Letter to Shareholders – June 2009
June 10, 2009
Syntaris Power Corp. makes Strategic Investment in Evergreen Power Corp
Dear Shareholders:
After thorough research of the U.S. market, Syntaris determined that it needed a strategic partnership with a U.S. entity to optimally pursue opportunities in the rapidly growing renewable energy sector in the United States.
Numerous legislative and regulatory mandates by the Obama administration have made the “Green Energy” sector in the United States extremely attractive for power producers and developers. For example, mandatory Renewable Portfolio Standards require certain states to require a certain percentage of a utility’s power plant capacity or generation to come from renewable sources by a given date. This will cause certain utilities in the United Sates to bring on a significant amount of renewable energy projects in order to meet the mandated Renewable Portfolio Standards, which will dramatically increase the demand for renewable energy.
California, has not only signed a mandatory 20% Renewable Portfolio Standard by 2010, but has raised the bar and signed an additional executive order (S-14-08), that mandates a Renewable Portfolio Standard of 33% by 2020. This is further proof of the commitment towards renewable/alternative energy in the United States.
Other incentives include investment tax credits, production tax credits, cash grants and reduced rate financing for renewable energy power production. These mandates highlight the significant difference in dynamic between the US and Canadian green energy markets.
From the onset, we promised that the original shareholders of Syntaris would get the first opportunity to participate in the start up phase of the Evergreen Private Offering. We are pleased to announce the first Offering Memorandum for Evergreen Power Corp is now ready for distribution.
The Offering Memorandum/Private Placement for Evergreen invites current and prospective Syntaris shareholders to participate in a one-time 1,000,000 unit (unit = 1 share and ½ share warrant option) offering at $0.25(USD) to a maximum dollar value of $250,000(USD). Through this strategic partnership, Evergreen and Syntaris plan to develop the Soule River Project, a proposed hydroelectric generation facility on the Soule River that will generate approximately 75 MW of expected energy. The Soule River Project is located 25 km south of Stewart, British Columbia on the Alaska side of the Portland Canal.
In addition, Syntaris and Evergreen are currently in negotiations on several other hydro projects in various jurisdictions throughout the U.S. with plans to build multiple projects in the future. Should you be interested in this investment opportunity, we invite you to contact our Investor Relations team for more information.
I wish to thank you, the shareholder, for your continuing support and look forward to providing you with another update, (hopefully) this summer with positive news on our Syntaris projects from the BC Hydro Clean Call for Power.
Sincerely,
Robert Fraser
President and CEO
Forward Looking Information: The information contained in this letter to shareholders may contain forward looking statements. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
