Seakinetics in Talks With Retech Project Finance; Looks to AppointJack Dhaliwal as Executive Vice-President and Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - July 02, 2009) - Seakinetics Corp
(PINKSHEETS: SKTS)(FRANKFURT: M90) (www.seakineticscorp.com) , a
systems manager and developer of innovative renewable energy
projects, reported today that it is in the final stages of talks with
the principals of RETECH PROJECT FINANCE, the company's joint venture
partner to acquire control over major RETECH projects in the Wind and
Wave energy segments of the renewable energy industry. It is
anticipated that a transaction will be completed between the parties
within 2-4 weeks. Terms of the transaction have not been disclosed.
 
At the same time, the Company reports that Jack Dhaliwal, who is
currently the acting Chief Technology Officer for the Company, has
accepted an appointment to the position of Executive Vice-President
and Chief Operating Officer, pending closing of a transaction with
RETECH. Mr. Dhaliwal will retain his responsibilities for guiding the
Company in its day to day activities in the technological development
of both large scale wind and wave energy projects. In addition, Mr.
Dhaliwal will be charged with the task of introducing new
opportunities in the renewable energy sector to Seakinetics going
forward.
 
Seakinetics was established for the purpose of designing, developing,
marketing and investing in innovative technologies and services in
the renewable energy field. Seakinetics' mission is to be an industry
leader in finding solutions for renewable energy today and tomorrow.
 
Seakinetics Corporation is listed on the Open Market Segment of the
Frankfurt Borse. A public offering of Seakinetics shares was not made
in connection with their inclusion on the Open Market Frankfurt.
 
Seakinetics Corporation is also listed in the United States, (Symbol:
SKTS).
 
Forward-Looking Statements
 
This press release contains "FORWARD-LOOKING STATEMENTS" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements in this release are forward-looking statements based on
current expectations and assumptions that are subject to known and
unknown risks, uncertainties, or other factors which may cause actual
results, performance, or achievements of the company to be materially
different from any future results, performance, or achievements
expressed or implied by such forward looking statements. Actual
results could differ materially because of factors such as the effect
of general economic and market conditions, entry into markets with
vigorous competition, market acceptance of new products and services,
continued acceptance of existing products and services, technological
shifts, and delays in product development and related product release
schedules, any of which may cause revenues and income to fall short
of anticipated levels. All information in this release is as of the
date of this release. The company undertakes no duty to update any
forward-looking statement to conform the statement to the actual
results or changes in the company's expectations.
 
Contacts:
Seakinetics Corporation
info@seakineticscorp.com
www.seakineticscorp.com
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.