MONTREAL, Nov. 16 /CNW/ - AAER Inc. (TSX-V: AAE), Canada's only wind
turbine manufacturer, today released its financial results for the third
quarter ended September 30, 2007. The Company's financial statements and
Management Discussion and Analysis Report are available on the Company's
Website www.aaer.ca as well as www.sedar.com.
Highlights for the quarter and subsequent events
- A private placement of $12,650,000 was finalized.
- A licensing agreement was signed with EUROS for the manufacture of
rotor blades at the Bromont plant.
- Skypower Corp., an affiliate of Lehman Brothers, invested $5 million
in the company.
- A licensing agreement was signed with American Superconductor for the
manufacture of 2MW wind turbines.
- A private placement of $2.5 million was finalized.
- A memorandum of understanding was signed with TransCanada for the
possible supply of wind turbines in connection with Hydro-Québec's
call for tenders.
- A Chief Financial Officer was appointed.
- Hydro-Québec announced that AAER was one of the five designated wind
turbine manufacturers chosen by bidders when the selected tenders were
opened, in mid-September 2007.
- A memorandum of understanding for the sale of two wind turbines to the
Ontario firm Positive Power was ratified.
- A memorandum of understanding was signed with VALOREM for marketing
AAER technology in Europe.
"Our new partnerships with major players in the North American wind
industry have generated growing interest in our Company," said Dave Gagnon,
President and Chief Executive Officer of AAER. "The outlook for growth in the
wind industry is excellent, particularly in North America. Our recent private
placements have enabled us to complete our management team and solidify our
supply chain, positioning us to establish AAER as a major player in the
renewable energy sector."
Net proceeds from recently completed private placement will be used by
AAER for capital expenditures at the Bromont manufacturing plant, to order
critical components, make certain license payments and for working capital
The Company is currently concentrating all of its efforts on implementing
its development strategy and has not generated any operating revenues as of
September 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 $1,438,344 at September 30, 2007, compared with
$331,988 for the same quarter of 2006. The increase is related to the
significant effort that the Company continues to devote to development. Since
January 2007, AAER has increased its staff, ordered critical equipment and
started implementing the first initial phases of its production plan at the
Net loss for the period ended September 30, 2007 was $1,436,465, or $0.02
per common share. For the same period last year, net loss was $326,697, or
$0.02 per common share.
At September 30, 2007, the Company had 55 729 424 shares issued and
outstanding and $690,680 in cash.
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.: Eric Bouchard, Telephone:
(514) 844-7997, email@example.com