SEOUL, South Korea, Sept. 17, 2010 (GLOBE NEWSWIRE) -- Mr. Sang Gil Oh, CEO of Vaenza, Inc., a Sebastian River Holdings, Inc. (Pink Sheets:SBRH) Company, announces today that it has received an LOI for order from a U.S. based customer which should be solidified in the coming days. This is the first order toward additional orders pending customer satisfaction.
The Zephyr system is comprised of Vertical Axis Wind Turbines (VAWT), which are both effective and aesthetically pleasing. The units are environmentally friendly in that they reduce Fossil Fuel Emissions and Carbon Footprint, as well. United States users of wind power are eligible for 30% Federal and State Utility Incentives and Rebates according to the Department of Energy. "We feel this first transaction will help solidify a solid footing in the U.S. and North American markets," states Vaenza CEO, Mr. Sang Gil Oh.
The U.S. was one of the fastest-growing wind power markets in the world in 2009, second only to China, according to a report released today by the U.S. Department of Energy and prepared by Lawrence Berkeley National Laboratory.
Wind power additions in the United States set a new record in 2009, with 10 gigawatts of new capacity installed, representing a $21 billion investment. "At this pace, wind power is on a path to becoming a significant contributor to the U.S. power mix," says co-author Ryan Wiser, a scientist in Berkeley Lab's Environmental Energy Technologies Division (EETD). "Wind power projects accounted for 39 percent of all new electric generating capacity added in the U.S. in 2009, and wind energy is now able to deliver 2.5 percent of the nation's electricity supply."
The company has posted a complete product overview at: . Details on the order progression are forthcoming and the company expects to release development progress on the photovoltaic front soon.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
CONTACT: Gerrard Hollister Investor Relations IR contact: 310-909-7988 SBRH@GerrardHollister.com
