MONTREAL, Oct. 15 /CNW/ - AAER Inc. (TSX-V: AAE), Canada's only original equipment manufacturer of wind turbines of 1 megawatt ("MW") and more, announced today that it has signed a sales agreement with the Town of Ipswich, Massachusetts for the delivery of a 1.65 MW wind turbine during the first quarter of 2010. The transaction, valued at approximately US$2.6 million, includes a warranty and five-year operation and maintenance service agreement.
"We are pleased to have been selected by the Town of Ipswich as their wind turbine supplier," said Dave Gagnon, AAER's President and CEO. "This sale agreement confirms the competitiveness of our wind turbines in terms of technology, cost and performance."
"We look forward to working with AAER in making our wind power project a reality," added Tim Henry, Ipswich Electric Light Department General Manager. "The residents of Ipswich have shown great support for renewable energy and this project will be a source of pride for our community."
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 competitive pricing to its customers. AAER uses a portfolio of proven European technologies to ensure the performance of its turbines in various wind conditions and terrains. Its stock is listed on the TSX Venture Exchange (TSX-V: AAE). Additional information is available on the Company's website at www.aaer.ca.
This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2008 and dated March 26, 2009. Further, forward-looking information is in addition based on various assumptions, including, without limitation, assumptions about: (i) general business and economic conditions; (ii) selection of the Corporation's client bids in different requests for proposals; (iii) the availability of financing on reasonable terms; (iv) the availability of key components for the assembly of wind turbines, (v) the costs of raw materials and parts; (vi) the Corporation's ability to attract and retain skilled staff; (vii) market competition; (viii) the technology offered by the Corporation's competitors; (ix) the Corporation's ability to meet contractual obligations and delivery dates; and * the Corporation's ongoing relations with employees and with clients. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.
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SOURCE AAER INC.
For further information: For further information: AAER Inc.: Dave Gagnon, President, Telephone: (450) 534-5155, www.aaer.ca; Eric Phaneuf, Chief Financial Officer, Telephone: (450) 534-5155, email@example.com