NEW YORK (Jan. 15, 2010) -- Former Okla. Gov. David Walters met with President Bill Clinton Wednesday afternoon at The Clinton Foundation offices in New York to discuss the Haitian emergency relief efforts.  

Walters was joined by Secretary of Agriculture Tom Vilsack, Rep. Anthony Weiner (D-NY), Department of Commerce representatives, former FEMA director James Lee Whitt, business executives, government officials and relief organization representatives.

"Offers of assistance and suggestions for streamlining aid supplies were made," said Walters, president of Walters Power International. WPI has experience in providing power to that part of the world, having delivered a pair of power barges to the Dominican Republic in 1998.

Walters suggested providing better “focal points” for those with equipment, supplies and services in the housing, water, food, clothing, electricity, sanitation and security sectors. Walters said providing common focal points would assist government agencies and those wishing to establish company-to-company contacts to provide support.

"There are a lot of people who want to help the people of Haiti in the wake of this tragic natural disaster," Walters said. "Anytime you have assistance coming from a lot of different directions, focus is essential. Establishing clear contact points ensure that this help gets where it needs to be in the most efficient manner possible."  

The meeting was held at The Clinton Foundation offices in Harlem.  The meeting had been scheduled prior to the devastating earthquake that hit Haiti this week as part of President Clinton's work as a U.N. envoy for Haiti. The original agenda had been to work on the long-term improvements for Haiti, but the meeting was quickly converted to a relief support session.

About Walters Power International

Walters Power International is a global provider of local power. WPI and its affiliated companies combine the expertise of independent power professionals with unparalleled international experience, extensive international networks and the financial resources to develop power projects and associated technologies around the world.

Company sees bright future for renewable energy plants in England

OKLAHOMA CITY (Aug. 21, 2009) - Walters Power International is entering the UK energy market.

Walters Power UK, an affiliate of Oklahoma City-based Walters Power International, is completing the final arrangements to initiate a 10MW power plant in the UK that will enter the "standing reserve" capacity being encouraged by the country's progressive energy policy.

Walters Power President David Walters announced today that funding of the project is complete and contracts are being issued. Tim Emrich, vice president of business development for Walters Power is on the ground making the final arrangements, including site location, for the commencement of work. WPI Project Analyst Elizabeth Walters, a recent OU engineering graduate, is assisting Emerich with the UK project.

This will be the first of an expected series of small power plants in England to be developed by Walters Power UK. As the UK transitions from high-carbon generation plants (primarily coal), Walters Power UK plans to develop a number of power plants to address anticipated peak power shortages.

"Walters Power is exploring putting in renewable energy plants in the future, since one can get paid more than $200/MWH for such generation in the UK. In comparison, California gets $100/MWH, while Oklahoma renewable gets paid $30/MWH. So the UK is a prime market for us for renewable energy plants," said Walters.

Walters said doing work in the UK is a "nice fit" that dovetails with work the company is doing in other parts of the world.

"We've traded in UK-based equipment for years and own a significant inventory based in the UK, so we're able to respond quickly to local energy needs," he said. "I'm in London frequently due to our work in Pakistan as we use a number of services in the UK to support this work and it's a midway point for meetings with our local partners from Pakistan, so doing some work in the UK is a nice fit for us all around."

PPR Guddu plant follows Nauredo plant into production

OKLAHOMA CITY (July 20, 2009) – Walters Power International announced today that funding is complete on Pakistan Power Resources’ $65 million, 110MW electrical plant in Guddu, Pakistan.

Pakistan Power Resources is an Oklahoma-based company with majority ownership in Pakistan. Partners in Pakistan Power Resources include Pakistan-based Associated Group and Oklahoma City-based Walters Power International.

Walters Power International David Walters said his company has issued a notice to proceed on the plant. The announcement comes roughly a month after funding was approved for an electrical plant in Nauredo, Pakistan.

