April 9th, 2008
News Release
April 9th, 2008, Pal Beach Gardens, FL (Via Comtex Business Wire)
Nevtah Capital Management (Symbol: NTAH-OTC) today announced that as part of the Company’s long term goal of becoming a multi-faceted, low-cost energy provider, it has successfully negotiated the acquisition of Electrocondor S.A.C., a private Peruvian power company.
Recently, Electrocondor negotiated a series of long-term power supply contracts to provide power to several mineral exploration companies operating in Peru. These companies require stable supplies of power as they ramp up their mineral activities. Mining-friendly Peru has become one of the major centers of increased mining exploration and production in the world during the current surge in commodity demand and prices. It is now the world’s largest producer of silver and the world’s third largest producer of copper.
In order to meet the demand of its supply contracts, Electrocondor S.A.C. now has an agreement in place to construct a $ 36,000,000 USD, 17 megawatt ‘run-of-river’ hydroelectric facility in Peru, while finalizing several other power proposals ranging from 10 megawatts to over 100 megawatts. The final terms of these contracts will be announced on their completion.
Nevtah’s acquisition of Electrocondor S.A.C. includes the retention of all personnel, as well as Senor Jorge Lau, the Managing Director of the Company. To complete the acquisition costs of $ 22,500,000 USD, Nevtah will issue 25,000,000 treasury shares. Working capital will be provided to initiate environmental baseline studies. Nevtah’s varied energy portfolio now includes Electrocondor S.A.C. and its several proposed ‘run-of-river’ hydroelectric projects in Peru, and an ongoing joint venture with Black Sands Energy and its environmentally-friendly, closed-loop oil sands extraction technology. Nevtah and Black Sands are ready to tap the U.S. oil sands as they become Utah’s first commercial oil sands producers.
For more information, please contact Paul Davey, Investor Services at (778) 389-0915, email at: paul@nevtahoilsands.com or Mr. Daniel Kesonen, Chairman & CEO, Nevtah Capital Management Corp. at (561) 626-9901.
Nevtah Capital Management adheres to the provisions, regulations and specifications of the Safe Harbor Act.
For more information, please contact:
Paul Davey
Investor Services
(778) 389-0915
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
