Prime Sun Power (PSPW.OB) Moves Toward Strategic Agreement with Seawind to Bolster Position in Renewable Energy Industry

QualityStocks would like to highlight Prime Sun Power, Inc. (OTCBB: PSPW), an emerging global player in the production of sustainable renewable energy.

In the company’s news yesterday,

Prime Sun Power announced it has rebranded into a new global brand called 3Power Energy Group (3POWER).

The company has also completed the final terms of a prospective merger with the Seawind Group, a European-based renewable energy company providing engineering and EPCI services to the renewable energy industry. For more than 10 years, Seawind has generated a solid track record as an independent project developer and has established a base of leading global customers.

Prime Sun’s prospective merger with Seawind is expected to boost 3POWER’s position as a leading, competitive player in the independent renewable power production; it also expands 3POWER’s market reach to include hydro and wind power production.

The prospective merger with Seawind is an important piece of 3POWER’s strategy to bolster its position as an emerging global leader in the field of independent renewable power production. The planned merger also expands 3POWER’s reach into Hydro and Wind power production in addition to photovoltaic (PV) solar energy.

“The combined teams of 3POWER and Seawind have extraordinary industry experience and expertise in project development, management, operations, and engineering know-how. The combination will create a unique and solid foundation for global expansion,” Tim Adams, operational managing director and cofounder of Seawind stated in the press release.

3POWER said it is currently in negotiation with selected financial investors to provide a long-term loan of $50 million and equity participation in the project’s pipeline. The merger is expected to close once the 2010 audited financial statements are completed. Once the merger is completed, 3POWER expects to exit from shell status and intends to seek a listing on NASDAQ.

James Wilson, who will serve as CEO of 3POWER, noted the benefits the merger will bring to both companies.

“The merging of 3POWER and Seawind will create a solid platform for both companies to continue their development in the field of renewable energy.Seawind’s depth of experience across diverse renewable energy technologies, its proven management expertise, and its current client and project base are valuable assets. Combined with 3POWER’s extensive pipeline of solar and hydro projects, they facilitate the creation of a world-class producer of renewable power,” Wilson stated.

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