Joe,
I'm sure the movement in the price is the result of the announcement of the financing necessary to complete the Project in Utah. This is key to additional projects and survival. progress on Pinnacle's project in Tasmania also helps. This evenings release summarizing this progress is attached.
Larry
News Release
For Immediate Release
King Island Project Update and
Appointment of Managing Director
Vancouver, B.C. (June 23, 2003) - VRB Power Systems Inc. (VRB Power) announces that it's 69% owned
subsidiary, Pinnacle VRB Limited, announced the following:
Pinnacle VRB Limited ("Pinnacle") is pleased to provide the following update on progress in the
project to install a VRB Energy Storage System ("VRB/ESS") on King Island for Hydro Tasmania
("HEC").
Since the last announcement made to ASX on 20 May 2003 further progress has occurred as follows:-
* The third of five milestones in the HEC contract has been completed;
* The VRB/ESS cell stacks have now been delivered to King Island and inspected;
* The electrolyte solution has been received in Melbourne;
* The control system design has been completed by Pinnacle and issued to HEC for
manufacture; and
* Installation is to begin on site on King Island later this month.
In addition, Pinnacle is pleased to advise that Mr. Don Nicholson has accepted an invitation by
the board of Pinnacle to resume the position of Managing Director of the Company and has been so
appointed pursuant to Clause 73.1 of Pinnacle's constitution with immediate effect.
Based in Vancouver, B.C., VRB Power is an alternative electrochemical energy storage company that
has commercialized the patented Vanadium Redox Battery Energy Storage System. (VRB/ESS). The
VRB/ESS is a technology that effectively stores and delivers electricity on demand, improves power
reliability, power quality and reduces costs associated with applications for load leveling, peak
shaving, and the supply of essential Uninterruptible Power Systems. Characterized by low
ecological impact, the VRB technology uses conducting plastic electrodes and contains no heavy
metals. The VRB/ESS has mobile design capabilities, allowing the unit to be relocated as may be
needed in the future. VRB Power is listed on the TSX Venture Exchange ("VRB"), the OTC Pink
Sheets ("VRBPF") and on the Frankfurt Exchange ("VNK").
Vince Sorace,
President, VRB Power Systems Inc.
For further information please contact:
Global Link Capital Corp. at 604-531-9962
VRB Power Systems Inc. at 604-697-8820.
Or visit the company's web site at: www.vrbpower.com |
