MONTREAL, April 7 /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 further extend the
Reservation Agreement (the "Agreement") for the Mont Louis Wind L.P. for an
additional 30 days in order to finalize the Turbine Supply Agreement (the
"TSA"). This extension follows the previous 60-day extension to the agreement
that was announced on February 4, 2009.
"Together with Mont Louis Wind L.P and Northland Power we have made great
progress towards finalizing the Turbine Supply Agreement," said Dave Gagnon,
President and CEO of AAER. "All major negotiations have now been completed and
we are in the process of finalizing some of the technical elements of the TSA.
This is a complex and time-consuming process and we are very pleased with the
results of our mutual efforts to date. We look forward to announcing the
completion of the agreement in the near future."
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. The
further extension of the Reservation Agreement is not expected to impact the
overall initial timeline for the Mont Louis Project.
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.
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 the 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