VANCOUVER, April 16 /CNW/ - Finavera Renewables Inc. ("Finavera Renewables" or the "Company") (TSX-V: FVR) announces that its Board of Directors has adopted a Tactical Shareholder Rights Plan ("Rights Plan"). The Rights Plan, which is effective immediately but is subject to regulatory approval, is being adopted to ensure the fair treatment of all Finavera Renewables shareholders in connection with any possible future take-over bids for the outstanding common shares of the Company. The Rights Plan will provide shareholders with adequate time to properly evaluate and assess a take-over bid without facing undue pressure or coercion.
Finavera Renewables has received inquires regarding an acquisition of, or strategic investment in, the Company; however there have been no formal offers presented. In order to ensure that Company management has the time to assess and implement its short-term plans, the Board of Directors has adopted a Tactical Shareholder Rights Plan that expires in 6 months. During that time period, the Company will assess various options for short term funding requirements and implement a search for a strategic investor.
Finavera Renewables CEO Jason Bak said, "The award of four wind projects in the BC Hydro Clean Power Call has resulted in substantial interest in Finavera and presents a diverse range of strategic options. This Tactical Shareholder Rights Plan gives us the flexibility necessary to properly evaluate all of those options and determine the best route forward for shareholders."
At the Company's next annual meeting, the Board of Directors intends to develop and present a strategic rights plan for shareholder approval that will survive for a period of 3 years.
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 293 MW have been awarded Electricity Purchase Agreements under the Hydro Clean Power Call. In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
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.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.
SOURCE FINAVERA RENEWABLES INC.
For further information: For further information: Finavera Renewables, Myke Clark, SVP Business Development, Finavera Renewables, (604) 288-9051, email@example.com