Cleanfield reports record quarterly revenues and grants stock options

TORONTO, April 23 /CNW/ - Cleanfield Alternative Energy Inc. (TSX-V: AIR) ("Cleanfield"), an international leader in Vertical Axis Wind Turbine (VAWT) solutions, announced today the financial results for its third fiscal quarter ended February 28, 2010. Cleanfield's unaudited interim consolidated financial statements and MD&A for third quarter are available on www.SEDAR.com.

Financial highlights: Compared to the same fiscal periods in the previous year, revenue increased by $580,208 in the third quarter, and by $611,163 for the nine months ended February 28, 2010. Gross margin rose to a record high in the third quarter and year-to-date from the same periods in the previous year, and expenses in the quarter were down 44%. As a result, total loss in the quarter was down 68%, and the loss per share dropped to $0.01 from $0.03.

    
    -------------------------------------------------------------------------
                       Three months ended              Nine months ended
                           February 28                    February 28
    -------------------------------------------------------------------------
                    2010       2009   Change      2010        2009    Change
    -------------------------------------------------------------------------
    Revenue 	  $598,090    $17,882  3,245%   $815,273     $204,110    299%
    Loss        $(244,190) $(751,712)  (68)%  $(898,509) $(2,777,639)  (68)%
    Loss per
     share         $(0.01)    $(0.03)  (67)%     $(0.03)      $(0.11)  (73)%
    -------------------------------------------------------------------------
    

Cleanfield's CEO Tony Verrelli said, "We are encouraged by the surge in sales to a variety of customers and extremely pleased with the improved financial performance. These results mark the second consecutive quarter of increased sales revenues."

Granting of Stock Options: Cleanfield also announced that it granted 30,000 stock options to an officer of the Company, 20,000 stock options to employees of the Company and 260,000 stock options to consultants of the Company. All options are exercisable at a price of $0.34 cents per common share, and expire on April 22, 2015.

About Cleanfield: Cleanfield is committed to developing renewable energy products for the urban environment. The company produces an industry-leading 3.5 kW VAWT, which can be installed in various ways, produces green renewable energy quietly and cost effectively and which is sold worldwide.

Forward Looking Statements: Certain statements in this news release may be considered to be forward-looking. These statements relate to future events or Cleanfield's future economic performance and reflect the current assumptions and expectations of management. Unknown factors may affect the events, economic performance and results of operations described herein. Cleanfield 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.

SOURCE Cleanfield Alternative Energy Inc.

For further information: For further information: Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield, (905) 304-5223, info@cleanfieldenergy.com

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