WNTR announced on 10/24 to Acquire Solar Project
Post# of 29735
Worldwide Internet, Inc. (OTC Pink: WNTR) announced today that it will be acquiring an interest in Pamlico Energy Park from Ludvik Holdings, Inc.
The Pamlico Energy Park is based in Camden County, North Carolina. It is developing up to Five MegaWatt (5MW) of Solar Power. The $10 million project will be 30% financed by Federal Government Credits, 35% financed by North Carolina State Credits and the balance from a twenty five year power purchase agreement from an A rated energy company.
The project is to be managed by one of the largest providers of energy solutions in the United States. They will provide the turn-key engineering, procurement and construction services for the project. The project will provide a significant asset and cash flow for shareholders for the next twenty five years commencing in 2014.
Frank Kristan, President of Worldwide Internet, Inc. stated that:
"This acquisition will provide assets and cash flow for shareholder distributions. We continue to make progress on the transition to a diversified holding company. This continues on the path of our overall strategy to increase shareholder value and provide for distributions to shareholders."
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