“Pakistan is a rapidly developing nation where energy demand lags dramatically behind supply. It’s not enough to simply build power plants in these situations. The plants must be funded and online quickly,” said Walters. “In developing nations, this can be the difference between people having jobs or people going hungry. Peace or civil unrest. Thanks to a combination of expertise in this space and an inventory to ready-to-roll equipment, Walters Power International brings a sense of immediacy to the production of electrical power plants around the world.”

Tulsa-based ProEnergy Services EPC is on the ground in Pakistan and organizing local subcontracting on the Nauredo site.

In April, Iqbal Z. Ahmed, founding chairman of Associated Group visited the Oklahoma State Capitol to announce nearly $100 million in contracts to Oklahoma-based businesses for the engineering, procurement, and construction of a pair of power plants in Pakistan.

In addition to these plants WPI and PPR have developed a 136MW power project in Bhikhi and is developing a 205MW rental power project in Korangi, Pakistan, a 192MW project in Multan and has recently participated in the purchase of the stock for a new independent power project near Karachi that will produce 133 MW.

Team from Tulsa-based ProEnergy Services EPC on ground in Pakistan

OKLAHOMA CITY (June 30, 2009) – Walters Power International officials announced today that a pair of Rolls Royce RB211 turbines are en route to Pakistan where they will generate power for a 51MW natural gas-fired power plant in Naudero within six months.

David Walters, president of Walters Power International, said the funding for the project is completed and contracts were finalized during a recent meeting in London. Walters said his company has issued a notice to proceed on the plant.

“A team from Tulsa-based ProEnergy Services EPC has been mobilized and is on the ground in Pakistan, organizing the local subcontracting necessary to build the plant,” Walters said.

In April, Iqbal Z. Ahmed, founding chairman of one of Pakistan’s largest energy businesses, Associated Group, and a partner with WPI in Pakistan Power Resources, visited the Oklahoma State Capitol to announce nearly $100 million in contracts to Oklahoma-based businesses for the engineering, procurement, and construction of two power plants in Pakistan. Ahmed stopped in Oklahoma on his way to New York City and Washington, D.C., where he attended a number of business and diplomatic meetings.

Pakistan Power Resources is an Oklahoma-based energy company with majority ownership in Pakistan.

The Naudero project is the subject of a June 13 story on Forbes.com. Reporter Megha Bahree describes the chaos caused by Pakistan’s power shortages and how quick rental power addresses both power needs and social unrest. In the story, Ahmed “credits the idea of temp power to Associated's U.S. business partner, David Walters, a former governor of Oklahoma.” The story details how then President Pervez Musharraf had come to Associated Group for help in generating power.

According to the Forbes.com article, “Walters was in Pakistan within 72 hours of Musharraf's request to Ahmed. The partners set up Pakistan Power Resources, incorporated in Oklahoma and 65% owned by Ahmed's group.”

The other project currently under development is located in Guddu, this project is expected to cost approximately $65 million and will produce 110MW of power.

In addition to these plants WPI and PPR has already developed a 136MW power project in Bhikhi and is also developing a 205MW rental power project in Korangi, Pakistan, a 192MW project in Multan and has recently participated in the purchase of the stock for a new independent power project near Karachi that will produce 133 MW.

Oklahoma power companies to develop, build two power plants in Pakistan

OKLAHOMA CITY (April 21, 2009) – Iqbal Z. Ahmed, founding chairman of one of Pakistan’s largest energy businesses, Associated Group, and a partner in Pakistan Power Resources, was at the Oklahoma State Capitol today to announce nearly $100 million in contracts to Oklahoma-based businesses for the engineering, procurement, and construction of two power plants in Pakistan.

Ahmed announced that Tulsa-based ProEnergy EPC Services would be awarded the engineering, procurement, and construction of two power plants in Pakistan. Engineering on the project will be subcontracted to EDG Engineers in Tulsa. In addition, a number of the components for these power plants will be manufactured in Tulsa.

