VANCOUVER, June 4, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) would like to take this opportunity to respond to a Notice
of Claim filed in B.C. Supreme Court by E&E Consulting Incorporated and
Ecology and Environment Inc., a related company (collectively "E&E"),
for payment of unpaid invoices. E&E was a contracted consultant to the
Company and carried out environmental assessment work. E&E carried out
the work on the Tumbler Ridge and Wildmare Wind Energy Projects. Both
projects were suspended during the environmental assessment review
period, causing delays to the overall project schedule. In its claim,
E&E states it completed work "in a good and workmanlike manner".
Finavera is assessing this claim and the Company's legal options.
Finavera is fully focused on completing a strategic transaction that
will realize significant value for shareholders. In the interim, the
Company continues to manage the ongoing development of its portfolio of
projects and manage outstanding payables with the support of lenders
and service providers.
E&E Consulting Incorporated filed a notice of claim seeking $835,753 in
unpaid invoices. It also seeks $3,713 (U.S.) owing to Ecology and
Environment Inc., a related company. The suit seeks court-ordered
payment of the debt, plus interest at 1 per cent per month.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy 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 Wind Energy Inc.
For further information:
Finavera Wind Energy
SVP Business Development
Finavera Wind Energy