TORONTO, June 28, 2011 /CNW/ - Cleanfield Alternative Energy Inc.
("Cleanfield") (TSX VENTURE: AIR), announced today that its Indian
strategic partner and shareholder Sai Prasad Energy ("SAI") officially
opened its new renewable energy manufacturing facility in Pune, India.
The facility will have the capacity to annually manufacture 1,200 units
of Cleanfield's 5.1kW off-grid hybrid system comprising of a 3.5KW
vertical axis wind turbine and a 1.6KW solar system. Sai will be
installing 13 off-grid hybrid systems over the next several months at
petroleum stations, commercial facilities, and hotels. Furthermore, Sai
has already undertaken a vendor development program for the
distribution of the hybrid system.
Cleanfield's CEO Tony Verrelli said, "I was extremely excited to
participate in SAI's inauguration of their renewable energy
manufacturing facility in Pune. With the facility officially opened,
our common goal of widely distributing our hybrid system is gaining
momentum. The off-grid hybrid system and our partnership with SAI
allows Cleanfield to compete for new market opportunities which
Cleanfield would not have otherwise been able to participate in.
Partnering with SAI has enabled Cleanfield to expand our product
offering and penetrate the Indian and Asian markets."
Cleanfield received approvals to issue 871,550 common shares at $0.10
per share to satisfy certain debt owing to four arm's length creditors
of its subsidiary, Cleanfield Energy Corp. All common shares issued are
subject to a four-month Exchange hold period expiring October 23, 2011.
Stock Option Grant
Cleanfield also announces that it granted 350,000 stock options to
directors of the Company and 250,000 stock options to a consultant
performing investor relations activities. The options of the directors
and 125,000 of the options issued to the consultant are exercisable at
a price of $0.15 cents per common share. The remaining 125,000 options
issued to the consultant are exercisable at a price of $0.30 cents per
common share. The options expire on June 23, 2016.
About Cleanfield: Cleanfield is an innovative technology company focused on the research,
development and distribution of renewable energy solutions for the
urban environment. The company owns industry leading and proprietary
inverter technologies, which it currently sells through a complete
solution - a 3.5 kW vertical axis wind turbine. The company is also
developing several advanced solar photovoltaic technologies with
Forward Looking Statements: Certain statements in this news release may be considered to be
forward-looking. These statements relate to future events or
Cleanfield's future results including revenues and reflect the current
assumptions and expectations of management. Unknown factors may affect
the events, performance, revenues and results of operations described
herein. Cleanfield 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 laws.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE Cleanfield Alternative Energy Inc.
For further information:
Go to www.cleanfieldenergy.com or contact Tony Verrelli, CEO, Cleanfield at (905) 304-5223 or firstname.lastname@example.org.