TORONTO, ONTARIO--(Marketwire - June 13, 2012) - China Wind Power International Corp. (TSX VENTURE:CNW) ("China Wind Power" or the "Company"), an independent wind power producer in China, has provided an update with regards to its loan agreement with the Agricultural Development Bank of China (the "Bank"). The Company confirms that it has received the final 70 million Yuan under the original 330 million Yuan loan approved by the Bank.
"With the final loan proceeds in hand, we can now move forward with completing Phase II," said Mr. Jun Liu, Chief Executive Officer, China Wind Power. "This has been a long wait for our shareholders as tight credit conditions in China had caused unforeseen delays. Nevertheless, we now expect to have Phase II completed in short order."
When fully completed, Phase II will consist of 35 turbines and a combined capacity of 49.5 MW of renewable energy.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is uniquely positioned to capitalize on the growing demand for wind power in China. The Company indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang Province, which has a demonstrated potential installed capacity of 1,150 MW of wind energy developable over an area of 612 square km. While 1,150 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out approximately 800 MW over five development phases. The Company's common shares are listed on the TSX Venture Exchange under the symbol "CNW". The Company has approximately 63.9 million shares outstanding.
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Caution Regarding Forward-Looking Statements
Certain statements that are not historical facts made in this press release may be forward looking statements subject to risks and uncertainties. Statements containing words such as "will", "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs at the time the statements are made and are based on certain factors and assumptions including wind farm construction and commercial production schedule, output and capacity, revenue and earnings expectations and market potential. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties involving the availability of financing; fluctuations in currency exchange rates; uncertainties relating to economic and market conditions; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to develop the projects and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the information circular dated November 5, 2010, which is available at www.sedar.com under the Company's profile. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made.
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