“ProEnergy Services is a leader in the power industry and we are looking forward to our partnership with this company and several other Oklahoma-based companies in the development of these much-needed power plants in Pakistan,” said Ahmed, who was named one of Pakistan’s top entrepreneurs in 2006 by Newsweek magazine. “These plants must go online quickly, providing electricity to areas of my country that are currently dramatically underserved. I have been impressed with the get it done attitude of these Oklahoma companies and their ability to provide the high-quality expertise the project requires in the timeframe it needs.”

Okla. Lt. Gov. Jari Askins welcomed Ahmed to Oklahoma and thanked him for the business partnership between Oklahoma and Pakistan businesses, as well as for his efforts to increase peace and stability in Pakistan and the Middle East.

In addition to developing power plants to bring electricity to areas of Pakistan that have been underserved or without, Ahmed was instrumental in brokering a truce between then-President Pervez Musharaff and former Pakistan Prime Minister Benazir Bhutto. Ahmed is a vocal supporter of President Barack Obama’s proposal to shift the priority for U.S. aid to a greater emphasis on economic and social programs while providing needed support to the Pakistan military.

“I support President Obama’s proposal and believe that America’s more direct support for better health care, education and more jobs by funding the construction of hospitals, schools, and roads and bridges - will send a message to Pakistan’s current and next generation and their political leaders that Pakistan and America are partners in the long-term,” he said. “We have to give the political leaders in Pakistan the support they need in order to make the hard choices that will stabilize our democracy.”

Ahmed stopped in Oklahoma on his way to New York City and Washington, D.C., where he will attend a number of business and diplomatic meetings.

Pakistan Power Resources is an Oklahoma-based energy company with majority ownership in Pakistan. Former Oklahoma Governor and current Walters Power International President David Walters is the other PPR partner.

“Mr. Ahmed understands that providing power in a developing market creates economic benefits that increase political stability. Sometimes in business you do well by doing good. Power creates jobs. Putting people to work means there is food on the table at night for many and the dinnertime conversation turns to how an American company worked with a Pakistan company to make it possible. That will, in the long term, alter perceptions,” said Walters.

Two power plants are the subject of the awarded contracts. Both plants consist of natural gas turbines. One project is located in Guddu and will produce 110MW of power. The other is a 50 MW power plant located in Naudero. Work has begun on both projects.

In addition to these plants WPI and PPR is also developing a 205MW rental power project in Korangi, Pakistan, a 192MW project in Multan and has recently participated in the purchase of the stock for a new independent power project near Karachi that will produce 133 MW.

Pakistan President Asif Ali Zardari attended the recent groundbreaking for the Naudero power plant, along with Jeff Canon of ProEnergy Services. Walters was unable to attend the ground breaking due to a prior commitment.

Walters said the deal was completed in a relatively short timeframe, thanks to WPI's ready-to-roll inventory of power plant equipment.

“Because WPI has one of the largest speculative inventories in this market, we’ve become the go-to company when someone needs power immediately. We just happened to have a complete power plant, purchased a year earlier in Wyoming, in our inventory. The plant, to be powered by a pair of RB211 Rolls Royce turbines, works perfectly to meet this request. The Government of Pakistan wanted a plant quickly and no one was poised to provide it faster. This plant will be operational in five months,” Walters said.

OKLAHOMA CITY (Feb. 24, 2009) -- Walters Power International announced today the sale of two NG Solar Saturn T-20 gas turbines that will be used to provide power to a large resort/condominium development under construction in Montego Bay, Jamaica.

WPI Project Manager Deena Smith said the turbines would be part of a combined-cycle power plant for the Palmyra Resort & Spa (www.thepalmyra.com) development. The $1.8-billion, 4/5-star resort is located on approximately 65 acres, which includes nearly one kilometer of beachfront property. The Palmyra Resort & Spa was named 'One of the Top 10 Most Exciting Home Developments in the World' by prestigious Travel + Leisure Magazine (March 2007) and was a 5-star award winner at the 2007 CNBC International Property Awards.

