TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,617,224
VANCOUVER, Feb. 8, 2013 /CNW/ - Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture Exchange - "WND")
(OTCQX - "WNDEF") would like to report on the Ontario Securities
Commission Order and clarify what was not reported in Brookfield's News
Release, issued earlier today.
This morning the Ontario Securities Commission dismissed Western Wind's
application to compel Brookfield to provide a valuation in connection
with its "current" bid for Western Wind. No reasons were given by the
Commission, in issuing its order. If Brookfield pursued a new bid for
Western Wind, we will immediately seek a hearing with the OSC, that its
new bid should not be exempt from valuation requirements. Western Wind
continues to believe there is an issue of merit that should be explored
at a full and comprehensive hearing.
If this is in fact Brookfield's last and final offer, Western Wind
believes that the expiry of Brookfield's bid will unleash a true
auction for the company. We are hoping that Brookfield lives up to its
two public news releases and promises, where it emphatically states
"this is our best and final offer." Western Wind will be looking for a
public confirmation from Brookfield, that it will withdraw its bid and
never again bid for Western Wind, if its minimum tender condition is
not satisfied by February 11, 1013. Such a complete withdrawal will
allow Western Wind to continue with a normal sales process, which has
never been given a reasonable opportunity to be freely pursued since
the launch of the sales process on July 30th.
The past six months has had four months of either a proxy war or hostile
bid and the remaining two months of Brookfield buying its Western Wind
position and indicating to everyone in the sales process, that it would
not follow the expected protocol.
Western Wind believes that Brookfield's presence as an insider and its
actions have inhibited an auction for the company. Brookfield needs to
make it clear to shareholders that it is done and gone.
Management contends that a normal sales process will provide Western
Wind stakeholders a better opportunity to achieve the true value of
their investment in Western Wind.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production
company that owns and operates wind and solar generation facilities
with 165 net MW of rated capacity in production, in the States of
California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the U.S. The
Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and Tehachapi, California. Western Wind trades on
the TSX Venture Exchange under the symbol "WND", and in the United
States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy generation facilities in
California, and one fully integrated combined wind and solar energy
generation facility in Arizona. The three operating wind generation
facilities in California are comprised of the 120MW Windstar, the 4.5MW
Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs. The facility in Arizona is the Company's
10.5MW Kingman integrated solar and wind facility. The Company is
further developing wind and solar energy projects in California,
Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute
forward-looking information under applicable Canadian securities
legislation. These statements relate to future events and are
prospective in nature. All statements other than statements of
historical fact may constitute forward-looking statements or contain
forward-looking information. Forward-looking statements are often, but
not always, identified by the use of words such as "may", "will",
"project", "predict", "potential", "plan", "continue", "estimate",
"expect", "targeting", "intend", "could", "might", "seek",
"anticipate", "should", "believe" or variations thereof.
Forward-looking information may relate to management's future outlook
and anticipated events or results and may include statements or
information regarding the future plans or prospects of the Company.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, the exercise of the Option and value
that might be derived from the Master PPA, the outcome of a hearing
before the OSC, if such hearing occurs, the results of a valuation, if
obtained by Brookfield, and the availability of a financially superior
offer. Several factors could cause actual results to differ materially
from those expressed in the forward-looking statements, including, but
not limited to: the ability to exercise the Option and realize value
from the Master PPA, the outcome of a hearing before the OSC, if such
hearing occurs, the results of a valuation, if obtained by Brookfield,
may not be as anticipated by the Company, actions taken by Brookfield,
actions taken by the Western Wind Shareholders in relation to the
Offer, the possible effect of the Offer on the Company's business, the
outcome of the Company's previously-announced sale process, and the
availability of value-maximizing alternatives relative to the Offer.
Additional risks and uncertainties can be found in the Company's MD&A
for the year ended December 31, 2011 and the Company's other continuous
disclosure filings which are available at www.sedar.com.
Forward-looking statements and forward-looking information involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking
statements including, without limitation: the risk that the Company
will not be able to exercise the Option or obtain any value from the
Master PPA, the risk that the outcome of a hearing before the OSC will
not be in the Company's favor, the results of the valuation, if
obtained by Brookfield, will not be as anticipated by the Company, the
progress of Western Wind's sales process, and, assuming the Company
receives an expression of interest from a prospective purchaser,
whether a financially superior offer for Western Wind emerges, whether
the Company is able to successfully negotiate a prospective sales
transaction and whether the conditions of any proposed transaction,
including receipt by the Company of all necessary approvals, are met.
The Company believes that the expectations reflected in the
forward-looking statements contained in this news release are
reasonable, but no assurance can be given that they will prove to be
correct. Actual results and future events may differ materially from
those anticipated and accordingly forward-looking statements should not
be unduly relied upon. Forward-looking statements contained in this
document speak only as of the date of this news release. Except as
required by applicable law, Western Wind disclaims any obligation to
update any forward-looking information.
SOURCE: Western Wind Energy
For further information:
Investor Relations Contact:
Tel: (416) 992-7227