TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,475,306
VANCOUVER, Jan. 22, 2013 /CNW/ - Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture Exchange - "WND")
(OTCQX - "WNDEF") states that during the past few days we have met with
representatives of Brookfield for the purpose of discussing an increase
in the Offer above $2.50 a share. We came to that meeting at the
request of Brookfield with the understanding that they were prepared to
consider an increase in the offer. While we made progress on this
front, a revised offer was not presented by the time that our
directors' circular was required by law to be distributed.
Today, a representative of Brookfield made an indication to our
financial advisor that they were prepared to offer $2.50 cash plus the
entire Yabucoa Project to be spun out into a new public company for the
benefit of the existing Western Wind shareholders. No formal binding
offer has been made or accepted. While we believe that the total value
of this bid is in the right direction of where this value should be,
additional discussions will still need to be held with Brookfield
should they and we wish to pursue a revised offer. As a consequence of
the recent events and the existing process, the Board will send out a
new Directors' circular rejecting the current Brookfield proposal that
was submitted on November 26, 2012 expiring on January 28, 2013.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production
company that owns and operates wind and solar generation facilities
with 165 net MW of rated capacity in production, in the States of
California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the U.S. The
Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and Tehachapi, California. Western Wind trades on
the TSX Venture Exchange under the symbol "WND", and in the United
States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy generation facilities in
California, and one fully integrated combined wind and solar energy
generation facility in Arizona. The three operating wind generation
facilities in California are comprised of the 120MW Windstar, the 4.5MW
Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs. The facility in Arizona is the Company's
10.5MW Kingman integrated solar and wind facility. The Company is
further developing wind and solar energy projects in California,
Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the 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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute
forward-looking information under applicable Canadian securities
legislation. These statements relate to future events and are
prospective in nature. All statements other than statements of
historical fact may constitute forward-looking statements or contain
forward-looking information. Forward-looking statements are often, but
not always, identified by the use of words such as "may", "will",
"project", "predict", "potential", "plan", "continue", "estimate",
"expect", "targeting", "intend", "could", "might", "seek",
"anticipate", "should", "believe" or variations thereof.
Forward-looking information may relate to management's future outlook
and anticipated events or results and may include statements or
information regarding the future plans or prospects of the Company.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, the Company's negotiations with
prospective purchasers and the results of due diligence investigations
conducted by prospective purchasers, the Company's ability to
successfully negotiate non-disclosure agreements with interested
parties, the availability of a financially superior offer, the
Company's future growth, results of operations, performance, business
prospects and opportunities as well as the economic environment in
which it operates. Several factors could cause actual results to
differ materially from those expressed in the forward-looking
statements, including, but not limited to: actions taken by the Offeror
or Brookfield Renewable, actions taken by the Western Wind Shareholders
in relation to the Offer, the possible effect of the Offer on the
Company's business, the outcome of the Company's previously-announced
sale process, the ability of the Company to successfully negotiate
non-disclosure agreements with interested parties, and the availability
of value-maximizing alternatives relative to the Offer. Additional
risks and uncertainties can be found in the Company's MD&A for the year
ended December 31, 2011 and the Company's other continuous disclosure
filings which are available at www.sedar.com.
Forward-looking statements and forward-looking information involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking
statements including, without limitation: the progress of Western
Wind's sales process, whether the Company is able to successfully
negotiate the terms of non-disclosure agreements with interested
parties, the results of due diligence investigations conducted by
interested parties, and, assuming the Company receives an expression of
interest, whether a financially superior offer for Western Wind
emerges, whether the Company is able to successfully negotiate a
prospective sales transaction and whether the conditions of any
proposed transaction, including receipt by the Company of all necessary
approvals, are met.
The Board of Directors believes that the expectations reflected in the
forward-looking statements contained in this news release are
reasonable, but no assurance can be given that they will prove to be
correct. Actual results and future events may differ materially from
those anticipated and accordingly forward-looking statements should not
be unduly relied upon. Forward-looking statements contained in this
document speak only as of the date of this news release. Except as
required by applicable law, Western Wind disclaims any obligation to
update any forward-looking information.
SOURCE: Western Wind Energy
For further information:
Investor Relations Contact:
Tel: (416) 992-7227