The T-20 units produce approximately 1000kW each. WPI purchased/refurbished the units, originating in Europe, overhauled and packaged in Louisiana, and sold them, along with two Deutz RS1350 units, to Sanctuary Systems Limited in Jamaica.

"The power plant will provide secure power for the entire resort," Smith said. "Walters Power International has earned a reputation around the world for delivering high-quality power equipment and plants with a quick turnaround, which is what this development required, and we delivered on that reputation."

WPI President David Walters traveled to Louisiana in early December to see the completely disassembled units and knew a deadline of less than 30 days, over the holidays, would be a challenge. "He bet me $100 that we could not make the deadline", WPI Project Manager Deena Smith said. "We met the deadline, delivering the units to Sanctuary Systems the first week of January and I made $100!" Smith said.

Walters Power International Adds Business Development, Accounting Staff

WPI adds Jana Sanders as Director of Accounting; Tim Emrich returns as director of business development

OKLAHOMA CITY (Jan. 22, 2009) -- Oklahoma City-based Walters Power International, a global leader in supplying, developing, servicing and managing electrical generation power plants, announced today the hiring of Tim Emrich as Director of Business Development and Jana Sanders as Director of Accounting.

"Tim is returning to WPI, where he was involved in more than $50 million in transactions from 2002 to 2006, and we're happy to welcome him back," said WPI President David Walters. "Tim will help us increase our visibility in the energy and financial markets and enhance our ability to operate effectively in today's economy."

"Jana comes to us from Chesapeake Energy and brings a great deal of energy-related financial experience to Walters Power International," he said.

Emrich most recently worked as business development manager for United Van Lines in Ft. Collins, Colo. He has been active in state and national politics. He ran for the Oklahoma State Senate in 2006 and served as director of strategic planning for Sen. Joe Biden's 2008 presidential campaign.

From 1998 to 2001, Emrich was deputy director of scheduling for the White House, where he was responsible for executing all public trips and appearances for President Bill Clinton. Emrich was then hired by the Harry Walker Agency in New York, one of the world's top speakers' bureau, as speaker and client relations manager. Here, he managed all speaking engagements for former President Clinton.

Emrich is a graduate of the University of Oklahoma

Since November 2007, Sanders served as corporate accounting coordinator for Chesapeake Energy, where she coordinated the company's accounting staff and was responsible for hedge accounting for natural gas and oil and other accounting-related management, audits and analysis. She was the finance accounting manager for Advanced Financial Solutions from 2005-07. Prior to that, Sanders was the accounting manager for Loves Travel Stops and Country Stores from 1977 to 2005.

She is a graduate of the University of Central Oklahoma.

Oklahoma City-based power company estimates contract value at $150 million

OKLAHOMA CITY (Oct. 28, 2008) – Walters Power International announced today that its bid to develop a 230MW rental power project in the Korangi area of Karachi, Pakistan, has been accepted by the Government of Pakistan Ministry of Power and Water.

The Korangi plant will be the fourth power plant developed in Pakistan with the involvement of Oklahoma City-based Walters Power International. In addition to Korangi, WPI has developed the Bhikhi Power Plant (136MW), which is currently operating, and is developing power plants in Guddu (110MW) and Multan (192MW).

According to South Asian Investor Review, KESC, Karachi's power supply utility, is dealing with a shortfall of around 700MW against a total demand of 2200MW. Pakistan's current installed capacity is around 19,845 MW, of which around 20% is hydroelectric. Much of the rest is thermal, fueled primarily by gas and oil.

When all four WPI plants are online, the independent energy company will provide roughly three percent of the country’s total power.

WPI officials estimate that the Karachi deal is worth $150 million.

As a result of planned, daily rolling blackouts throughout Pakistan, the economy, major exports and overall employment are also down and the daily wage earners are suffering. South Asia Investors Review says as 40% of Pakistani households have yet to receive electricity and only 18% of the households have access to pipeline gas, the energy sector is expected to play a critical role in economic and social development.

