- Published: 19 April 2006 19 April 2006
Vitasti, Inc. has announced that it has signed an agreement with Welwind International Energy Corporation (WIEC) for 100% of WIEC's assets in exchange for 11,000,000 restricted shares of Vitasti.
The company's recent due diligence trip to China with WIEC Management proved to be very successful for the development of wind farm projects. Two contracts were signed by WIEC with the cities of Yangxi and Zhanjiang in the Province of Guangdong. The signed contracts allow WIEC to build 1000MW of wind power in Guangdong Province with a 50 year PPA. The EPC contractor, China Machine International Building Corp., has agreed to provide the engineering, procurement and construction on the projects along with performance bonds. The Zhanjiang Project already has 3 years data for the area and WIEC will conduct due diligence with an engineer to verify the information. Several other Provinces were visited during the trip and various opportunities are currently being considered for additional wind farm development.