Oneworld Energy Increases its Stake in Composotech Structures to 80%
Toronto, Ontario – December 2, 2009 – Oneworld Energy Inc., an emerging leader in the design, management and servicing of wind and solar power installations, announced it has acquired 29% of the common shares of Composotech Structures Inc. (“Composotech”), a North American based wind energy operations and maintenance group, from a non?related third party in exchange for shares of Oneworld Energy Inc. This acquisition increases Oneworld’s stake in Composotech from 51% to 80%, with senior management of Composotech owning the remaining 20%. The closing was the final step of an agreement executed earlier in the year between Oneworld and the vendor.
Composotech’s operating and maintenance service business provides turbine blade service, maintenance and repair services to the wind energy sector in the United States and Canada to wind turbine OEMs and owners of wind farms. Composotech has offices in Goderich, Ontario and in Kansas City, Missouri. Composotech’s senior management team including Mike Jeffrey and Ron Hodgins has over 40 years of experience in wind turbine blade manufacturing and repair. Composotech’s approach in this sector is to provide high quality value added services to its customers.
Mr. Chuck Allen, President and CEO of Oneworld, commented, “The team at Composotech has done an excellent job of establishing itself firmly in a growing business sector by positioning itself as one of the preeminent providers of quality repair and maintenance services. Oneworld is involved in all aspects of the value chain as it relates to the wind and solar energy sectors and we want to continue to expand our presence in every aspect of that value chain. This transaction is an example of how we continue to expand that presence. While the transaction took longer to close than anticipated, we persevered because we recognized the importance of increasing our stake in a quality business.”
Mr. Peter Kampian, EVP and CFO of Oneworld, noted, “ Composotech adds a great balance to Oneworld by generating stable revenue and cash flow with its focus on providing high quality maintenance and repair services to the wind energy business. These services provide a good balance to the development and energy consulting business for both the solar and wind businesses. We are excited to obtain the additional ownership in Composotech and look forward to working with the Composotech to continue building the business”.
About Oneworld Energy Inc.
Oneworld is a diversified international renewable energy company that commenced operations in 2003. Oneworld’s primary goal is to become an independent power producer by constructing, owning and operating over 500 MW of renewable energy projects and generating revenues of $500+ million by 2015. The company is focused on developing, owning and servicing renewable energy assets in
diversified geographic markets. The company has 85 employees in offices throughout North America and Europe. Oneworld has three operating divisions ? Solar Energy, Wind Energy and Operating & Maintenance Services. To date, Oneworld has designed, planned and constructed over 60 MW of wind and solar energy parks for clients in Canada, Europe and the US.
For more information contact:
Charles (Chuck) Allen, President & CEO
Email: callen@oneworldenergy.com
+1.416.622.7007
Peter Kampian, Executive Vice-President and CFO
Email: pkampian@oneworldenergy.com
+1.416.622.7007
