MONTREAL, April 30 /CNW/ - AAER Inc. (TSX-V: AAE) ("the Company" or
"AAER"), Canada's only wind turbine manufacturer, today reported its financial
results for the year ended December 31, 2006. The Company's financial
statements and Management Discussion and Analysis are available at
Highlights of the year include:
- Signature of an agreement for the sale of a minimum of 17 wind
turbines each with a 1.5 MW capacity, to British-Columbia based wind-
farm developer Katabatic Power Corp. (delivery scheduled in 2008).
- Appointment of Dr. Ted Moses, former Cree Grand Chief to AAER's Board
- Appointment of Mr. Daniel Charette, a veteran of the wind energy
industry, as Vice President of Sales and Business Development.
- Appointment of Mr. Robert Guillemette, electrical engineer and
composite material sector pioneer, as Vice-President, Engineering,
and Chief Operating Officer.
- Signature of an initial 10-year lease agreement with Olymbec Inc, to
lease the former Hyundai plant in Bromont, Quebec.
"I am very proud of what we have accomplished during this past year,
starting with our first signed contract for the sale of 17 wind turbines and
with the work we did towards establishing a world class production facility;
and not forgetting that we are now trading on the TSX Venture Exchange," said
Dave Gagnon, President and Chief Executive Officer of AAER. "For the upcoming
year, our focus is on generating more sales and on establishing our production
plant, so that in 2008, we will be ready to deliver our first turbines. We
will be Canada's first manufacturer of wind turbines."
The Company is currently concentrating all its efforts to achieve its
development strategies and has not generated any operating revenues. The
Company's complete financial statements are available on line at
www.sedar.com. The results discussed below pertain to material information and
reflect operating results over a nine month period.
Although an important sale was concluded during the fourth quarter of
2006, revenues and costs related to this contract will only be recognized upon
delivery of the wind turbines, estimated to occur during the second quarter of
2008. Consequently, the only revenues the Company has generated during the
nine month period ended December 31st, 2006 are from interest received,
Operating expenses were are $1,346,471 and mainly comprised of
administrative and general expenses like salaries and wages, professional
fees, rent expenses, taxes, insurance premium and office supplies. For the
twelve month period ended March 31st 2006, operating expenses were $608,629.
This increase is related to the Company's significant efforts devoted to its
Net loss for the period ended December 31st 2006 was $1,337,216 equal to
a loss per common share of $0.03.
On the Company's Balance Sheet, there is an increase in total assets as
of December 31, 2006. Total assets were $1,633,568 representing a significant
increase when compared to the period ended March 31st 2006, when assets were
$20,840. This increase is mainly explained by (i) an increase in cash and cash
equivalents, (ii) an increase in prepaid expenses mainly as a result of
deposits on lease agreements and (iii) following an increase in intangible
assets resulting from investments made in a license agreement and deferred
costs relating to the development and acquisition of technical analyses. These
investments were done with proceeds from the financing concluded in May of
2006, for total net proceeds of $1,537,087.
About AAER Inc.:
AAER is a wind turbine manufacturer, located in Bromont, Quebec, and
operating with a strategy of progressively building its product's components.
The Company's mission is to manufacture and maintain high-capacity, 1 to 1.5
Megawatt (MW) wind turbines in North America. AAER uses proven European
technologies to ensure high performance of its turbines in various wind
conditions and on complex terrain. Its stock is listed on the TSX Venture
Exchange (AAE). Additional information is available on the Company's Website
This news release contains certain forward-looking statements. These
statements relate to future events or AAER's future economic performance, and
reflect the current assumptions and expectations of management. Certain
unknown factors may affect the events, economic performance and results of
operations described herein. AAER 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 law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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