VANCOUVER, May 15, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) announces that the Alberta Court of Queen's Bench has
issued reasons for judgment in the case of Scott & Associates
Engineering Ltd. ('Scott') v. Finavera Wind Energy Inc.
Scott was claiming a constructive trust over a wind energy project known
as the Three Hills Project ('Three Hills'), which Finavera acquired
from Penn West Petroleum Ltd. in 2007 and subsequently sold to
Ghostpine Windfarms LP, a subsidiary of NextEra Energy Inc ('NextEra'),
in 2008. Scott alleged that Finavera acquired Three Hills by misusing
confidential information proprietary to Scott and that it
misappropriated a business opportunity which belonged to Scott.
The Court dismissed Scott's claims and found that Finavera did not
misuse any confidential information, did not breach any contract with
Scott and did not misappropriate a business opportunity belonging to
Scott. The Court also refused Scott's claims to a proprietary interest
in Three Hills or an accounting of the profits from Three Hills. The
Court concluded that "Scott has proven only that it is entitled to be
reimbursed for the value of the services it has provided…" It found
that the appropriate award to Scott for those services was in the
amount of $600,000. Finavera continues to have a holdback of
$1,000,000 with NextEra related to the 2008 sale, in order to deal with
legal costs and any potential judgment.
In describing the testimony of the principal of the Plaintiff, Bryan
Scott, the Court stated: "Mr. Scott was clearly trying to put a
positive, even hopeful spin on what was occurring. In certain
instances, the presentation of his evidence through the lens of his
preferred or desired result worked against his credibility …at other
times, his testimony was internally inconsistent."
Finavera will be reviewing its legal options in relation to the judgment
and will determine if further action is necessary.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing, constructing
and operating wind farms in North America and Ireland. Our mission is
to create and operate a diversified portfolio of wind projects while
protecting and enhancing the physical and social environment. In
British Columbia, Canada, four projects totaling 300 MW have been
awarded 25 year AAA-rated Electricity Purchase Agreements and one has
received full environmental approval and permitting for construction,
expected to begin in later 2013. In Ireland, the Company has signed a
partnership agreement with SSE plc for development of the 105MW Cloosh
Valley Wind Project. Finavera is continuing to opportunistically review
prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute Forward-looking
statements. The words "would", "will", "expected" and "estimated" or
other similar words and phrases are intended to identify
forward-looking information. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause
the Company's actual results, level of activity, performance or
achievements to be materially different than those expressed or implied
by such forward-looking information. Such factors include, but are not
limited to: uncertainties related to the ability to raise sufficient
capital, changes in economic conditions or financial markets,
litigation, legislative or other judicial, regulatory and political
competitive developments and technological or operational difficulties.
Consequently, actual results may vary materially from those described
in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Finavera Wind Energy Inc.
For further information:
Finavera Wind Energy
+1 (604) 288-9051