MONTREAL, March 10 /CNW/ - AAER Inc. (TSX-V: AAE), ("AAER" or the
"Company"), Canada's only original equipment manufacturer of wind turbines of
1 megawatt ("MW") and more, today released its financial results for the year
ended December 31, 2007. The Company's financial statements, Management
Discussion and Analysis and Annual Information Form are available on the
Company's Website at www.aaer.ca and on www.sedar.com.
- Concluded four private placements for over $21 million including a
strategic investment of $5 million by SkyPower Corp., a Lehman Brother
- Set up and moved into a blade manufacturing and nacelle assembly plant
in Bromont, previously built for the automobile manufacturer Hyundai
- Secured supply chain and ordered critical components for the assembly
of turbines in 2008
- Hydro-Québec announced that AAER was one of the five designated wind
turbine manufacturers chosen by bidders when the selected tenders were
unveiled, in mid-September 2007
- Concluded memorandums of understanding with SkyPower Corp. and with
TransCanada Energy Ltd. for the potential supply of wind turbines in
connection with Hydro-Quebec's tender offer
- Concluded a licensing agreement with American Superconductor for the
manufacture of 2MW wind turbines
- Signed a licensing agreement with EUROS Entwicklungsgesellschaft fur
Windkraftanlagen mbH for the manufacture of rotor blades at the
Bromont plant and with GE Energy for its variable speed wind turbine
- Signed a memorandum of understanding for the sale of two wind turbines
to the Ontario-based Positive Power Co-op
- Appointment of Jean-Robert Pronovost to the position of Chief
"2007 was a turning point for us, and we are very proud of the progress
made during the year. We now have a first-rate production facility, we have
built a highly qualified team, actively commercialized our wind turbines, and
put in place a solid supply chain - a key element in our sector. All of the
elements are now in place for us to begin production in 2008, within the
projected timelines," said Dave Gagnon, President and Chief Executive Officer
of AAER. "We reached several significant milestones in 2007, and AAER is now
ideally positioned to serve the North American market, which offers excellent
growth prospects over the next 10 years."
The Company is currently concentrating all of its efforts on implementing
its development strategy, and has not generated any revenue as of December 31,
2007. The results given below are based on material information, and reflect
the results for fiscal 2007.
AAER's operating expenses for fiscal 2007 stood at $4,654,440, compared
with $1,337,216 for the nine-month period ending December 31, 2006. This
increase is due to costs associated with the preparation and establishment of
the Bromont production facility, as well as to the increased workforce
required in order to begin production. The Company continues its
commercialization efforts undertaken in 2007.
Over the course of the year, AAER ordered certain critical production
equipment and took the initial steps required to launch production at its
Bromont plant - where the Company has been located since the start of the
year. The Company also ordered critical components in order to be in a
position to start production during 2008.
For fiscal 2007, net loss related to operating expenses totaled
$4,465,440, or a loss of $0.08 per share (basic and diluted), compared to
$1,337,216 or $0.03 per share (basic and diluted) for the nine-month period
ended December 31, 2006.
As at December 31, 2007, the Company had 82,667,101 common shares issued
and outstanding, and $6,282,534 in cash and cash equivalents. At the same date
in 2006, the Company had 44,173,626 shares issued and outstanding and cash and
cash equivalents totaling $330,022.
About AAER Inc., (TSX-V: AAE)
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