VANCOUVER, Feb. 7 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) announces the Company has received the approval of the TSX
Venture Exchange regarding the consolidation of its issued common
shares on the basis of ten old shares for one new share. The
consolidation was approved by shareholders on September 15, 2010.
Effective at the opening of trading on February 8th, 2011, the Company's common shares will begin trading on the Exchange
on a consolidated basis. The Company's trading symbol "FVR" will not
change. On a post-consolidated basis, there will be 30,407,764 common
shares issued and outstanding. The Company also announces that it has
changed its name to Finavera Wind Energy, Inc.
Finavera Renewables CEO Jason Bak said, "Our new name represents our
singular focus on becoming the premier publically traded wind energy
developer in North America. We have carried out this share
consolidation in order to improve the attractiveness of our shares to a
broader range of institutional and retail investors. In combination
with our new name, we believe we have set the stage for an exciting new
stage in Finavera's growth."
The new CUSIP for the Company's post-consolidation common shares is
31771W101. Registered shareholders will receive a letter of transmittal
to exchange their original common shares for post-consolidation common
shares. Beneficial shareholders will have their accounts automatically
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables is a wind energy development company focused on
developing, constructing, and operating wind farms in North America and
Ireland. Our mission is to create and operate a viable renewable energy
business while protecting and enhancing the physical and social
environment. In British Columbia, Canada, projects totaling 301 MW have
been awarded 25 year Electricity Purchase Agreements. In Ireland, the
Company has signed a co-development agreement with Scottish and
Southern Renewables for the 105MW Cloosh Valley Wind Project. Data
collection and environmental studies have been continuing at a number
of prospective sites in Canada and the United States.
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 Renewables Inc.
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