WASHINGTON, June 5 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables') (TSX-V: FVR) advises that CEO Jason Bak will be making a presentation to the United States Senate Committee on Energy and Natural Resources. Mr. Bak's testimony before the Committee Hearing on June 7th will focus on regulatory issues related to the ocean energy industry in the United States.
What: Finavera Renewables CEO to address US Senate Energy and
Natural Resources Committee
When: Thursday, June 7th, 2007, 9:30 am Eastern.
Where: Room 366 Dirksen Senate Office Building, Washington, DC.
View: The presentation will be streamed online at:
http://energy.senate.gov/public/
Bak welcomed the invitation to testify, "Now is the time to address key regulatory issues surrounding ocean energy in order to fast track the deployment of wave energy technology. We have begun construction of our second generation AquaBuOY 2.0 wave energy buoy, which we plan to install off the coast of Newport, Oregon this summer. We currently have wave energy parks under development in California, Oregon, and Washington and we are involved in a number of additional projects worldwide. These are not just paper R&D projects but are planned to be amongst the first stages of phased, commercial wave parks in America. We look forward to providing input to the Senate Committee and to developing this industry to its fullest potential."
The testimony before the Senate Committee marks the second time Finavera Renewables has appeared before a federal United States committee examining the ocean energy industry. In April, Mr. Bak outlined the enormous potential of wave energy before a United States Congress Joint Subcommittee hearing.
On behalf of the Board of Directors,
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind and wave energy sectors. Finavera Renewables Inc. is developing patented 'AquaBuOY' wave energy technology, based on proven and sustainable buoy technology. The Company is developing wave energy projects for the deployment of the AquaBuOY technology in the United States, Portugal, South Africa and Canada. The Company is also developing wind energy projects in Canada and Ireland. In Canada, a two stage 150 MW project is being developed in Alberta. Construction on this advance stage project is estimated to begin in 2008 and provides for near term revenue. In British Columbia, four projects totaling 366 MW have been entered into the provincial Environmental Assessment process, and several other sites are being developed. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this news release, other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute Forward-looking statements. Such statements represent management's conclusion based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including development risks. Further information concerning such risks is set forth in the Company's formal disclosure documents filed on SEDAR, including its MD&A. Consequently, actual results may vary materially from those described in the Forward-looking statements.
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