First National Energy Corp (ID)【FNEC】株式ニュース

1/4ly filing

It's long but does bring us up to date on the business plan and yes it is a real company. At least the start of one. Hope to see some real news about Snaper and the merger with First National very soon IMO. Financing would also seem to be needed in my layman's opinion. Also would really like to find out who bought 90k shares.

Regards The Hotdog
Filing below.
------------------------
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15(f) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003

Commission file number 333-62588

Capstone International Corporation

6966 Coach Lamp Drive

Chilliwack, B.C.

Canada V2R 2X6

604-791-1979

IRS TAX ID # 66-0349372

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements:

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

FINANCIAL STATEMENTS

JUNE 30, 2003 AND JUNE 30, 2002

TABLE OF CONTENTS

Page Number

INDEPENDENT ACCOUNTANT'S REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . .
1

FINANCIAL STAEMENT

Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2

Statements of Operations and Deficit

Accumulated During the Development Stage . . .
3

Statement of Changes in Stockholders' Equity . . . .
4

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . .
5

Notes to the Financial Statements . . . . . . . . . . . . . .
6

David E. Coffey
6767 W. Tropicana Ave. Suite 216, Las Vegas, NV 89103

Certified Public Accountant

INDEPENDENT ACCOUNTANT'S REPORT

To the Board of Directors and Stockholders

of Capstone International Corporation

Surrey, BC. Canada

I have audited the accompanying balance sheets of Capstone International Corporation (a development stage company) as of June 30, 2003 and June 30, 2002 and the related statements of operations, cash flows, and changes in stockholders' equity for the periods then ended, as well as the cumulative period from November 16, 2002 (date of inception) to June 30, 2003. These statements are the responsibility of Capstone International Corporation's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by managmene4t, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Capstone International Corporation as of June 30, 2003 and June 30, 2002 and the results of operations, cash flows, and changes in stockholders' equity for the periods then ended, as well as the cumulative period from November 16, 2000, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not generated revenues from operations, which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

David E. Coffey, C.P.A.

Las Vegas, Nevada

August 19, 2003

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS

June 30, 2003
June 30, 2002

ASSETS

------------------

-----------------

Cash
$
0
$
0

------------------

-----------------

Total Assets
$
0
$
0

==========

==========

LIABILITIES & STOCKHOLDERS' EQUITY

Accounts payable
$
4,308
$
11,852

Loans from stockholders

33,808

Common stock sold subject to a rescission offer

0

6,354

------------------

-----------------

Total Liabilities

38,114

18,206

Stockholders' Equity

Common stock, authorized 100,000,000

shares at $.001 par value, 10,567,680 shares

and outstanding after giving effect to a 5 for 1

stock split effective April 25, 2003

10,568

2,050

Additional paid-in capital

16,386

18,550

Deficit accumulated during the

development stage

(65,068)

(38,806)

------------------

-----------------

Total Stockholders' Equity

(38,114)

(18,206)

Total Liabilities and Stockholders' Equity
$
0
$
0

==========

==========

The accompanying notes are an integral part of

These financial statements

-2-

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS AND DEFICIT

ACCUMULATED DURING THE DEVELOPMENT STAGE

(With Cumulative Figures From Inception)

Six months ending June 30

From Inception, Nov. 16, 2000 to June 30, 2003

2003

2002

------------------

---------------

-------------------

Income
$
0
$
0
$
0

Expenses

Organizational costs

0

0

968

Professional fees

13,492

13,366

61,224

Fees

0

0

519

Office expenses

33

351

797

Interest expense

574

167

1,560

------------------

---------------

-------------------

Total expenses

14,099

13,884

65,068

Net loss

(14,099)

(13,884)
$
(65,068)

============

Retained earnings, beginning of period

(50,969)

(24,922)

------------------

---------------

Deficit accumulated during the development stage
$
(65,068)

(38,806)

===========

=========

Earnings (loss) per share, assuming dilution, after giving effect to a 50 for 1 stock split effective April 25, 2003:

Net Loss
$
0.00
$
0.00
$
(0.01)

==========

=========

===========

Weighted average shares outstanding

10,567,680

10,250,000

8,408,193

===========

==========

============

The accompanying notes are an integral part of

These financial statements.

