NaiKun Wind Energy Group Inc. has released its financial results for the year ended September 30, 2009, a period of major milestones in the development of Canada's first offshore wind energy project, in British Columbia's Hecate Strait.

NaiKun Wind's activities and accomplishments during the year include the following: • The formal submission of the project proposal, on November 24, 2008, into BC Hydro's Clean Power Call. The 396MW project will harness the power of the strong winds in Hecate Strait using up to 110 turbines installed several kilometres off the eastern shore of Haida Gwaii (formerly the Queen Charlotte Islands). The project will produce enough clean, renewable power to meet the electricity needs of 130,000 B.C. homes, and will also help the province meet its goals for the reduction of greenhouse gas emissions and electricity self-sufficiency. In addition to creating a wide variety of local jobs, the project will support economic development on Haida Gwaii and eliminate the islands' reliance on diesel generators for electricity. • The signing of a limited partnership agreement, on January 29, 2009, between NaiKun Wind subsidiary NaiKun Wind Operating Inc. and the Council of the Haida Nation to create an equal partnership which will operate and maintain the project after construction. The comprehensive limited partnership agreement provides for extensive benefits to the Haida Nation, including a revenue stream from the partnership, environmental stewardship, and employment and economic development opportunities. The agreement formalizes the relationship between the Haida Nation and NaiKun Wind which has been ongoing since 2002, and builds on an earlier agreement signed by the two parties in May 2007. • The acceptance, on May 20, by the British Columbia Environmental Assessment Office of NaiKun Wind's application for an Environmental Assessment Certificate, which led to the granting of a provincial Environmental Assessment Certificate on December 10, 2009. The issuance of the Certificate marks the culmination of over six years of extensive environmental studies, analysis and community consultation. The federal government's decision on the environmental assessment application is expected in early 2010. The Haida Nation has also undertaken an environmental assessment of the project. The NaiKun Wind project is one of only a handful of projects in the Clean Power Call to have been granted a provincial Environmental Assessment Certificate. • The signing of a Memorandum of Understanding (MOU), on August 13, with the Haida Enterprise Corporation (HaiCo), acting on behalf of the Haida Nation. The MOU provides HaiCo with the opportunity to acquire up to 40 per cent of the wind energy project. The acquisition is consistent with the original objective of bringing in a strategic equity partner that can contribute to the success of the project. The Haida Nation is currently evaluating the opportunity and seeking the support of the federal government for the proposed ownership position.

As at September 30, 2009, NaiKun Wind had $14.29 million in cash and cash equivalents, compared to $27.94 million at the end of September 2008.

During the year ended September 30, 2009, NaiKun Wind incurred a net loss of $11.77 million ($0.30 net loss per share), compared to a net loss of $12.80 million ($0.35 net loss per share) for the year ended September 30, 2008.

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