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Reservoir Agrees to Acquire Hydro Projects in Turkey
Vancouver, British Columbia (TSX Venture: REO) - Reservoir Capital Corp. ("Reservoir" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("the Agreement") with Ahmet Caliskan and Burcin Tunca ("the Current Shareholders") to acquire a 75% interest in a 30.4 megawatt ("MW") portfolio of six small hydroelectric projects in western and north-western Turkey. Construction of the plants is scheduled to begin in the summer, with the first coming on-line in early 2011 and the remainder in stages before the end of 2012. Electricity production is projected to be approximately 100 gigawatt hours ("GWh") per annum.
Under the terms of the Agreement, Reservoir will acquire a 25% interest in the portfolio by providing equity contributions of US$1.5 million payable by the end of March 2010, US$2.5 million payable by the end of May 2010 and US$2 million payable by the end of January 2011. The projects will be debt financed through Turkish banks, with the Current Shareholders of the portfolio providing the remaining equity funding. Reservoir will acquire an additional 50% interest in the portfolio (for a total of 75%) US$17 million, to be paid in stages as the projects are completed and fully operational.
Miles Thompson, Chairman of Reservoir, commented: "this acquisition is attractively priced at around US$1.1 million per megawatt and provides the Company with near-term operating assets and cash-flow over the next couple of years while we complete construction of our Brodarevo projects in Serbia. This also represents a relatively low-risk acquisition, as the bulk of the acquisition costs are only made as the projects are completed".
The project portfolio includes an application for a seventh license (approximately 6MW) that will be included in this transaction if granted; and the Company expects to work with the Current Shareholders to acquire additional pipeline projects in the coming months.
Reservoir has been advised in this transaction by EPIC Financial Consulting Gesellschaft mbH (Austria), with Balcioglu & Selcuk (Turkey) appointed to complete legal due diligence and the local offices of Tractebel Engineering (Belgium) and Coyne et Bellier (France) engaged for the technical due-diligence.
About Reservoir
Reservoir is a renewable energy company, engaged in the development of a 55MW hydroelectric project at Brodarevo in southwest Serbia. The Company has applied for a 32MW license at Vrutci, holds four geothermal exploration licenses and is studying various other hydroelectric and geothermal opportunities in the region. Reservoir also holds a substantial portfolio of precious and base metal exploration projects, which it is looking to divest. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (Symbol "ROC").
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NEW PARTNERSHIP
EPIC is pleased to announce the new partnership with Crescent Capital (www.crescent.com.tr). The Turkish investment house is specialized in investment banking and corporate finance services in energy and infrastructure. It is based in Istanbul and has its focus on Turkey, South Eastern Europe, Caucasus, Central Asia and the Middle East.
EPIC and Crescent Capital shall join forces to provide advisory services to Turkish clients seeking to invest in Western Europe, CEE, MENA or clients seeking to invest in Turkey and surrounding regions. "I am delighted about this partnership because this boosts our complementary strength in this region", says Bobo Ristic, managing partner of EPIC Financial Consulting.
Crescent Capital is an independent start-up with a very dynamic team with longstanding international experience. Founder and managing partner Aygen Yayikoğlu has 14 years of energy and infrastructure finance experience. Prior to establishing Crescent, he spent nine years at EBRD's headquarters in London and six years in the target region, first heading EBRD's country offices in the Balkans and the Caucasus, then helping to establish IFC's regional infrastructure team based in Istanbul. "We are very pleased to link up with the excellent EPIC network. The complementary nature of our industry and geographic focus will result in successful joint mandates and further growth in the region", is Aygen Yayikoğlu convinced. |
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VALAMAR LACROMA RESORT IS OPEN
The Four-Star hotel Valamar Lacroma Resort opened its doors in June as the largest conference and spa hotel in Dubrovnik, Croatia. Valamar Hotels & Resorts, the leading Croatian hospitality management company, owned by EPIC, invested 35 million Euros in this project designed by the renown Austrian architect Boris Podrecca.
Dubrovnik's newest treasure is an astounding model of 'archinature' - a harmony of 21st century styling in a gorgeous natural environment. Situated amidst the lush greenery of the Babin kuk peninsula - near the old town of Dubrovnik -, the ultra-modern resort sets the standard for Croatian hospitality. Spectacular sea views and stylish interiors are just the foundation of what is truly an awe-inspiring resort. Comfortable rooms (885) and luxurious suites (16) are modernly equipped to a high four star level and provide beautiful vistas of the Elafiti Islands and Mediterranean woodlands.