-3-

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

FROM NOVEMBER 16, 2000 (Date of Inception) TO JUNE 30, 2003

Common Stock

Additional Paid-in Capital

Deficit accumul- ated during the development stage

Total

Shares

Amount

-------------

----------

-------------

----------------------

-----------

Balance, November 16, 2000
--
$
--
$
--
$
--
$
--

Issuance of common stock for cash

November 20, 2000
100,000

100

900

0

1,000

Less net loss
0

0

0

(968)

(968)

-----------

----------

-----------

----------------------

-----------

Balance, December 31, 2000
100,000

100

900

(968)

32

Issuance of common stock for cash

May 9, 2001
400,000

400

3,600

0

4,000

May 14, 2001
700,000

700

6,300

0

7,000

June 14, 2001
850,000

850

7,650

0

8,500

Currency translation adjustment
0

0

100

0

100

Less net loss
0

0

0

(23,954)

(23,954)

-----------

----------

-----------

----------------------

-----------

Balance, December 31, 2001
2,050,000

2,050

18,550

(24,922)

(4,322)

July 15, 2002 Expiration of rescission offer for Nov. 14, 2001 sale of common stock
63,536

64

6,290

0

6,354

Less net loss
0

0

0

(26,047)

(26,047)

-----------

----------

-----------

----------------------

-----------

Balance, December 31, 2002
2,113,536
$
2,114
$
24,840
$
(50,969)
$
(24,015)

Stock split 5 for 1 effective

April 25, 2003
8,454,144

8,454

(8,454)

0

0

Less net loss
0

0

0

(14,099)

(14,099)

------------

----------

------------

--------------------

----------

Balance, June 30, 2003
10,567,680
$
10,568
$
16,386
$
(65,068)
$
(38,114

=======

=====

=======

============

======

The accompanying notes are an integral part of

these financial statements.

-4-

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS
(With Cumulative Figures From Inception)

Six months ending June 30,

From Inception, Nov. 16, 2000 to June 30, 2003

2003

2002

----------------------

-------------------

----------------------

CASH FLOWS PROVIDED BY OPERATING

ACTIVITIES

Net Loss
$
(14,099)
$
(13,884)(
$
(65,068)

Non-cash items included in net loss

0

0

0

Adjustments to reconcile net loss to

cash used by operating activity

Accounts payable

(19,707)

11,123

4,308

Loans from stockholders

33,806

0

33,806

----------------------

-------------------

----------------------

NET CASH PROVIDED BY OPERATING ACTIVITIES

0

(2,761)

(26,954)

CASH FLOWS FROM INVESTING ACTIVITIES

0

0

CASH FLOWS FROM FINANCING ACTIVITIES

Sale of common stock

0

0

2,114

Paid-in capital

0

0

24,840

Common stock sold subject to a rescission offer

0

0

0

----------------------

-------------------

----------------------

NET CASH PROVIDED BY FINANCING ACTIVITIES

0

0

26,954

NET INCREASE IN CASH

0

(2,761)
$
0

=============

CASH AT BEGINNING OF PERIOD

0

2,761

----------------------

-------------------

CASH AT END OF PERIOD
$
0
$
0

============

===========

The accompanying notes are an integral part of

These financial statements

-5-

CAPSTONE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

JUNE 30, 2003AND JUNE 30, 2002

NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company was incorporated on November 16, 2000 under the laws of the State of Delaware. The business purpose of the Company is to acquire funeral facilities and the selling of prepaid funeral programs.

The Company will adopt accounting policies and procedures based upon the nature of future transactions.

NOTE B EARINGS (LOSS) PER SHARE

Basic EPS is determined using net income divided by the weighted average shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Since the Company has no common shares that are potentially issuable, such as stock options, convertible securities, or warrants, basic and diluted EPS are the same.

