NZX Announcement - Progress on Dispute Resolution
18 November 2009
For immediate release
PROGRESS ON DISPUTE RESOLUTION
NZ Windfarms Limited ("NWF") has been setting off amounts invoiced by Windflow Technology Limited ("WTL") against claims it has in respect of design modifications made to the Windflow WF500 turbine as a result of the IEC Certification process but not incorporated in turbines supplied to it for use at the Te Rere Hau wind farm.
Last evening NZ Windfarms made a payment of $1.80 million to Windflow Technology in recognition of progress that is being made to resolve the dispute.
NZ Windfarms expects that further progress will be made in the next two weeks and will be in a position to update the market accordingly.
For further information contact:
Chief Executive Officer
Phone: (03) 943 5410