Green St. Energy Completes Acquisition of Highly Desirable Property
in Tehachapi, California to be Used as Wind Farm
Company Enters into Option Agreement to Acquire An Additional 4,840
Acres
TEHACHAPI, Calif.--(BUSINESS WIRE)--Green St. Energy (OTCBB: MWAV),
formerly known as M-Wave, announced today that it has completed the
acquisition of 160 acres of land in Tehachapi, California, a prolific
area for the production of energy from wind. Green St. previously
announced that it had entered into a definitive agreement to acquire the
property. The Company has also entered into an agreement giving it the
right to acquire an additional 4,840 acres in the area. There are
approximately 10,000 wind turbines in the Tehachapi valley area, one of
the highest concentrations of wind power generators in the US.
According a report issued by 3TIER, a leading global energy assessment
firm, the estimated power capacity factor at the location, a common
assessment tool for wind farm viability, is 40%. This rating is
considered Excellent by industry standards. Many existing US wind farms
have been financed and are being operated successfully at 28% to 30%
capacity factors; thus, the Green St. Energy Tehachapi site rating by
3TIER indicates a wind power capacity that is approximately 33% greater
than average standards for finance-able wind farms in the US market. The
40% power capacity rating is an annual average power capacity based on a
turbine-type that is typical for the property.
“We are excited to acquire the first property in such a highly desirable
area for wind to energy projects,” said Tony Cataldo, M-Wave’s Chairman
and CEO. “We plan on moving aggressively to obtain the necessary permits
to allow energy production on the farm. Due to the favorable legislative
environment, existing infrastructure including transmission lines and
strong interest from construction and development partners, we are
optimistic that we will be able to begin energy production quickly
relative to properties located in other areas of the country. We are
also actively focused on completing the acquisition of the balance of
the acreage from this owner.”
About Green St. Energy
Green St. Energy has assembled a strong management team and advisory
group with high level wind industry relationships with companies such as
GE Wind, Vestas International, and the American Wind Energy Association.
The company is poised to bring numerous high value assets into their
renewable energy project portfolio over the coming 8 to 12 months. The
firm can be contacted at: 123 Green Street, Suite 1000, Tehachapi,
California 93561. CEO Anthony Cataldo can be contacted at: (310)
556-9688.
Additional details on the transaction may be found in the Company’s 8-K
filing. Actual results and the timing of certain events discussed herein
could differ materially from those projected in or contemplated by
forward-looking statements due to a number of factors, including but not
limited to, the risk factors and other disclosures contained in M-Wave,
Inc.'s annual reports on Form 10-KSB for the period ended December 31,
2007, and the other disclosures contained in documents filed by the
Company with the Securities and Exchange Commission.
Contacts
CEOcast, Inc. for Green St. Energy Dan Schustack, 212-732-4300
