AAER Provides Update on Board of Directors Composition and Stock Option Issuance

    MONTREAL, June 29 /CNW/ - AAER Inc. (TSX-V: AAE), ("AAER" or the
"Company"), today announced that the seven candidates put forward in the
management proxy circular dated May 1st, 2009 to serve on the Company's Board
of Directors, were elected at the annual shareholders' meeting held on June
26, 2009. The Board of Directors is now composed of Mr. Jacques Gauthier
(Chairman), Mr. Dave Gagnon, Mr. Bernard Bougie, Mr. Jonathan Dorval, Mr.
Claude Fontaine, Mr. Pierre Patry and Mr. Gérard Prévost.
    The Board also elected members to the following committees: Audit
Committee (Bernard Bougie, Pierre Patry and Claude Fontaine); Compensation,
Nomination and Governance Committee (Jacques Gauthier, Claude Fontaine and
Jonathan Dorval); Risk Management Committee (Bernard Bougie, Jonathan Dorval,
Pierre Patry and Gérard Prévost).
    Furthermore, in accordance with the Administrators Compensation Plan
adopted in June 2007 and covering a three-year period, the Company issued a
total of 1,687,980 stock options to its administrators and officers, as per
its stock option plan.
    For their participation as members of the Board of Directors, each
administrator will be issued a base 50,000 stock options each year, plus
20,000 options for their participation in other various committees to which
they have been elected. Mr. Gauthier, the Chairman of the Board, will receive
a base 100,000 options each year and 40,000 options for his participation on
the committees to which he was elected. Accordingly to its contract, Mr.
Gagnon, AAER's President and Chief Executive Officer, will be issued 1,117,980
stock options for the current year for his role with the Company.
    All options issued as mentioned above are exercisable at the price of
$0.20 per share and expire June 26, 2014.
    Finally, Dave Gagnon announced that AAER has received a letter of intent
from the Ministry of Economic Development, Innovation and Export trade for a
70% loan guarantee applicable to a line of credit, to a maximum of $50
million. The line of credit relates to the Northland Power for the Mont Louis
wind farm project, or other AAER contracts. This loan guaranty is conditional
on the execution of various conditions and approvals.

    About AAER Inc.
    AAER is a wind turbine manufacturer located in Bromont, Quebec that
manufactures and maintains high capacity 1 MW or more wind turbines
principally for the North American market. Its strategy is to progressively
build its products' 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 Corporation's website
at www.aaer.ca.

    Forward-Looking Statements
    This news release contains certain forward-looking statements or forward
looking-information. These forward looking statements are subject to a variety
of risks and uncertainties beyond the Corporation's ability to control or
predict which could cause actual events or results to differ materially from
those anticipated in such forward looking statements. Such risks and
uncertainties are disclosed under the heading "Risk Factors" in the
Corporation's Annual Information Form for the year ended December 31, 2008 and
dated March 26, 2009. Further, forward-looking information is in addition
based on various assumptions, including, without limitation, assumptions
about: (i) general business and economic conditions; (ii) selection of the
Corporation's client bids in different requests for proposals; (iii) the
availability of financing on reasonable terms; (iv) the availability of key
components for the assembly of wind turbines, (v) the costs of raw materials
and parts; (vi) the Corporation's ability to attract and retain skilled staff;
(vii) market competition; (viii) the technology offered by the Corporation's
competitors; (ix) the Corporation's ability to meet contractual obligations
and delivery dates; and (*) the Corporation's ongoing relations with employees
and with clients. Should one or more of these risks and uncertainties
materialize, or should the underlying assumption prove incorrect or different,
actual results may vary materially from those described in the forward-looking
statements. All forward looking statements speak only as of the date of this
news release. Accordingly, readers should not place undue reliance on
forward-looking statements.

    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 this 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., Alice Dunning, Telephone:
(416) 815-0700 x255, adunning@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