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NZX Announcement - Response to Windflow Technology Ltd's Announcement of 2 November 2009

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NZX Announcement - Response to Windflow Technology Ltd's Announcement of 2 November 2009

We refer to the announcement made by Windflow Technology Ltd yesterday (2 November 2009).



NZX Announcement

 

3 November 2009

 

For immediate release

 

RESPONSE TO WINDFLOW TECHNOLOGY LIMITED'S ("WTL") ANNOUNCEMENT

OF 2 NOVEMBER 2009

 

We refer to the announcement made by Windflow Technology Ltd yesterday (2 November 2009).

 

For clarification, NZ Windfarms Ltd ("NWF") understands that a report from an expert has been provided to Windflow Technology, reporting on the design modifications made to the Windflow WF500 turbine as a result of the IEC Certification process.  Not all of these design modifications have been incorporated in all turbines supplied or to be supplied to NWF for use at Te Rere Hau.  NWF has not seen the report.  The report was offered to NWF last Thursday (29 October 2009) but on conditions that NWF does not consider appropriate.  Until NWF has seen the report it cannot, of course, comment on whether all outstanding issues with the turbines have been addressed.

 

We continue to negotiate with WTL to agree terms that will allow us to sight and use the report.  These terms will need to allow NWF to appropriately inform the market of the conclusions in that report.

 

Contrary to the WTL announcement NWF has not requested any variation to the contract with WTL to allow installation of turbines in the extension area as NWF does not consider consent from WTL is required.  WTL has been aware for many months that NWF is considering locating Batch 4 turbines on the extension area and has not formally objected, nor advised of a dispute on this matter in accordance with the dispute provisions of the contract.

 

The legal advice received by NWF is that the legal proceedings initiated by WTL are an abuse of process, and, if it proceeds, NWF will defend the claims.  NWF considers it has a right under its agreement with WTL to set-off losses against amounts invoiced by WTL.

 

In the meantime, NWF will continue to seek a commercial resolution to all issues with WTL.

 

For further information contact:

 

Steve Cross

Chief Executive Officer

Phone:  (03)  943 5410

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NZ Windfarms Limited
PO Box 20031
Summerhill

Palmerston North 4448
NEW ZEALAND

Phone: +64-6-280-2773
Email: info@nzwindfarms.co.nz




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