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Wednesday, April 23, 2008

Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - 'Diamondview Estates' - Project Update

Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - 'Diamondview Estates' - Project Update

'Essential Innovations provides Geoexchange heating and cooling systems for the upcoming Diamondview Estates 'Parade of Homes - Street of Dreams''

BELLINGHAM, Wash., April 22, 2008 - Essential Innovations Technology Corp. (OTCBB: ESIV - FRANKFURT: E6S) is extremely pleased to announce that the Diamondview Estates residential project site in Westbank, B.C. is well underway with a number of the lots at the site already having been sold and the installation of geothermal loop-fields and Geoexchange equipment installation having been completed in the first three (3) of the luxury show homes at site. The first phase of this project consists of 70 single-family residential sites with custom-built homes expected to range between 3,500 - 6,000 square feet on average, although some homes may also be significantly larger (or smaller). A proposed second phase consisting of another 201 condominium units and 9 townhomes has been submitted for regulatory approval, and for which Essential Innovations has a "Right of First Refusal" should the developer choose to market with the same Geothermal Option as with Phase One.

The developer has agreed to promote the Company and its innovative turnkey geothermal services throughout the span of the project. The developer expects the total build-out of the first phase of the project will be completed by the end of 2013. Diamondview Estates is overlooking Okanagan Lake and the City of Kelowna in the beautiful Okanagan Valley of British Columbia, Canada. The Diamondview Estates project site boasts a 75-foot cascading waterfall feature on site to complement the already breathtaking panoramic view lots.

"Over the weekend of May 3rd, 2008, Diamondview Developments Ltd., project owner of Diamondview Estates, will be marketing the project site using a "Parade of Homes -- Street of Dreams" that displays for the public the beautiful show homes now located at site, all of which have been serviced with Essential Innovations geothermal (Geoexchange) heating and cooling systems. Under our agreement with the developer our Company will have on-site marketing and advertising allowable during this time to educate visitors as to the overall benefits and advantages associated with the utilization of Geoexchange in each of the show homes, and to how they could each experience long-term energy and cost savings, added comfort, and an appreciated property value -- all of which represent further benefits that go along with incorporating a geothermal system in their individual future residence(s) should they choose to purchase a home site in Diamondview Estates.

It is estimated that the cash flow generated for the Company over the duration of the long-term geothermal loop-lease for Phase One of the project represents a revenue stream of $4 - 6MM to Essential Innovations over the 25-year term of the Operating Lease (this is dependent on the number of homes that choose the Geothermal loop-lease option available to them).

In addition to the recurring revenue stream Essential Innovations is to receive from the loop-lease, Essential Innovations is also the exclusive provider of the Geothermal Heat Pump or, Geoexchange, equipment to be utilized in each of the homes to be constructed. Furthermore, Essential Innovations is the sole and exclusive provider of the installation and on-going maintenance of all of the Geoexchange equipment that services the entirety of the site, while at the same time receiving under contract the additional benefit of being able to accumulate any of the carbon offset credits generated within the project. We estimate that the supply and installation of equipment to the individual Diamondview homes should bring the Company $1 - 1.4 MM in sales income," said Jason McDiarmid, President/CEO.

Paul Yu, President of Diamondview Developments feels, "The Diamondview Estates project provides to our prospective lot-buyers the opportunity to live in, and experience, one of the most spectacular views available anywhere in the Okanagan Valley of British Columbia. From my perspective, the inclusion of Geoexchange in my project was determined by a growing demand and desire felt by the development community and homeowners alike, that now recognize Geoexchange technology as a truly affordable and effective means of alleviating the economic and environmental pressures associated with the continued use of fossil fuel based heating systems in the residential marketplace. For myself as a developer, it is also a strong marketing tool, as the ability to provide "green" solutions when selling high-end luxury projects of this sort can set me apart from the competition. I have personally been very happy with the relationship Diamondview Developments Ltd. has had with Essential Innovations and we look forward to the remainder of work to be done at Diamondview Estates and to the opportunity that lies ahead to work with Essential Innovations on other projects we have in our pipeline for the future."

Essential Innovations Technology Corp. provides cutting-edge Geoexchange solutions for residential, commercial and industrial applications as both a manufacturer of proprietary geothermal heat pump technology and as a Geoexchange energy service company. The Company was incorporated in April 2001, and it has four wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, China.

Geoexchange technology harnesses the earth's clean, renewable thermal energy stored just below the surface or in large bodies of water for purposes of heating, cooling, domestic hot water and/or dehumidification. A Geoexchange system is used to "exchange" the earth's natural heating and cooling properties between a building and the ground. This non-combustion transfer of energy is the source of performance and environmental superiority, as Geoexchange systems need only a small amount of electrical energy to then capture, move and concentrate a large amount of free energy provided by the earth.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word "believes," "anticipates," "expects," "plans," "intends," "designs," "projects" or similar language, as well as statements regarding consumer or marketplace acceptance of the Company's new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations' products; initiatives undertaken by the Essential Innovations' divisions; the Company's research, manufacturing and facilities expansion programs; and the Company's growth, revenue, or projected earnings; all such statements which may or may not occur in the future. These forward-looking statements are made as of the date of this news release, and Essential Innovations Technology Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no absolute assurance that such belief, plans, expectations or intentions will prove to be completely accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our periodic reports filed from time to time with the Securities and Exchange Commission.

Essential Innovations Technology is a featured Company on Green portals, China portal and Tech portal.

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Source: Essential Innovations Technology Corp.

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