NOTE C COMMON STOCK ISSUANCE

On November 20, 2000 the Company sold 100,000 shares of its common stock at $.01 per share for $1,000. On May 9, 2001 the Company sold 400,000 shares of its common stock at $.01 per share for $4,000. On May 14, 2001 the Company sold 700,000 shares of its common stock at $.01 per share for $7,000. On June 14, 2001 the Company sold 850,000 shares of its common stock at $.01 per share for $8,500. On November 14, 2001 the Company sold 63,536 shares of its common stock at $.10 per share for $6,354.

NOTE D STOCK SPLIT

On April 25 the Company split its common stock 5 for 1. The 2,113,536 pre-split shares increased to 10,567,680 shares at $.001 par value issued and outstanding.

NOTE E GOING CONCERN

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not generated any revenues from its planned principal operations June 30, 2003. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern.

-6-

Item 2: Management's Discussion and Analysis:

On April 22, 2003 the Company announced a 5-1 forward stock split effective for all shareholders of record on April 25, 2003. The trading symbol was also changed and the Company now trades under the new symbol CITC.

At a meeting held Monday, May 5, 2003, management announced it will expand the current Board of Directors from 2 to 5 members. The Board appointed Darryl Mills to the position of Chairman and added Kevin M. Murphy as a Director, effective May 7, 2003. Additional directors will be appointed as soon as they have been approved by the current Board.

Capstone International Corporation plans to review and explore opportunities in the power generation and utilities industry that have recently become available. The Company has opened discussions to acquire First National Power Corporation (FPOW) a private company located in Toronto Canada. The primary focus of First National Power is the international market for energy conservation and savings, both in remunerative and ecological resources.

Item 3. Effectiveness of the registrant's disclosure controls and procedures

Within the 90-day period prior to the filing of this report, the Company carried out an evaluation of the effectiveness of the Company's disclosure controls and procedures (as defined by Rule 13a-14(c) under the Securities Exchange Act of 1934) under the supervision and with the participation of the Company's chief executive officer and chief financial officer. Based on and as of the date of such evaluation, the aforementioned officers have concluded that the Company's disclosure controls and procedures were effective.

The Company also maintains a system of internal accounting controls that is designed to provide assurance that assets are safeguarded and that transactions are executed in accordance with management's authorization and properly recorded. This system is continually reviewed and is augmented by written policies and procedures, the careful selection and training of qualified personnel and an internal audit program to monitor its effectiveness. During the first quarter of fiscal year 2003, there were no significant changes to this system of internal controls or in other factors that could significantly affect those controls.

PART II - OTHER INFORMATION

Item 5: Other Information

Subsequent Events:

On July 27 the company announced further to its news release of May 6 th , 2003, that Capstone International Corporation has completed the primary Due-Diligence for the Company's first acquisition in the power generation and utilities industry. The Company has requested its Attorneys to prepare final documents for the Merger/Acquisition of First National Power Corporation (FPOW) a private company of Toronto Canada.

First National Power Corporation is a developer of renewable energy to meet the growing demand for clean, renewable sources of power. First National's focus is on wind power. Currently, First National Power is pursuing talks with the objective of developing a production site with upwards of 15 megawatts in Ontario as a test market

On August 4, 2003 Capstone International Corporation announced that in furtherance of its power generation and utilities industry business development plan, Capstone has signed a definitive agreement with Alvin Snaper, a leader in the International market for green powered energy conservation and reduced electricity costs. Mr. Snaper will Chair the CITC Advisory Board and lead the Capstones GREEN POWER ENERGY CONSERVATION program..

Capstone International Corporation has acquired exclusive Ownership and Patent rights subject to a Royalty Agreement with Mr. Alvin Snaper for the PROPLESS WIND POWER GENERATOR (PWPG), A WIND ENERGY TURBINE that does not utilize a propeller.

