December 14, 2006 10:14 ET
Partners GREEN & WindStor Power Co. Agree on License for WindStor Wind Turbine Technology
DETROIT, MI -- (MARKET WIRE) -- December 14, 2006 -- Two Michigan-based companies, Partners GREEN
and WindStor Power Co.(OTCBB: MKBY), have signed a "Letter of Intent"
containing agreed upon terms and conditions for license of WindStor, an
improved vertical axis wind turbine. A license agreement is being
prepared.
Agreement terms and conditions provide for WindStor Power to receive a
license fee of $30,000 per turbine when total installed costs are $550,000
or more. The fee increases by $300 for every $1,000 when total installed
costs are below $550,000.
Upon signing the License Agreement, Partners GREEN will also purchase
$200,000 of WindStor Power Common Stock at $1.00/share with the right to
acquire another $1,000,000 at the same price. The right expires six months
after the Ishpeming, Michigan WindStor installation is performance-
certified by an independent engineer.
Partners GREEN grants WindStor Power the option to convert all or part of
the license fee into an equity ownership in any group of Partners GREEN
installations at the same price offered to group tax equity investors. In
exchange for this option, the investment into WindStor Power, and license
fees, WindStor Power grants Partners GREEN exclusive marketing rights for
all power purchase agreement sales conditional on purchasing WindStor units
annually.
In a separate agreement signed in October 2006, Partners GREEN agreed to
purchase the Ishpeming installation for $425,000 upon completion and
engineer certification 45 days after it is commissioned.
Gary Westerholm, Partners GREEN President, said; "We are very pleased to
add WindStor as the wind technology component in our Project EverGREEN
Schools' system to provide economic renewable energy generation and
education at / for schools. Our primary system is complete and we will
immediately begin signing power purchase agreements with a number of
schools across the country wishing to receive our Project EverGREEN program
for schools. We plan to begin ordering groups of 50 units when the
Ishpeming installation is engineer certified."
Project EverGREEN's technology components include WindStor® by WindStor
Power Co. (OTCBB: MKBY) www.mckenziebay.com, solar by United Solar Ovonic
www.uni-solar.com, battery by Cobasys Inc. www.cobasys.com and System
Integration by Envitech Automation www.envitech.com. The education
curriculum is being developed by Michigan GREEN www.michigangreen.org.
Project & system information at www.partnersgreen.org