Renewable Energy Stock: Geoexchange technology, Essential Innovations Technology Letter From the President/CEO

Renewable Energy Stock: Geoexchange technology, Essential Innovations Technology Letter From the President/CEO

BELLINGHAM, Wash., April 17 2008 - Essential Innovations Technology Corp. (OTCBB: ESIV; FRANKFURT: E6S) is pleased to provide this corporate update to its shareholders and the investment community at large. Stated Jason McDiarmid, President/CEO, "When last we reached out to the marketplace with an organizational update in May of 2007, we provided guidance that the Company had found it necessary at that time to make certain substantive changes particularly focused towards our Geoexchange contracting subsidiary company Earth Source Energy. With this in mind, over the course of the remainder of the year of 2007, Earth Source Energy was able to successfully complete and commission a number of large Geoexchange project applications it had under contract for that period. As example, the Company completed sizeable geothermal loop-field installations at the Black Rock Resort project, in Ucluelet, BC, the Quest University project in Squamish, BC, and of particular importance, at the Wakefield Beach luxury town home project in Sechelt, BC.

The Company had been contracted by Wakefield Beach Homebuilders with the exclusive right to provide complete Geoexchange heating and cooling systems and ongoing geothermal services to each of the 31 residential properties in Phase One at the Wakefield Beach project. On completion of the project by Earth Source Energy in the summer of 2007 a large utility provider purchased from us the geothermal loop-field system that we had sold and installed at the Wakefield site, for a cash payment of $380,000 CAD. Further, we were also the exclusive provider of the geothermal heat pump or Geoexchange equipment and distribution system used in each of the homes, such contract also completed in the same summer of 2007. The total contract value paid to us from Wakefield Beach Homebuilders over the duration of the contract to exclusively provide the geothermal heat pump equipment and building distribution systems, was $515,000 CAD. At present day, we now continue to remain the sole and exclusive provider of the ongoing maintenance of all of the Geoexchange equipment that services the entirety of Phase One of the site.

With Earth Source Energy now currently re-structured to operate in a project design, consultation and management capacity, with a primary interest in the facilitation of ESCO projects in excess of $500,000 cost base, rather than as a typical full-scale contracting business, it allows us to dedicate the majority of our time and internal resources to truly focus on the manufacturing and distribution opportunities presently available for the Geoexchange equipment provided by our core manufacturing business.


Today, we are driven to the production, network expansion and ensuing training and dealer support for our proprietary geothermal heat pump technology, with such goal being supported by our supplementary business segment capable of providing unique financing options for long-term geothermal loop-field infrastructure installation and management alongside our financing partners -- these distinct objectives are representative of our overall business organizational model, and they place us in a unique position in the Geoexchange industry set. With the sales and promotion of our Geoexchange heat pump technology forming the basis of our overall business direction, we are happy to report that we are currently in promising discussions and negotiations with certain parties seeking product exclusivity for specific regions of Canada and the USA, whilst we also are engaged in on-going negotiations to allow us to establish manufacturing capabilities in overseas markets in the next 18 - 24 month period. In this regard, we are in talks with government agencies in Canada, the USA, and Asia, as to providing financing assistance to help our Company with the set-up of such an international manufacturing operation. We are totally determined to continue to develop such global manufacturing & distribution initiatives, while at the same time remaining active in the consultation and design assistance necessary for many residential and commercial mixed-use subdivision projects in the North American, Middle Eastern and Asian marketplaces for which we are engaged. Such projects all have sincere interest in the ESCO project structure we offer, whether as a joint venture or simply to have a third-party financing capability provided through our Company or our select financing associates. On this day, all of the Board, the management, and the employees at Essential Innovations remain ever confident that should we now continue to be able to execute on our goals and objectives on a going forward basis, that the Company and the enduring shareholders of ESIV will achieve a strong return on investment over the long-term." Essential Innovations Technology Corp. provides cutting-edge Geoexchange solutions for residential, commercial and industrial applications as both a Geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology. 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. http://www.eitechcorp.com/ 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 Investorideas.com Green portals, China portal and Tech portal. For full details, click here: http://www.renewableenergystocks.com/CO/ESIV/Default.asp Source: Essential Innovations Technology Corp.