Report – November 17, 2010

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We are pleased to advise that Black and Veatch has now delivered the IDA update report commissioned by the Carbon Trust. The report is, in effect, an independent technical due diligence summarising in detail the full series of wave tank trials and includes the results of fatigue testing the 1/25 scale unit that took place at Strathclyde University, Kelvin Hydrodynamics facility during the late summer this year.

Checkmate Seaenergy are delighted with the results that have confirmed commercial viability and offer an excitingly competitive cost of energy.

The appointment of the companies CFA, (Corporate Financial Advisor) is well advanced with detailed discussions taking place with the short listed firms and the company hope to be in a position to make a further announcement confirming the appointment shortly.