MONTREAL, Sept. 24 /CNW/ - AAER Inc. (TSX-V: AAE), ("AAER" or the "Corporation"), Canada's only original equipment manufacturer of wind turbines of 1 megawatt ("MW") and more, announced today that it has signed a Reservation Agreement for one 1.65MW wind turbine to be delivered to Camelot Wind, LLC in Plymouth, Massachusetts, USA for its "Camelot Industrial Park" project. The A-1650 wind turbine is scheduled for delivery during the first quarter of 2010.
"We are pleased to be the supplier of choice to Camelot Wind, LLC," said Dave Gagnon, President and CEO of AAER. "As we continue to win mandates to supply commercial and community base wind projects, we believe it validates our business strategy of targeting this market niche of wind parks not exceeding 50MW. We look forward to growing our business as the North American economy begins its recovery."
AAER and Camelot Wind, LLC expect to execute the Turbine Supply Agreement ("TSA") within 90 days of the signing of the Reservation Agreement. This will allow Camelot Wind, LLC to secure financing as well as to obtain regulatory approvals for the Camelot project. The overall sale price is approximately US$2.7 million. In addition to the TSA, AAER and Camelot Wind, LLC will enter into a five-year Warranty, Maintenance & Service Agreement.
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