MONTREAL, Sept. 28 /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, today announced the appointment of Eric Phaneuf as Chief Financial Officer effective October 12th, 2009. Mr. Phaneuf will lead the Company's finance and administration functions and be responsible for its financial markets compliance requirements and disclosure practices.
"Eric is a seasoned professional who brings to AAER solid experience in Canadian and international financial markets. His knowledge of strategic planning and capital markets will be invaluable to the Company," said Dave Gagnon, President and CEO of AAER. "We are pleased to welcome Eric as a key member of our senior management team and look forward to his contributions to the Company's success."
Prior to joining AAER, Mr. Phaneuf spent seven years in positions of increasing responsibilities with a major international consumer products company, rising to the level of VP Corporate Development. In this role, Mr. Phaneuf was involved in establishing strategies to improve profitability and to re-align capital structure, providing the company with the flexibility to execute its business plan. He also played a key role in managing the company's largest business unit.
Mr. Phaneuf was previously an Analyst, Mergers & Acquisitions and Investor Relations with a leading Canadian-based information technology consultancy. Mr. Phaneuf is a Bachelor of Commerce graduate from the University of Sherbrooke, Quebec, and holds a Chartered Financial Analyst designation.
The Company also announced that it has granted 2,750,238 stock options to Mr. Phaneuf, exercisable over two consecutive tranches on the anniversary date of his contract. Each option allows for the purchase of one common share exercisable at a price of $0.17 per share and expires on September 25, 2014.
About AAER Inc.
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 MW or more wind turbines principally for the North American market. Its strategy is to progressively build its products' 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 Corporation'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; The Equicom Group Inc., Alice Dunning, Telephone: (416) 815-0700 x255, firstname.lastname@example.org