Vancouver, BC, May 14, 2008 - Plutonic Power Corporation (PCC - TSX) and Knight Piesold Ltd.
have signed an agreement to extend the relationship that has been key
to the identification and development of the suite of projects that make
up Plutonic's Green Power Corridor.
"Plutonic Power and Knight Piesold have a had a very unique and mutually
beneficial relationship since 2003 which we intend to continue on into
2014 through this revised letter of agreement," said Plutonic Vice-Chair
and CEO, Donald McInnes, "Knight Piesold's high caliber staff and
ability to identify and provide guidance on potential sites has proven
invaluable to Plutonic's goal to help BC reach electrical
The agreement provides Plutonic with a right of first refusal to acquire
new projects identified by Knight Piesold and also includes a standard
non-compete clause to ensure continued interactions between the two
companies are free from conflict. The agreement provides for the
issuance of 100,000 common share purchase warrants to Knight Piesold,
exercisable at a price of $7.93 per share for a period of two years and a
bonus structure if any of the identified projects become commercially
viable. Knight Piesold will also be entitled to payment of its fees for
"Knight Piesold is pleased to agree to the extension of the relationship
with Plutonic Power," said Knight Piesold President Jeremy Haile. "We
plan to continue to work diligently on identifying renewable energy
project sites with exceptional potential and working towards positioning
Plutonic as a leader in the development of clean energy in BC."
About Plutonic Power Corporation
Plutonic Power's vision is to provide leadership and create a legacy
through the development of renewable, reliable, made-in-BC clean energy.
Its proposed Green Power Corridor, comprised of 40 facilities,
including the flagship $660 million, 196 MW East Toba River/Montrose
Creek run-of-river project currently under construction, have the
potential to generate enough energy to meet the annual needs of about
630,000 homes and create approximately 5,500 person years of employment.
Once built, the Green Power Corridor could offset an estimated 4
million tons of CO2 emissions every year - the equivalent to taking as
many as 650,000 vehicles off the road. Plutonic is committed to working
in partnership with First Nations, stakeholder groups and local
communities in the development of all its run-of-river projects. By
developing its suite of projects, Plutonic Power will help British
Columbia realize its goal of becoming electricity self-sufficient by
2016, meet demand utilizing 90% clean domestic generation sources and
will play a significant role in the fight against climate change.
For additional information please contact:
Office: 604-669-4999 ext 1034