MONTREAL, Aug. 7 /CNW/ - Wind turbine manufacturer AAER Inc. (TSX-V:
AAE), has signed a memorandum of understanding with the Ontario-based Positive
Power Co-op for the sale of two A-1500-77-80 wind power turbines, worth
$4.5 million Canadian dollars.
The contract could represent a total of $5 million CAD in revenue, when
attached additional options and maintenance contracts are also taken into
account. AAER has also provided Positive Power Co-op with a quote on
engineering, procurement and construction management of the wind farm. These
services could represent additional revenues on the order of $3 million CAD.
"AAER sees local and co-operative community projects as an important
niche for the company. This memorandum of understanding marks the start of the
company's involvement in a promising market - one valued at more than 1,000 MW
in Ontario," explained Dave Gagnon, President and CEO of AAER.
The two 1.5 MW turbines should be installed by mid-2008. They will be
located in Dunnville, near the north shore or Lake Erie, in Ontario. Positive
Power Co-op plans to participate in Ontario's Standard Offer Program, which
guarantees the purchase of electricity from renewable sources for 20 years,
with a price starting at 11 cents per kWh. The project's launch is subject to
environmental impact assessments.
About AAER Inc., (TSX-V: AAE)
AAER is a wind turbine manufacturer, located in Bromont, Quebec, and
operating with a strategy of progressively building its product's components.
The Company's mission is to manufacture and maintain high-capacity, 1 to 1,
5 Megawatt (MW) wind turbines in North America. AAER uses proven European
technologies to ensure high performance of its turbines in various wind
conditions and on complex terrain. Its stock is listed on the TSX Venture
Exchange (AAE). Additional information is available on the Company's Website
About Positive Power Co-op.
Based in Hamilton, Ontario, Positive Power is a not-for-profit
co-operative dedicated to promoting and building community-based renewable
energy projects. The co-op works closely with industry experts to engage and
educate the community while developing wind energy projects in the Hamilton,
Halton and Haldimand regions. For more information, please visit
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., Eric Bouchard, Telephone:
(514) 844-7997, firstname.lastname@example.org