Oakville, ON / ACCESSWIRE / September 25, 2014 / Blackbird International Corporation (OTC Pink: BBRD) (BBRD) is pleased to announce that it has finalized the acquisition of Wave Electricity Renewable Power Ocean (WERPO) and the new board members who will be appointed during the transition period.
Board of Directors
Yigal Shusteri shall act as the CEO. He was trained as an electrical engineer and has had previous experience managing a public company on the NASDAQ market. He is an active participant in the development of energy products around the world.
Daniel Naimi will take up the role of director and he is an expert in hydraulics, electronic control and computerized systems and his primary objective is capitalizing on SDE Ltd's existing operations and extensively promoting SDE's unique sea wave technology through WERPO.
Shmuel Ovadia is the inventor of the hydro-pneumatic technology and former CEO of SDE. He, along with Mr Naimi, successfully transferred all the rights, contracts and subsidiaries from SDE to Wave Electricity Renewable Power Ocean.
Uri Ben-Noon was the former CEO of the Israeli Electric Company (IEC) and the Chairman and CEO of the chemical conglomerate Dead Sea Works Ltd.
The shareholders' can expect more announcements to follow in early October following the formal closing of the transaction next week.
About Wave Electricity Renewable Power Ocean (WERPO)
The technology developed by its affiliate, SDE Ltd, is based on the utilization of sea waves to yield hydraulic pressure that produces electricity while exploiting the full potential of wave speed, height, depth, rise and fall, and currents beneath the surface of the water. Scientists from around the world claim that using 1% of wave energy can provide the equivalent electricity of 500 times the world energy consumption. Energy density in waves is high compared with other renewable energy sources such as wind power and solar power. Over a year, the energy output is approximately 3 times that of solar or wind technology.
Results and experimental fieldwork conducted in Israel and abroad indicate that the energy production from sea waves by SDE's technology cost of 2-6 cents for 1KW, a significantly lower cost compared to other renewable energy technologies (for example, wind energy – 12 cents, Solar Energy 16 cents).
In addition, SDE's technology allows an annual output of 65% – significantly higher yield compared to other renewable energies (wind energy – an annual output of 24%, solar energy an annual output of 22%). One added benefit of the technology, says the company, is that it bears low production costs of 2 cents per kilowatt-hour only, though governments are willing to pay between 8 and 44 cents per kWh for use of the system.
One added benefit of the technology, says the company, is that it bears low production costs of 2 cents per kilowatt-hour only, though governments are willing to pay between 8 and 44 cents per kWh for use of the system.
SDE was selected by a team of international scientists as number one in the world in Sea Wave Energy Technologies, numbers six in Tidal Energy and River Energy, and was ranked as one of the Top 100 Clean Energy Technologies. SDE had been invited to Ecuador by the minister of renewable energy and electricity to come and introduce its unique technology. Ecuador has special interest in building Sea Wave power plants in different protected fragile sites around the Galapagos Island such as Isla Santa Cruz, Isla Isabela, Isla San Cristobal, Isla Baltra and Isla Floreana.,
The Israeli company with its proven track record of installations across the globe has several projects around the world with government entities as well as with the private sector. SDE has established 11 joint ventures with local partners in 9 different countries including a second project in China.
Blackbird International Corporation (www.blackbirdinternationalcorporation.com)
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE: Blackbird International Corporation