TORONTO, Sept. 24, 2012 /CNW/ - Cleanfield Alternative Energy Inc. (the "Corporation") is announcing a share consolidation on a 2:1 basis, subject to shareholder approval (the "Share Consolidation"). The Corporation has called a special meeting of the shareholders to be held on October 19, 2012 requesting such approval. There are currently 72,261,947 common shares of the Corporation issued and outstanding. After the Share Consolidation there will be 36,130,974 common shares of the Corporation issued and outstanding.
The Corporation has decided that the Share Consolidation is necessary in order to attract investors so that the Corporation can raise funds. For further details please refer to the Corporation's information circular filed on www.sedar.com.
About Cleanfield Alternative Energy: Cleanfield is an innovative technology company focused on the research, development and distribution of renewable energy solutions for the urban environment. The company owns industry leading and proprietary inverter technologies, which it currently sells through a complete solution - a 3 kW vertical axis wind turbine. The company is also developing several advanced solar photovoltaic technologies with strategic partners.
Forward Looking Statements: Certain statements in this news release may be considered to be forward-looking. These statements relate to future events or Cleanfield's future results including revenues and reflect the current assumptions and expectations of management. Unknown factors may affect the events, performance, revenues and results of operations described herein. Cleanfield 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 laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Cleanfield Alternative Energy Inc.
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