NEW YORK, TORONTO, BROMONT, QC, Sept. 18 /CNW/ - AAER Inc. (TSX-V: AAE)
("AAER" or the "Company"), Canada's only wind turbine manufacturer has
announced today that SkyPower Corp., a Lehman Brothers affiliate, has agreed
to acquire a 20.9% equity stake in the company representing an investment of
Skypower has subscribed for 14,285,714 shares of the company at $0.35 per
share and share purchase warrants for the purchase of an additional 14,285,714
common shares at an exercise price of $0.45 per share.
In connection with its investment, SkyPower has committed to bid AAER
turbines in its different project bids for the current Hydro-Quebec 2,000MW
wind energy request for proposal. Closing of the $5,000,000 subscription is
subject to the approval of the TSX Venture Exchange.
"This partnership represents a major step in the company's development.
The combination of SkyPower's entrepreneurial platform and fast growing
portfolio of large high profile development projects, as well as their
shareholders' global reach, gives the Company an important competitive edge in
the North American market. We are all excited about the new possibilities that
arise from this collaboration." Stated Dave Gagnon, AAER's Chief Executive
"SkyPower's commitment to Quebec is further highlighted by our decision
to acquire a stake in AAER. AAER has clearly demonstrated that it is focused
on becoming Canada's local manufacturer of wind turbines with manufacturing
and assembly based out of Quebec. As a result, hundreds of jobs will be
created along with other significant economic benefits to Quebecers. It is
abundantly clear that AAER's plans by far surpass any effort to date to make
Quebec a hub of wind turbine manufacturing and a solid export base, which is
an important part of the Quebec Government's vision for wind in Quebec. We are
pleased to demonstrate our support for AAER and are making this investment to
help further their objectives." Stated Kerry Adler, SkyPower's President &
Chief Executive Officer.
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.
SkyPower Corp. (www.skypower.com), a Lehman Brothers affiliate, is
Canada's leading independent renewable energy developer with interests in over
70 wind and solar projects at various stages of development across 12
provinces/states, representing more than 7,000 MW of potential capacity.
SkyPower also has over 1,000MW of wind energy under development in India.
SkyPower's strategy involves bringing a portfolio of renewable energy projects
from exploration phase through to construction and commercial operation and is
focused on being the largest owner and operator of renewable energy parks
across Canada. In June 2007, SkyPower became an affiliate of Lehman Brothers,
the global investment bank.
For further information: Robert Carillo, Co-Head Partnerships &
International Development, SkyPower Corp., (416) 979-4625
FORWARD LOOKING STATEMENTS
Certain statements in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties that could result in important divergences between predicted and
actual results. Such statements reflect the Company's current views with
respect to future events, and are based on information currently available to
the Company and on hypotheses which it considers to be reasonable; however,
management warns the reader that hypotheses relative to future events, several
of which are beyond the control of management, could prove to be false, given
that they are subject to certain risks and uncertainties. Management declares
that it has neither the intention nor the duty to provide public updates for
each forward looking statement as a result of new information, new events or
for any other reason and that such statements are made as of the date of this
The TSX Venture Exchange has neither approved nor disapproved of this
For further information:
For further information: AAER Inc.: Dave Gagnon, President, Telephone:
(450) 534-5155, www.aaer.ca; The Equicom Group Inc.: Eric Bouchard, Telephone:
(514) 844-7997, email@example.com