MONTREAL, Feb. 4 /CNW/ - AAER Inc. (TSX-V: AAE) ("AAER"), Canada's only
original equipment manufacturer of wind turbines of 1 megawatt ("MW") and
more, announced today that together with NPI Wind Power GP II Inc. and
Northland Power Wind GP II Inc., it has agreed to extend the Reservation
Agreement (the "Agreement") for the Mont Louis Wind L.P. for an additional 60
days in order to finalize the Turbine Supply Agreement (the "TSA").
Under the terms of the previously announced Agreement, signed in October
2008, AAER will deliver 61 1.65MW wind turbines to Mont Louis Wind L.P. for
its 100MW wind farm project in Saint-Maxime-du-Mont-Louis, Québec, Canada (the
"Mont Louis Project") for an estimated sale price of $142 million. The 61
A-1650s are scheduled for delivery during the third quarter of 2010.
"We are working closely with Mont Louis Wind L.P. and Northland Power to
finalize the TSA as soon as possible," said Dave Gagnon, President and CEO of
AAER. "The discussions are proceeding extremely well and so far no major
issues have surfaced in the negotiations. We look forward to working with a
proven developer like Northland Power to deliver wind turbines in our home
market in the near future."
About AAER Inc.
AAER is a wind turbine manufacturer located in Bromont, Quebec that
manufactures and maintains high capacity 1 Megawatt or more wind turbines
principally for the North American market. Its strategy is to progressively
build its product's components to provide a high level of reliability and
competitive pricing to its customers. AAER uses a portfolio of proven European
technologies to ensure the performance of its turbines in various wind
conditions and terrains. Its stock is listed on the TSX Venture Exchange
(TSX-V: AAE). Additional information is available on the Company's website at
This news release contains certain forward-looking statements. These
statements relate to future events or AAER's future economic performance and
reflect the current assumptions and expectations of management. Certain
unknown factors may affect the events, economic performance and results of
operations described herein. AAER undertakes no obligation, and does not
intend to, update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required under applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: AAER Inc., Dave Gagnon, President, Telephone:
(450) 534-5155, www.aaer.ca; The Equicom Group Inc., Glen Williams, Telephone:
(416) 815-0700 Ext. 272, firstname.lastname@example.org