Modern congress facilities include the large multi-functional Elafiti Conference Hall for up to 1000 persons, dividable into 4 separate break-out sections, additional 7 fully - equipped meeting rooms; the dedicated team of experts in the state of the art business center ensure smooth running of any event, whether corporate or celebratory.
For relaxation the range of facilities is immense: the wellness center Ragusa extends on almost 1000 square meters providing different saunas, relax room and invigorating treatments based on Mediterranean products; there are also indoor and outdoor swimming pools, a fitness center and - nearby - a white pebble beach.
Supreme gastronomic experience is offered in a variety of bars and restaurants like the Langusto Fine Dining restaurant or the show-cooking Lacroma buffet restaurant. There is the Nocturno Wine and Cocktail Bar with hand-picked wines and an array of cocktails, the Palma Lounge or the Osula Lobby Bar at the heart of the hotel.
www.valamar.com |
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EPIC EXPANDS TO CHINA
EPIC welcomes ARC China, one of the most dynamic boutique investment and merchant banking firms in China, into the EPIC network. According to Peter Goldscheider the deal signals EPIC's intention to continue to provide localized, customer-focused services to its clients but within a broader geographic framework. "Clients in our core markets increasingly ask for investment opportunities in China: this cooperation gives us a platform to provide a truly unique service offering that creates value to our clients." In addition, the partnership will, leveraging its past successes, support Chinese sovereign funds, state owned and private companies to enter markets in Europe and the Middle East.
Growth is likewise a fundamental driver. ARC China (www.arcchina.cn) operates in one of the fastest growing markets and one of the most well positioned to profit from the reorientation of investors seeking growth in the current economic climate. "We strongly believe in the continued robust growth and investment opportunity in China and therefore felt it was necessary to allocate additional resources to increase our local presence", said Adam M Roseman, CEO and founder of ARC China Holdings Limited, a Hongkong Corporation. ARC China has offices in Shanghai, Beijing, Chengdu and Changsha. |
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EPIC INVESTS IN OUT THERE MEDIA (OTM)
EPIC firmly believes in the fast-developing mobile-advertising market. Therefore it was a logic step to invest in "Out There Media" (OTM).
Out there Media is an international leader in Mobile Advertising, headquartered in Vienna and with offices in Düsseldorf, Singapore, Moscow, Kiev, Athens and Sofia. OTM has partnership agreements with 18 network operators, reaching approximately 215 million subscribers - 70% of which are exclusive - via its mobile advertising marketplace, Mobucks™. Mobucks™ is a cross-operator, cross-advertiser marketplace that matches demand and supply for advertising over mobile telephones.
Focus of OTM is more than 3 billion mobile users in the world - with a forecast-growth of 100% over the next 5 years. The global mobile advertising spending is estimated to reach US$ 14 billion in 2011.
Managed by Kerstin Trikalitis, Daphne Loukas and Alexandra Deutsch - each having a successful career in the mobile industry, OTM reaches more than 100 million subscribers directly via its operator partners.
For more information visit: www.out-there-media.com |
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EPIC CLOSED 2 DEALS IN THE CZECH REPUBLIC
EPIC is pleased to announce the closing of the sale of the internet portal company ATLAS. CZ, a.s. (ATLAS) as well as the sale of the cable television company Kabelová televize Karviná, a.s. (KTK). In both transactions EPIC acted as advisor and principal investor.
ATLAS, the third largest internet portal in the Czech Republic and the second largest in Slovakia, was sold to Centrum. CZ Holdings B.V., which was recently acquired by Warburg Pincus (WP). EPIC sold its 53% stake (held together with other financial investors) and a 47% stake of managements and minority shareholders. As a result WP acquired 100% of the shares of ATLAS. In the fiscal year 2007 ATLAS employed a staff of 150 and increased its consolidated revenue more than 30% to EUR 9 million. The transaction was closed and signed on February 22, 2008.
Two weeks before, on February 8, 2008, EPIC sold its 72% stake in KTK together with a 28% stake of management and minority shareholders to UPC Czech Republic, a subsidiary of the Liberty Media Group. KTK was established by EPIC in 2004 as a greenfield project. In 2007 it provided cable TV, internet and phone services to more than 20.000 customers.
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