MONTREAL, Aug. 29 /CNW/ - AAER Inc. (TSX-V: AAE), Canada's only wind
turbine manufacturer, today released its financial results for the second
quarter ended June 30, 2007. The Company's financial statements and Management
Discussion and Analysis are available at http:///www.sedar.com.
Highlights of the Second Quarter of 2007
- Conclusion of a patent agreement with GE for variable-speed wind
- Signature of a memorandum of understanding with IEC Holden to supply
- Completion of preparatory work on its factory, which is now ready
for installation of production equipment
- Identification of major Quebec suppliers and start of negotiations
to ensure a supply of key components and sub-components
- Appointment of Bernard Bougie to the board of directors
- A private placement of $2 M was closed in August 2007
- Prior opinion of qualification of AAER's proposed A-1500 wind
turbine technology under Hydro-Québec Distribution's 2000 MW call
- Conclusion of agreements with the towns of Chandler and
Ste-Anne-des-Monts to provide regional content for the 2000 MW
"In the second quarter of 2007, we invested a great deal of time, energy
and money on acquiring the necessary resources to get our production line up
and running by the end of the year," said Dave Gagnon, President and Chief
Executive Officer of AAER. "Although we were surprised by Mount Hays' dispute
of our wind turbine supply agreement, our confidence remains absolute when we
see the tender invitations and requests for information from various
producers. Our recent announcement regarding the signing of an agreement to
sell wind power turbines to Ontario-based Positive Power shows the need for a
producer like AAER in the market, not to mention the opportunity we have to
develop a presence in France with VALOREM, a recognized name in the wind
AAER recently completed a private placement for the amount of
$2.3 million. Announced on August 15, 2007, the offering will be used by the
Company for corporate development purposes, acquisition of moveable assets and
The Company is currently concentrating all of its efforts on implementing
its development strategy and has not generated any operating revenues as of
June 30, 2007. The results given below are based on material information and
reflect the results for the three-month period.
Operating expenses, consisting primarily of administrative expenses and
general expenditures, stood at $1,010,720 at June 30, 2007, compared with
$508,805 for the same quarter of 2006. These expenditures consist of salaries
and fringe benefits, professional fees, the costs of leasing, taxes,
insurance, office furnishings, and other miscellaneous expenses. The increase
is related to the significant effort that the Company continues to devote to
Net loss for the period ended June 30, 2007 was $815,315, or $0.02 per
common share. For the same period last year, net loss was $540,573, or $0.02
per common share.
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 MW and
more 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 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., Eric Bouchard, Telephone:
(514) 844-7997, email@example.com