MONTREAL, Feb. 18 /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, announced today that it has signed an agreement
for the sale of a 1.65 MW wind turbine to Hyundai Heavy Industries Co., Ltd.
"HHI recently licensed the 1.65MW wind turbine technology from AMSC
Windtec and the acquisition of this A-1650 turbine will enable them to
accelerate the development of their wind energy business. We are thrilled that
a global industrial company of HHI's stature has chosen AAER as a supplier as
they enter the wind energy space," said Dave Gagnon, President and CEO of
AAER. "HHI is, among other things, the world's largest shipbuilding company,
and a major supplier of electric power supply system equipments."
"This order for an A-1650 turbine provides further validation of our
licensed technology but more importantly of the exceptional supply chain our
Company built over the years as we are delivering our first units in the
United States and starting large-scale commercial turbine production at our
Bromont plant." continued Mr. Gagnon.
The A-1650 turbine will be shipped as separate components and is
scheduled for delivery in Korea during the second quarter of 2009. The
contract excludes the blades and tower which will be sourced directly by HHI.
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
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., Glen Williams, Telephone:
(416) 815-0700 ext. 272, firstname.lastname@example.org