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Thursday, April 3, 2014
WORLDWIDE PROVIDES SHAREHOLDER UPDATE ON SOLAR PROJECT initial $10,000,000 in financing, with its underwriter, by the end of the second quarter on June 30, 2014. This would include have the audited financials completed for the transaction.
Apr 03, 2014
OTC Disclosure & News Service
Williamsburg, VA -
FOR IMMEDIATE RELEASE
April 3, 2014
WORLDWIDE PROVIDES SHAREHOLDER UPDATE ON SOLAR PROJECT
NEW YORK NEW YORK, April 3, 2014 ? Worldwide Internet, Inc. (OTC Pink: WNTR) announced today a shareholder update on its portfolio company Pamlico Energy Park, LLC.
Pamlico Energy Park LLC (?Pamlico?) has received is approval from the North Carolina Utilities Commission for the initial stage of 1 MW of the 5MW project. Pamlico has also completed the initial lease of the 30 acre property, for the 5MW project, for 15 years with an option to extend an additional 30 years. Pamlico is also in discussions with third parties to lease up to an additional 70 acres to provide the land required to build up to 20MW in solar projects.
Pamlico has engaged Pike Energy for engineering and procurement services. Pike Energy is one of the largest providers of energy solutions in the United States. It is also currently finalizing the terms of the Power Purchase Agreement with Dominion Resources. Dominion Resources announced this week the purchase of 139MW of solar projects.
The financing of the project is through the Federal Investment Tax Credit for 30% of the project costs, the North Carolina Tax Credit for 35% of the project cost, in addition to depreciation and the sale of Renewable Energy Credits. The total 20 MW project when completed will be $40m.
The company also announced that it intends to complete an initial $10,000,000 in financing, with its underwriter, by the end of the second quarter on June 30, 2014. This would include have the audited financials completed for the transaction.
Frank Kristan, President of Worldwide Internet, Inc. stated that:
"We are very pleased with our investment in the renewable energy industry. The strong partners we have on this project will provide dividends for our shareholders and increase our asset base.?
About Worldwide Internet, Inc.
Worldwide Internet, Inc. (OTC: WNTR) (www.worldwideinternetinc.com). The company is now focused on making acquisitions of business operations and investments to create a diversified holding company.