Prior to joining Capstone, Mr. Alvin Snaper has served as a Senior Consultant to other major corporations, including IBM, General Foods, NASA, Boeing, Gilette, Singer, Rocketdyne, General Motors, Lockheed Aircraft, Sanyo, Philips, Gulf Western, etc. Inventor of over 600+ patents, inventions and commercial products, including the IBM Selectric Type Ball, Tang, and the NASA Apollo Photo-Pack to name a few.

First National Power Corporation is a developer of renewable energy to meet the growing demand for clean, renewable sources of power. First National's focus is on wind power. Currently, First National Power is pursuing talks with the objective of developing a production site with upwards of 15 megawatts in Ontario as a test market. Such a site would make First National Power the largest producer of wind power in the province, thus taking First National Power on its way to becoming a leader in wind power generation in North America."

Item 6. Exhibits and Reports on Form 8-K

Exhibits:

Exhibit No.
Document
Location

3.1
Articles of Incorporation
Previously Filed

3.2
Bylaws
Previously Filed

99.1
Certification of the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Included

99.1
Certification of the Chief Executive Officer of the Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Included

Reports on Form 8-K

None

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CAPSTONE INTERNATIONAL CORPORATION

DATE: August 19, 2003

/s/ Darryl Mills

Darryl Mills

President and duly authorized officer

/s/ Rod Veremy

Rod Veremy

Chief Financial Officer

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Darryl Mills, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Capstone International Corporation for the quarter ended June 30, 2003;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report.

4. The registrant's other certifying offering officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: August 19, 2003

/s/ Darryl Mills

Darryl Mills

Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Annual Report of Capstone International Corporation, a Delaware corporation (the "Company"), on Form 10-QSB for the quarter ending June 30, 2003 as filed with the Securities and Exchange Commission (the "Report"), I, Darryl Mills, President of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Darryl Mills

Darryl Mills, President

Dated: August 19, 2003

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Darryl Mills, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Capstone International Corporation for the quarter ended June 30, 2003;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report.

4. The registrant's other certifying offering officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: August 19, 2003

/s/ Rod Veremy

Rod Veremy

Chief Financial Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Annual Report of Capstone International Corporation, a Delaware corporation (the "Company"), on Form 10-QSB for the quarter ending June 30, 2003 as filed with the Securities and Exchange Commission (the "Report"), I, Rod Veremy, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Rod Veremy

Rod Veremy, Chief Financial Officer

Dated: August 19, 2003

--------------------------------------------------------------------------------

David E. Coffey C.P.A.

6767 West Tropicana Suite 216

Las Vegas, NV 89103

Capstone International Corporation

Surrey, B.C. Canada

This letter will acknowledge my agreement to include to or refer to the financial statements which I have audited for the cumulative period ended June 30, 2003, in the filing of the 10-Q with the Securities and Exchange Commission.

Sincerely,

/s/ David E. Coffey

August 19, 2003

--------------------------------------------------------------------------------
End of Filing

© 2003 / EDGAR

In My Opinion Only it was in May that the company began looking for other means to create income. How it all happened I don't know but they have come up with "agreements in principle" (that's my terminology) with Alvin Snaper a world famous inventor for the rights to a propless wind turbine, and an agreement for a merger with First National Power a wind energy utility co. that will help develope Mr. Snaper's ideas. Below are the two pr's in chronological order. First National then Alvin Snaper.
---------------------------------
Jul. 09, 2003 Print This / Email This

Capstone International Corporation Announce First National Power Merger/Acquisition Agreement

