The joint venture, to be finalised by September 30, is to provide development funding of up to $2.5 million and management expertise for New World's projects in the US, Canada, Mexico, Central and South America, Ireland and China. New World's new chief executive officer is to be Vitold Jordan, president of Dominion Bridge Technology. The chairman of a composite materials joint venture of Dominion, Gerard Prevost, has been nominated managing partner.
New World has also agreed to sell its 46% interest in Photocomm Inc and its 51% interest in Argentine Solartec SA to ACX Technologies' Golden Technologies unit, for $12.5 million. The proceeds will be used to retire a ''substantial portion'' of New World Power's 8% secured subordinated notes. New World is trying to sell more assets to retire its outstanding debt of about $9 million.
New World's second quarter results reveal revenues of $4.4 million, compared to $4.3 million for the same period in 1995. Revenues for the six months ended June 30, 1996, were $9.1 million compared to $7.8 million a year earlier. New World had a net loss of $2.0 million or $0.18 per share during the second quarter compared to a net loss of $0.6 million or $0.01 per share for the same period last year. Its net loss for the six months was $4.6 million compared to a net loss of $0.6 million for the first six months of 1995.