New Brighton, Minn.-headquartered Dotronix Technology Inc., a developer and marketer of nonprescription healthcare products through its PuraMed BioScience Inc. subsidiary, has announced it will enter the wind energy industry with intentions to sell wind power to utilities.
This decision was made after substantial planning and meetings with various industry resources to assist the company with entering the business, Dotronix says. Its initial wind farm likely will be constructed in a rural farm location near the border of Minnesota and the Dakotas. The company anticipates its initial project will generate 20,000 MWh to 25,000 MWh of wind power per year once it is complete.
Due to the substantial differences between the wind power business and the business of developing and marketing healthcare products, Dotronix plans to separate the two businesses through a spin-off distribution of the common stock of its PuraMed BioScience subsidiary to all Dotronix shareholders on a pro rata basis. The company adds that it anticipates the record date for this spin-off will be around Jan. 15, 2007, and that its effective date will be within 30 days thereafter. After this spin-off stock distribution is completed, there will be no further direct operational or management connection between or common to the two companies.