SARDIS, BC, Jul. 09 /PRNewswire/ -- SARDIS, BC, July 9 /PRNewswire-FirstCall/ -- Capstone International Corporation (OTC/BB: CILC-CITC) ("Capstone") today announced that in furtherance of its business development plan, as first announced in its news release of May 6th, 2003, Capstone has completed the primary due diligence for the Company's first acquisition in the power generation and utilities industry. Capstone has requested its attorneys prepare final documents for the Merger/Acquisition of First National Power Corporation (FPOW), a private company based in Toronto, Canada. The spokesperson for First National Power, stated, "...this is an exciting time for us and we believe the FPOW business model combined with our marketing skills will allow us to acquire and penetrate newly defined regulated and deregulated markets. FPOW is not limited in its international plan and will save the consumer significantly on their home energy bills. At First National Power, the primary focus is the international market for green powered energy conservation and reduced electricity costs. This strategy will relieve the pressure which is currently experienced by utilities in keeping up with electricity supply and demand, and have a major impact on reducing harmful gas emissions, a widespread concern today".
About First National Power Corporation
First National Power Corporation is a developer of renewable energy to meet the growing demand for clean, renewable sources of power. First National's focus is on wind power, the most rapidly growing source of electricity generation in the world. The team of experienced professionals at First National brings together a full range of project development, technical, financial and marketing skills to design, construct and operate wind power facilities. Combining this with First National's aggressive marketing plans and its relationships with private investors will allow the new Company, upon completion of the Merger, to accelerate the design and construction process and reduce the need to acquire data in order to satisfy typical funding or granting protocols. Mr. Frank Cavicchia, spokesperson for First National Power stated, "...First National is poised to become the largest producer of clean electricity, using wind power...that is our goal and we are focused on achieving it. Currently, First National Power is pursuing talks with the objective of developing a production site with upwards of 15 megawatts in Ontario as a test market. Such a site would make First National Power the largest producer of wind power in the province, thus taking First National Power on its way to becoming a leader in wind power generation in North America."
About Capstone International Corp. (OTC/BB: CILC-CITC)
The primary focus of Capstone International Corporation is to increase the share value for its Shareholders. With this goal in mind, the Management of CITC has been pursuing businesses with high growth investment opportunities that will reflect this increase. The acquisition of First National Power is the first step in our focus to become a major player in the utilities market in the United States and Canada, and to join the lucrative and expanding market in wind power generation, which already includes well known and successful companies such as General Electric (GE), which recently bought Enron Wind; British Petroleum (BP), which has changed their name to 'Beyond Petroleum'; and Sunoco, which now has a division for renewable energy called 'SunCor'. Terms of the agreement will be announced upon completion of the Merger/Acquisition. Kevin M. Murphy, Director of Capstone stated, "...the information available on the internet on our new target industry at such sites as http://www.awea.org/pubs/documents/GlobalWEMarketReport2003.pdf will give our shareholders, friends and future investors a fair background as we develop our new Website."
Corporate Contact: Kevin M. Murphy 1-253-549-4336 -weekdays 11:00 AM to 7:00 PM Pacific Standard Time SAFE HARBOUR STATEMENT
"Except for the historical statements contained herein, this news release presents forward-looking statements that involve risks and uncertainties. Although the management and officers of Capstone International Corporation believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the technology industry, currency fluctuations, and other risks detailed from time to time in the company's periodic reports filed with the Untied States Securities and Exchange Commission."
Capstone International Corporation CONTACT: Kevin M. Murphy, 1-253-549-4336 - weekdays 11:00 AM to 7:00 PM
Pacific Standard Time
-------------------------------------------
Now about Alvin Snaper
-------------------------------------------
Capstone International Corporation Announces Alvin Snaper Joins Capstone International Corporation and Propless Wind Power Technology Acquisition
8/6/2003 1:26:00 PM
SARDIS, BC, Aug 6, 2003 /PRNewswire-FirstCall via COMTEX/ -- Capstone International Corporation (OTC/BB: CILC-CITC) ("Capstone") today announced that in furtherance of its power generation and utilities industry business development plan, Capstone has signed a definitive agreement with Alvin Snaper, one of the World's premier inventors, and a leader in the International market for green energy power conservation and reduced electricity costs. Mr. Snaper will Chair the CITC Advisory Board and lead the Capstones GREEN ENERGY POWER GENERATION program.
