MONTREAL, Feb. 19 /CNW/ - AAER Inc. (TSX-V : AAE) ("AAER" or the
"Company"), Canada's only wind turbine manufacturer, announced today that it
has completed the creation of AAER SAS, a joint venture with Valorem SAS, a
French developer and energy producer, for the distribution of AAER's 2MW wind
turbine in France. The newly created entity will have its place of business
near Bordeaux, France.
"Valorem has over 575 MW of wind projects under development in France and
56 MW of installed capacity. Our joint venture with this well established wind
developer will allow us to quickly introduce our 2 MW variable speed wind
turbines to one of Europe's fastest growing markets," said Dave Gagnon,
President and Chief Executive Officer of AAER. "We are currently in final
discussions with Valorem for the sale of our first 2MW turbine to be
commissioned on one of Valorem's existing sites. This will give AAER SAS the
opportunity to showcase the 2MW turbines to European customers and facilitate
the introduction of this product in North America in 2010."
AAER SAS, 67% owned by AAER and 33% by Valorem, will be responsible for
distributing the A-2000 model in France and will benefit from the expertise in
logistics, erection and commissioning of Valrea RCS, a wholly-owned subsidiary
of Valorem. AAER SAS plans to eventually establish assembly or manufacturing
activities in France when yearly sales of the A-2000 reach a level sufficient
to support the related capital expenditures.
About Valorem SAS
Valorem SAS has been active in France since 1994, notably in the area of
renewable energy studies and in the development of wind farms. More
specifically, Valorem has developed its skills in the wind industry through
capacity studies or engineering mandates for the interconnection of wind
facilities to grids. Valorem has developed and constructed on its behalf or
for third parties, seven wind projects for a total of approximately 70 MW and
is currently undertaking the development of about one hundred wind projects
throughout France. Additional information is available on Valorem's Website at
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 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.
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., Danielle Ste-Marie,
Telephone: (514) 844-6064, firstname.lastname@example.org