“Walters Power International has lived up to its name, having done deals in more than 20 countries. The Karachi project is the fourth and largest project we’ve been involved with in Pakistan,” said WPI President David Walters. “As economies develop in other countries around the world, there is an exponentially increasing need for power to keep up with the demand. Because we have one of the largest speculative inventories in this market, we’ve become the go-to company when someone needs power immediately."

OKLAHOMA CITY (Jan. 11, 2006) -- Walters Power Investors LLC of Oklahoma City recently completed a sale from its inventory of the “Pye Bridge” 10 MW natural gas power plant to Bulgaria-based Toplofikatziya Bourgas Ltd, one of Bulgaria’s largest energy companies.

The equipment was originally manufactured by Finland-based Wartsila, in its factory in Sweden. The equipment, comprised of three 3.3MW 16V25SG Wartsila gensets, was purchased in the United Kingdom in April of this year by Walters Power from UK-based Warwick Energy Limited and was recently sold by Walters Power to Toplofikatziya Bourgas in October.

“This plant is destined for the countryside of Bulgaria where, once installed, it will help heat the homes of Bulgarians and power a small part of that country’s dreams for growth,” said David Walters, President of Walters Power International, an affiliate company of Walters Power Investors, and former governor of Oklahoma.

Details of the sale were not disclosed, but the plant was advertised on the Walters Power website at $1,750,000.

“This engine is no longer manufactured, but was among the best ever produced by Wartsila. In six months-time we acquired, marketed, and resold the plant, which is no small feat in an industry where projects are planned years before equipment is ever purchased,” Walters said. “Our team worked hard, and made several trips to the United Kingdom and Bulgaria to get it done.”

Walters Power Investors is wholly-owned by Drawbridge Special Opportunities Fund, a subsidiary of Fortress Investments, a $15 billion investment and asset management firm based in New York. Financing for the international sale to Toplofikatziya Bourgas was provided by BancFirst of Oklahoma City and Wachovia Bank of North Carolina. Walters Power International, LLC is headed by Walters and has been a leader in the power generation equipment business for a decade. Their inventory consists of diesel and natural gas-fueled power generation plants ranging in size from 1MW to 150MW and their clients are located across the world. Recent locations of sales and purchases include the US, Canada, Dominican Republic, Bulgaria, United Kingdom, Argentina, among others. For more information on Walters Power, visit http://www.walterspower.com.

OKLAHOMA CITY (Oct. 5, 2005) -- The call to former Oklahoma Governor and current President of Walters Power International David Walters came at 3 a.m. on Sept. 26 during a business trip to London.

On the other end was a Houston-based company that was charged by Houston Mayor Bill White with securing emergency power generation units to support the Houston water system – the Coastal Water Authority. The Authority’s power supply had been knocked out by Hurricane Rita and had only five days of reserve water as of Sept. 24.

By Sept. 28, Walters’s company had answered the call with the necessary equipment. Six 40-foot truck-sized units capable of delivering nearly 10 megawatts of power were leased and operating at the Authority’s power station in Dayton, Texas that evening – less than 72 hours after the phone call to Walters.

"We did not have enough units in inventory, but remarkably we were able to purchase additional units to fulfill the requirements of this emergency need," said Tim Emrich, Director of Marketing for Walters Power International. "We negotiated a lease with the Authority’s representing company, got attorneys signed-off, negotiated and signed a purchase agreement for the additional units with financing from BancFirst in Oklahoma City, and worked to insure the units were operational before they got to Dayton, as they had not seen service in a few years."

"It was a business deal, but helping the City of Houston supply water to half a million residents and several key industrial facilities – including several refineries – in the wake of yet another hurricane felt good." Walters said, "We went from tracking Hurricane Rita on an hourly basis due to our exposed storage of $7 million of equipment on the ground in Houston, to then being besieged with requests for the use of our remaining twenty-three 1.5 MW units. We were happy to help with the recovery efforts."

