TurkPower Corporation (OTCBB: GBIK) (the "Company") announced today that they completed a first round of solar license applications with a consortium of Turkish energy companies for a total capacity of 410 megawatts ("MW"). The Company will lead and manage the entire license application process for its clients, from project documentation to submitting of the license application with the Turkish Ministry of Energy. The Company was paid 50% of its consulting fee, the remaining 50% due upon start of the actual application process, plus a potential success fee in the form of participation of the client's solar licenses if granted. The Company expects to assist clients with applications for another 400 - 600MW in next quarter with local energy companies.
"We are very bullish on the Turkish solar industry which still is in its infancy and consists of private and small business solar energy use only," commented Aykut Ferah, the Company's Chief Executive Officer. "Large-scale commercial solar parks are non-existent at this point. Turkey is ranked second among European countries with 2,640 solar radiation hours per year and decrees over vast idle space near mid-sized towns and cities, resulting in perfect conditions for efficient and profitable solar power generation. TurkPower Corporation and its clients are attempting to capitalize on this opportunity by being the first to enter the second fastest growing energy market in the world."
About TurkPower Corporation TurkPower Corporation (OTCBB: GBIK) is a Turkish-American consulting and service operations firm with a strong focus on the booming Turkish energy market. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey. In addition to its energy business, TurkPower aims at becoming a large player in the Turkish mining industry by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns.
Safe Harbor Statement The statements by our officers, and other statements regarding optimism related to the business, consulting, service operations, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business and subject to successful financing. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.
