PHOENIX, Dec. 15 /PRNewswire/ - Pacific Blue Energy Corp. (OTCBB - OTCQB: PBEC), a publicly traded developer of renewable energy projects, today announced this progress update detailing developments at the Company's planned solar farm in Gila Bend, Maricopa County, Arizona.
On December 10, 2010, Pacific Blue received vendor approval to restructure the Gila Bend land acquisition and extend the closing date to March 10, 2011. The amended agreement allows for PBEC to acquire a larger initial land position of 115 acres, an increase of 15% over the previously proposed transaction. To facilitate this expansion and extension, PBEC advanced an additional $50,000 to the vendor. To date, PBEC has advanced about $129,000 of the overall $850,000 purchase price.
"The larger land position and extended closing date will provide us improved project development options and greater financial flexibility as we move this and other opportunities forward in the coming months," said Joel Franklin, CEO of Pacific Blue. "We remain firmly committed to our business strategy to build and manage large scale renewable energy projects. Acquiring a land base in Gila Bend and maintaining a strong balance sheet are both key elements of that strategy."
Gila Bend is located only thirty miles West of downtown Phoenix, Arizona. Town leaders in Gila Bend are committed to making the region into the solar capital of the world. The PBEC Gila Bend project is ideally situated in close proximity to three other solar projects under construction within a quarter mile of an electrical substation on land previously zoned for solar energy development by the local municipal authority.
In response to questions regarding the actions of the Alberta Securities Commission, Mr. Franklin stated, "We maintain the assertion that PBEC has been unfairly included in the interim cease trade order and believe that we will be fully exonerated in this matter. However, despite our best efforts and full co-operation with the ASC, it has become evident that contesting the order further would not be productive and would continue to consume valuable financial and human resources that would be better focused on building shareholder value."
The interim cease trade order, which will be reviewed by the ASC in March 2011, prevents the trading of the PBEC shares in the Province of Alberta, Canada. The interim cease trade order does not prevent trading of PBEC shares in any other jurisdiction. Trading of PBEC shares is not affected on the OTCBB or OTCQB markets in the United States.
Further information regarding the progress of Gila Bend and other Pacific Blue renewable energy projects will be released as it becomes available. Shareholders and other interested parties are urged to contact PBEC at email@example.com to receive press release alerts direct from the Company.
About Pacific Blue Energy Corp.
Pacific Blue Energy Corp. (PBEC) is a publicly traded solar energy company that seeks to build and manage large renewable energy projects. PBEC's goal is to maximize shareholder value through select property acquisition, timely renewable energy facility construction and informed management of those projects. Headquartered in Arizona, one of the prime solar energy markets in the United States, PBEC is positioned to take advantage of technological advances that will drive the coming surge in the U.S. solar generated electricity market.
More information is available at www.PacificBlueEnergyCorp.com
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SOURCE Pacific Blue Energy