OKLAHOMA CITY (July 18, 2005) -- Walters Power recently completed a sale of a 2.8 MW Wartsila engine generator set to Northwest Territories Power Corporation of Canada.

The equipment was originally manufactured by Finland-based Wartsila, in its factory in Mulhouse, France. The equipment was purchased in California by Walters Power from Houston-based Stewart and Stevenson Services, Inc., and later sold by Walters Power to the Canadian utility for a power plant installation in the province of Northwest Territories.

“We are proud to help the Northwest Territories Power Corporation’s efforts to provide power to nearly thirty communities in the most remote areas of Canada,” said David Walters, President of Walters Power International and former governor of Oklahoma.

Details of the sale were not disclosed, but the unit was advertised on the Walters Power website at $600,000.

“This engine is no longer manufactured and we were pleased to buy two out of six of the last new engines of this model in the world,” Walters said.

Walters Power International partnered with RT Oliver Investments, also of Oklahoma City, on this purchase and sale. Financing for the purchase was provided by BancFirst of Oklahoma City.

“There are 300 of these engines operating worldwide and we hope to soon sell our last engine. Walters Power International operates an international trading operation in electrical generation equipment based in Oklahoma City,” said Walters.

OKLAHOMA CITY (June 15, 2005) -- The summer heat and impending power shortage for the Punta Cana resort area in the Dominican Republic has resulted in a sale of mobile power equipment by an Oklahoma City firm to a local utility in Santo Domingo. Walters Power International recently concluded the sale of four power generation modules, or power modules, each the size of a semi-trailer, to Consorcio Energetico Punta Cana-Macao, S.A. (CEPM), a Dominican Republic utility.

“I am delighted that we were able to respond so quickly to this immediate need using our Houston inventory of power generation equipment. A great deal of business would have been lost if 26,000 hotel rooms and 4,000 other customers that are served by the CEPM went dark,” said David Walters, President of Walters Power and former Oklahoma governor.

Walters Power acquired twenty-two new power modules in March of this year, and each unit contains a single German-built Deutz 620 model engine, generating between 1.2MW and 2MW, and fueled by natural gas or diesel.

Although the price of the sale was not disclosed, each sold power module is marketed on the Walters corporate website for $260,000.

The last units shipped out yesterday, within a week of the closing of the transaction.

Oklahoma City-based Walters Power International operates an international trading operation in electrical generation equipment.

OKLAHOMA CITY (April 28, 2005) -- Walters Power International has completed the sale of a power station to a New York shopping center, the Oklahoma City company announced Tuesday.

Walters acquired the 13- megawatt station in January for an undisclosed amount from Houston-based Stewart and Stevenson Services Inc. and completed the multi-million dollar resale to San Diego-based DG Energy LLC on April 18.

The station will be used to power the Kings Plaza Shopping Center in Brooklyn.

Former Oklahoma Gov. David Walters is president of Walters Power. The company conducts an international trading business for medium- to large-scale surplus power generation equipment.

OKLAHOMA CITY (March 29, 2004) -- Former Okla. Gov. David Walters traveled to Pakistan to participate in the ground breaking of the construction of the longest LPG/NGL extraction plant in Pakistan on March 16.

Expected to produce 450 tons of LPG per day, the Jomshoro Plant is being developed and will be operated by the Hanover Company of Houston, Texas.

Walters Power is an equity partner in the plant along with the Associated Group of Lahore, Pakistan, a longtime business associate of Walters Power.

Walters spoke at the widely publicized ceremony, along with the Prime Minister of Pakistan, the Minister of Oil and Gas, an executive of Hanover, and the Associated Group.

Walters congratulated Pakistan officials on their foreign investment programs noting the significant jobs and improvement in quality of life that would result from this plant, which will represent over $30 million in investments. The next phase is expected to be the development of a significant power plant utilizing the stripped gas from the extraction plant.

Walters said, “I appreciate the opportunity to do business in Pakistan. Their economy continuous to develop and become more sophisticated creating many opportunities for U.S. firms particularly energy related firms.”

