AAER completes the private placement announced on September 18th, 2007 with SkyPower Corp., a company affiliated with Lehman Brothers

("AAER" or the "Company"), Canada's only wind turbine manufacturer has
announced today that the private placement announced on September 18, 2007
with SkyPower Corp., a company affiliated with Lehman Brothers, representing
an investment of $5,000,000, was completed. The financing consisted of an
issuance of 14,285,714 units at a price of $0.35 per unit. Each unit consists
of one AAER common share and one common share purchase warrant. Each common
share purchase warrant is exercisable at any time before 5:00 pm (Montreal
time) on October 4th, 2012 at a price of $0.45 per share. Securities issued as
part of this placement are subject to a four-month hold period.
    SkyPower has acquired a 20.4% equity stake and the right to nominate for
election at the next annual meeting one representative to the board of
directors of the Company; the individual shall be a representative of Lehman
    The proceeds of the offering will be used for license payments for
manufacturing equipment and patent licenses, capital expenditures and working

    About AAER

    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 a
competitive pricing to its customers. AAER uses proven European technologies
to ensure the performance of its turbines in various wind conditions and
complex terrains. Its stock is listed on the TSX Venture Exchange (AAE).
Additional information is available on the Company's Website at www.aaer.ca.

    About SkyPower

    SkyPower Corp. (www.skypower.com), a company affiliated with Lehman
Brothers, is Canada's leading independent renewable energy developer with
interests in over 70 wind and solar projects at various stages of development
across 12 provinces/states, representing more than 7,000 MW of potential
capacity. SkyPower also has over 1,000MW of wind energy under development in
India. SkyPower's strategy involves bringing a portfolio of renewable energy
projects from exploration phase through to construction and commercial
operation and is focused on being the largest owner and operator of renewable
energy parks across Canada. In June 2007, SkyPower became affiliated with
Lehman Brothers, the global investment bank.
    For further information: Robert Carillo, Co-Head Partnerships &
International Development, SkyPower Corp., (416) 979-4625


    Certain statements in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties that could result in important divergences between predicted and
actual results. Such statements reflect the Company's current views with
respect to future events, and are based on information currently available to
the Company and on hypotheses which it considers to be reasonable; however,
management warns the reader that hypotheses relative to future events, several
of which are beyond the control of management, could prove to be false, given
that they are subject to certain risks and uncertainties. Management declares
that it has neither the intention nor the duty to provide public updates for
each forward looking statement as a result of new information, new events or
for any other reason and that such statements are made as of the date of this
news release.

    The TSX Venture Exchange has neither approved nor disapproved of this
    news release.

    %SEDAR: 00019641EF

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, ebouchard@equicomgroup.com

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890