Power Clouds Inc. Completes Spinout Of Its Technology Subsidiary WRMT - Will Now Focus Exclusively On Renewable Energy Activities
MIAMI, Oct. 6, 2015 /PRNewswire/ -- Power Clouds Inc. (www.powerclouds.com) (Other OTC: PWCL) announces today that it has completed the spinout of its technology business, Wor(l)d Media and Technology Corp. (OTC: WRMT). On September 30, 2015, the Securities and Exchange Commission declared WRMT's Registration Statement effective, and FINRA has approved the distribution of the WRMT share dividend.
PWCL's management will soon mail instructions to the eligible shareholders of PWCL on how to obtain their WRMT dividend shares. PWCL Shareholders who were shareholders of record on October 1, 2015, the record date, shall receive their pro-rata amount of shares of WRMT stock, out of a total of 13,812,850 shares. Shareholders of PWCL receive one (1) share of WRMT common stock for every six (6) PWCL shares of common stock that they held on October 1, 2015. PWCL maintains a 4.5% ownership position in WRMT following the spinout.
WRMT operates in the rapidly growing global wearable technology market and is also building a worldwide wireless IP network using proprietary technology and services including Mobile Virtual Network Operator ("MVNO") wireless services in certain geographies. According to recent research by leading industry analysts, the global wearable electronic device market is forecasted to grow from $3.7 billion in 2013 to $8.3 billion by 2018. For more information on WRMT's business see http://www.worldmediatech.com.
Power Clouds Inc. will now focus exclusively on its core business of developing, acquiring and operating Utility Scale Solar plants around the world. The Company currently has 6MW of output operational in Romania with an additional 2MW under construction in Japan. It is also developing additional plants in other countries. According to a June 2015 report by trade body Solar Power Europe, a record amount of solar power was added to the world's grids in 2014, pushing total cumulative capacity to 100 times the level it was in 2000. Approximately 40GW of solar power was installed last year. This has caused many renewable energy associations to claim that a tipping point has been reached that will now allow rapid acceleration of the technology. The same report state that for the first time ever in Europe, renewables produced more power than nuclear – and solar power was key in achieving this remarkable achievement.
Roberto Forlani, President and Chief Executive Officer of PWCL, said, "We are very pleased to have completed the spinout of WRMT, which gives our loyal shareholders the opportunity to share in both companies going forward, each with their own exciting futures. Power Clouds will now focus exclusively on renewable energy, our core competence. This also provides a clear message to the markets and our business partners and will allow us to be compared more easily to other renewable operators. We have a number of exciting developments underway and we look forward to sharing these with shareholders as they progress as we build a truly international green energy provider."
About Power Clouds Inc.
Power Clouds develops, acquires and operates Utility Scale Solar energy projects worldwide. It engages in planning, building or acquiring and managing photovoltaic plants over the long term. It identifies optimal locations for plants based on the best combination of solar intensity and commercial supports. With operational plants in Romania and activities in Japan and other worldwide locations, the Company has a core team of experts and project managers operating at international level, who have specific expertise in photovoltaics, the green economy and with a proven ability to deliver the highest technical and producing plants. For further information about how the Power Clouds model works, see www.PowerClouds.com
This press release contains forward-looking statements. Words such as "expects," "intends,'' "believes,'' and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Power Clouds Inc.
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