13 June 2012listing compliance notice▼ BadMajor
Wind Works Power Corp. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2011material agreement● NeutralMajor
Wind Works financed its Thunder Spirit project (North Dakota) with a $1.93 million convertible-debenture bridge loan plus an $18.7 million credit line for grid interconnection -- convertible into up to 49% of the project -- and separately formed a joint venture with Aquavent to build a shared substation for its two Burg wind parks in Germany.
25 July 2011material agreement● Neutral
Wind Works added two more German wind projects: a 50/50 cost-and-revenue-sharing deal on a 15MW site near Magdeburg, and a joint venture through its German ZEP subsidiary for a 6MW project near Frankfurt, paid for in staged installments totaling about EUR450,000.
22 July 2011material agreement● Neutral
An outside investor extended a bridge loan, part of a planned $15.3 million funding commitment, to develop Wind Works' 50%-owned Snowy Ridge Ontario project under its Feed-in-Tariff award; Wind Works guaranteed the loan and pledged its equity stake as security.
11 July 2011material agreement▲ GoodMajor
Wind Works secured about $10 million in non-recourse project financing for its Burg 1 wind farm in Germany and sold half its interest in the project for a $1.2 million down payment plus a royalty -- its most concrete step yet from paper pipeline to a financed, built asset.
16 May 2011material agreement termination▼ BadMajor
The March 2011 sale of five Ontario wind projects to Premier Renewable Energy collapsed: Wind Works terminated the deal for cause after Premier failed to pay agreed development costs, and had to refund Premier's $950,000 deposit -- reversing the divestiture and the cash it was counting on.
18 Apr 2011material agreement● NeutralMajor
Wind Works' subsidiary ZEP bought a 75% stake in Thunder Spirit, a proposed 150MW North Dakota wind project, from Global Wind Harvest -- another company tied to CEO Ingo Stuckmann -- for a nominal $1,000 plus reimbursement of grid-interconnection deposits.
3 Mar 2011asset acquisition disposition▲ GoodMajor
Wind Works agreed to sell five of its Ontario wind projects (50MW combined, all holding Feed-in-Tariff power contracts) to Premier Renewable Energy for roughly $107,625 plus expense reimbursement and an ongoing royalty -- its first move to cash out part of the ZEP portfolio rather than build it out itself.
22 Sept 2010joint venture update● NeutralMajor
Wind Works formed a 50/50 joint venture with EFI Energy Farming International to develop a 20MW wind project in Wassertruedingen, Germany, with its equity stake earned in stages as land, permitting and interconnection milestones are hit rather than granted upfront.
9 Aug 2010material agreement termination▲ Good
Wind Works terminated a March 2010 agreement that would have let it put up to $10 million of stock to Kodiak Capital Group at a discount to market price, replacing it with a smaller investor-relations retainer paid in shares -- unwinding a dilutive financing arrangement before it was used.
17 June 2010material agreement▲ GoodMajor
Wind Works agreed to buy 100% of the Wind Park Burg 1 project in Germany from Aquavent GmbH for about EUR900,000 -- a fully permitted site with a 20-year power purchase agreement already in place, its first project with an actual offtake contract.
2 Feb 2010asset acquisition disposition● NeutralMajor
Wind Works closed its buyout of Zero Emission People LLC, taking on 11 pre-revenue Ontario/US wind projects -- most still at the permitting or Feed-in-Tariff application stage -- several of which ZEP had itself acquired from Sunbeam LLC and Global Wind Harvest LLC, other companies CEO Ingo Stuckmann had also run.
30 Oct 2009material agreement● NeutralMajor
Six weeks after forming a joint venture with it, Wind Works agreed to buy all of Zero Emission People LLC outright for 31 million shares issued through 2012 -- a related-party deal, since Wind Works' own CEO Ingo Stuckmann and director Thomas Tschiesche co-founded ZEP.
28 Sept 2009joint venture update▲ GoodMajor
Wind Works formed a 50/50 joint venture with Zero Emission People LLC (ZEP), which contributed two 10MW Ontario wind projects, and separately took an option to buy up to 100% of a 400MW pipeline of ZEP wind projects across Canada, the US and Europe -- paid for entirely in stock.
31 Aug 2009capital raising announcement● Neutral
Wind Works issued 8.56 million unregistered shares at $0.10 each, split between a private placement, debt conversion and payment for services -- a sign it was funding operations with equity rather than cash.
20 Feb 2007auditor change● Neutral
Wind Works (then trading as a Nevada gold-mining shell, AmMex Gold Mining Corp) dismissed its auditor and engaged HLB Cinnamon Jang Willoughby, a firm that also audited another company its president ran -- no disagreements were reported.