About the Technology
Capstone International Corporation (OTC/BB: CILC-CITC) has acquired exclusive Ownership and Patent rights subject to a Royalty Agreement with Mr. Alvin Snaper for the PROPLESS WIND POWER GENERATOR (PWPG), A WIND ENERGY TURBINE that does not utilize a propeller. The technology is based on a scientific principle, not previously utilized in the wind energy area. Kevin M. Murphy, Director of CITC, stated "...this ground-breaking technology will allow Capstone to access multi-billion dollar markets for Hi-rise commercial and residential buildings currently inaccessible to the prop-turbine wind generation units. We will be able to turn apartments buildings, hotels, office towers, or any buildings that meet our criteria, into self-sustaining energy units with the capability to sell the surplus power to the commercial power grids. First National Power is already in discussions with eager domestic owners of these specific types of structures and has international inquiries requesting information about licensing the Capstone PWPG units for use in their countries. The prospects for Capstone and its shareholders through our association with an inventor of the caliber of Mr. Snaper are exceptional. The CITC acquisition of PWPG fits with our previously announced First National Power acquisition and CITC's corporate goal which we have titled GREEN ENERGY POWER GENERATION."
About Alvin Snaper
Prior to joining Capstone, Mr. Alvin Snaper has served as a Senior Consultant to other major corporations and organizations, including IBM, General Foods, NASA, Boeing, Gillette, Singer, U.S. Air Force, Rocketdyne, General Motors, Lockheed Aircraft, Sanyo, Philips, Gulf Western, Union Carbide, etc. He has been awarded more than 600 patents, many for significant industrial products and processes. Some of his inventions and commercial products include the IBM Selectric Type Ball, Tang, the NASA Apollo Photo- Pack, Coating Process for Gillette Razor Blades, and the Electrostatic Painting Process & System for Auto Components Assemblies for General Motors, to name a few. Mr. Alvin Snaper holds the single honor and individual distinction of being recognized three times with 'Best Patent of the Year' award by Design News magazine, and is the author of numerous technical and scientific papers.
Alvin Snaper is or has been a member the following professional societies and organizations: Who's Who of American Inventors 1990-1991; VIP Electronic Improvement Program; American Ordnance Association. He is a former consultant in ultrasonics to the Library of Congress, Armed Forces Communications and Electronics Association, International Scientific Society and The Society of Photographic Instrumental Engineers.
About First National Power Corporation
First National Power Corporation is a developer of renewable energy to meet the growing demand for clean, renewable sources of power. First National's focus is on wind power, the most rapidly growing source of electricity generation in the world. The team of experienced professionals at First National brings together a full range of project development, technical, financial and marketing skills to design, construct and operate wind power facilities. First National is currently pursuing talks for major contracts in Canada and abroad, and is poised to become the largest producer of clean electricity, using wind power.
About Capstone International Corp. (OTC/BB: CILC-CITC)
The acquisition of First National Power will be the first step in our goal to become a major player in the utilities market in the United States and Canada, and to join the lucrative and expanding market in wind power generation. With the addition of Alvin Snaper as Chairperson of Capstone's Technology Advisory Board and the acquisition of the PROPLESS WIND POWER GENERATOR (PWPG), A future WIND ENERGY TURBINE, CITC will be taking another major stride toward accomplishing this goal. Information is available on the internet on the CITC target industry at such sites as http://www.awea.org/pubs/documents/GlobalWEMarketReport2003.pdf and will give our shareholders, friends and future investors a fair background as we develop our new Website. The primary focus of Capstone is to increase the share value for its Shareholders. With this goal in mind, the Management of CITC has been pursuing businesses with high growth investment opportunities that will reflect this increase.
SAFE HARBOUR STATEMENT
"Except for the historical statements contained herein, this news release presents forward-looking statements that involve risks and uncertainties. Although the management and officers of Capstone International Corporation believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the technology industry, currency fluctuations, and other risks detailed from time to time in the company's periodic reports filed with the Untied States Securities and Exchange Commission."
SOURCE Capstone International Corporation
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