a developer of renewable energy to meet the growing demand for clean, renewable sources of power. First National’s focus is on wind power, the most rapidly growing source of electricity generation in the world. The team of experienced professionals at First National brings together a full range of project development, technical, financial and marketing skills to design, construct and operate wind power facilities.
Combining this with First National’s aggressive marketing plans and its relationships with private investors will allow the new company, upon completion of the merger, to accelerate the design and construction process and reduce the need to acquire data in order to satisfy typical funding or granting protocols.
Frank Cavicchia, spokesperson for First National Power stated, “…First National is poised to become the largest producer of clean electricity, using wind power…that is our goal and we are focused on achieving it. Currently, First National Power is pursuing talks with the objective of developing a production site with upwards of 15 megawatts in Ontario as a test market. Such a site would make First National Power the largest producer of wind power in the province, thus taking First National Power on its way to becoming a leader in wind power generation in North America.”
About Capstone International Corp.
The primary focus of Capstone International Corporation is to increase the share value for its Shareholders. With this goal in mind, the Management of CITC has been pursuing businesses with high growth investment opportunities that will reflect this increase.
The acquisition of First National Power is the first step in our focus to become a major player in the utilities market in the United States and Canada, and to join the lucrative and expanding market in wind power generation, which already includes well known and successful companies such as General Electric (GE), which recently bought Enron Wind; British Petroleum (BP), which has changed their name to ‘Beyond Petroleum’; and Sunoco, which now has a division for renewable energy called ‘SunCor’.
Terms of the agreement will be announced upon completion of the Merger/Acquisition. More information can be found on the Internet at http://www.awea.org/pubs/documents/GlobalWEMarketReport2003.pdf.