OKLAHOMA CITY (Jan. 29, 1999) -- Walters Power International, an independent power production company based in Oklahoma City, announces the first ever use of “video streaming” technology over the Internet for its sales presentation of power generation equipment. The company recently purchased two 57 MW.combined cycle power plants and needed an efficient means of showing these plants to prospective buyers and discussing the terms of sale. This Internet medium allows for full motion audio and video.

This video will be available for viewing beginning at noon, Central Standard Time, on February 2, by logging onto Walters Power Web site at www.walterspi.com or the broadcast.com Business Channel at www.broadcast.com. The video will remain on these web sites for several weeks.

“Our Company and our industry is becoming increasingly dependent on computer technology, particularly the Internet. The international nature of our work makes e-mail the dominant communication vehicle. We now have the ability to expand our communication capacity through this Internet video,” said Walters Power President David Walters.

Walters Power recently negotiated a Power Purchase Agreement in the Dominican Republic. One 30 MW power barge has been commissioned and another 50 MW power barge is currently under construction to satisfy this project. Additional projects currently under negotiation by the Company are located in India, Ecuador, South America and Africa.

“This is a very interesting project in which we will disassemble an entire power plant in Australia, reassemble it on barges and then transport the equipment to the other side of the world to be put to good use again in generating electrical power,” said WPI President David Walters.

“Although this was a complex transaction, I found the most challenging aspect was the time difference,” Walters said, noting that purchase negotiations typically occurred in the middle of the night.

The sellers, Western Power, located halfway around the world in Perth, Australia, arrived at work at 7 p.m. Oklahoma time and went home at 4 a.m. Oklahoma time, Walters said. “We had several conference calls that were just getting started at midnight.”

The discovery and increasing use of natural gas for electrical generation in western Australia, Walters said, have eliminated the need for some good condition power plants that burn heavy oil for power generation.

“We are fortunate to have acquired this power plant, containing some of the best equipment on the market, as a number of large companies were pursuing the same power plant for purchase,” Walters said.

WPI’s staff in Oklahoma City located the equipment, arranged the agents, organized the engineering due diligence and negotiated the sale terms, Walters said. Most of the equipment will be used to co-develop PowerBarge II with Odyssea Marine Inc. of Houston.

PowerBarge II, a 50-megawatt power generation project, has been contracted by the Dominican Republic and delivery is expected in approximately six months. PowerBarge I, a 30-megawatt power plant, was recently delivered to the Dominican Republic and is operating commercially.

OKLAHOMA CITY (May 4, 1998) -- Less than two months after the signing of a contract for the installation of a 60 Megawatt power plant in the Dominican Republic, former Okla. Gov. David Walters, President of Walters Power International, joined the President of the Dominican Republic in celebrating the connection of the first 30 Megawatt phase of this power plant.

In a Sunday morning ceremony before hundreds of cheering Dominican citizens and dozens of Dominican media representatives, officials thanked Walters for his help in addressing a severe electrical deficit problem that has plagued this Caribbean island nation. Walters told the audience that the delivery of the PowerBarge I project and its interconnection with the national grid had certainly set a record for speed of delivery of such a large power plant.

The inauguration ceremony was set on a beautiful harbor where the PowerBarge I will be temporarily moored pending the construction of a permanent dock facility.

“When I visited the site on Saturday there must have been 300 workers stringing electrical lines, driving pilings, installing substations and preparing the PowerBarge for operation. I would have never guessed that it would be ready by Sunday morning, but it was.” Walters said. “President Leonel Fernadez Rena was pleased and interested in the delivery of a second 30 Megawatt power barge that we have contracted to supply. He then let me know that he knew Oklahoma as the birth place of Mickey Mantle.”

Walters Power International announced on March 23, 1998, the signing of a $50 million three-year contract to provide electricity to the Dominican Republic. Walters Power International is based in Oklahoma City and affiliated with companies in New York and Houston. Walters has been active in 20 countries in the last three years.