Merger and $50M Credit Facility for 3Power Energy (OTC:PSPW)

Oxford, MS 5/16/2011 (PennyPayDay) -- 3Power Energy Group Inc. (OTC:PSPW) today announced, in a press release, the closing of the acquisitions of Seawind Energy Ltd. and Seawind Services Ltd. (the “Seawind Companies”).

First disclosed on January 26 2011, the merger will create a combined company with the historical revenues, management expertise and project pipeline to place 3Power at the forefront of sustainable renewable energy development. The Company has filed a Form 8-K (the “Super 8-K”) with the U.S. Securities & Exchange Commission setting forth comprehensive disclosures and audited financial statements regarding the acquisition of the Seawind Companies and 3Power has ceased to be a shell company. As a result of the acquisitions, 3Power has also appointed the following new officers and directors of the Company:

The Company has appointed Mr. Dimitris Kazantzis as Chief Engineering Officer and director. Mr. Kazantzis has served as the co-founder, chief executive officer and engineering director of Hellenic Technologies Ltd., a company organized in Greece since 1988. He has over 25 years’ experience in complete engineering and implementation development cycles (from the design stage to production/commissioning) for products and systems projects in Europe, South East Asia and the Gulf States. Prior to such activities, he worked in engineering aspects of the food industry and defence sectors in various engineering capacities.

The Company has appointed Mr. Riccardo Valentini as a member of the Company’s Board and as Vice President of Project Development. Mr. Valentini is a partner in CR&P Holding S.p.A., an Italian investment group which has provided a $50 million credit facility to the Company. From August 2008 through the present Mr. Valentini has served as a managing partner of CRP Merchant Corporation in the areas of investment banking, mergers and acquisitions. Mr. Valentini has primarily worked on development of energy assets with particular focus on energy production and storage in Dominican Republic, Italy, Mexico, Peru and Panama.

The Company has appointed Mr. Antonio Conte as a member of the Company’s Board. From 2007 to the present, Mr. Conte has been affiliated with CR&P Holding S.p.A. and its predecessors, an Italian investment group which has provided a $50 million credit facility to the Company. CR&P Holding S.p.A. is a diversified investment company based in Rome, Italy, with portfolio holdings in real estate and renewable energy with recent asset valuations in excess of 323 million Euros.

3POWER is emerging as a world-wide independent major player in producing electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based upon these technologies.

For further information, please visit: www.3powerenergy.com.

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