AAER updates on bought deal equity financing

    /NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
    THE UNITED STATES/

    MONTREAL, May 7 /CNW/ - AAER Inc. (TSX-V : AAE) ("AAER" or the
"Company"), Canada's only original equipment manufacturer of wind turbines of
1 megawatt ("MW") and more, announced today that it has entered into an
agreement with a syndicate of underwriters led by Canaccord Adams and National
Bank Financial (the "Underwriters") to amend the terms of its previously
announced a bought deal equity financing. Under the revised terms, the
Underwriters have agreed to purchase 15,000,000 Common Shares at a price of
$0.50 per common share, resulting in gross proceeds to AAER of $7,500,000 (the
"Offering"). AAER has also granted to the Underwriters an over-allotment
option allowing them to purchase up to an additional 2,225,000 Common Shares
at the issue price, at any time during the 30-day period following the closing
of the Offering, for additional gross proceeds of up to $1,125,000. The common
shares will be offered by way of short form prospectus in each of the
provinces of Canada, as well as in the United States under applicable private
placement exemptions. The Offering is expected to close on or about May 20,
2008 and is subject to the usual conditions, including approval from the TSX
Venture Exchange.
    The net proceeds of the Offering will enable the Company to implement its
production plan for 2008 and will be used to: (i) purchase manufacturing
equipment for the production of wind turbine blades; (ii) proceed with
deposits towards the purchase of certain nacelle components; (iii) purchase
various production tools, and; (iv) for general corporate and working capital
purposes.

    This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold within the United States
unless an exemption from such registration is available.

    About AAER Inc.
    ---------------
    AAER is a wind turbine manufacturer located in Bromont, Quebec that
manufactures and maintains high capacity 1 Megawatt or more wind turbines
principally for the North American market. Its strategy is to progressively
build its product's components to provide a high level of reliability and a
competitive pricing to its customers. AAER uses proven European technologies
to ensure the performance of its turbines in various wind conditions and
complex terrains. Its stock is listed on the TSX Venture Exchange (AAE).
Additional information is available on the Company's Website at www.aaer.ca.

    Forward-Looking Statements
    --------------------------
    This news release contains certain forward-looking statements. These
statements relate to future events or AAER's future economic performance and
reflect the current assumptions and expectations of management. Certain
unknown factors may affect the events, economic performance and results of
operations described herein. AAER undertakes no obligation, and does not
intend to, update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required under applicable law.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00019641EF

For further information: AAER Inc., Dave Gagnon, President, Telephone:
[phone], www.aaer.ca; The Equicom Group Inc., Danielle Ste-Marie,
Telephone: [phone], [e-mail]