TORONTO, Oct. 22, 2012 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR), is pleased to announce that its shareholders granted it the authority to initiate a proposed two (2) for one (1) consolidation of Cleanfield's common shares (the "Share Consolidation"). The shareholders of Cleanfield, who voted at the October 19, 2012 special meeting, voted greater than 99% in favour of the Share Consolidation.
Subject to regulatory approval, the Share Consolidation will transpire only if Cleanfield attracts new financings and if it is in the interest of Cleanfield and its shareholders to proceed with the consolidation of the common shares in order to facilitate the new capital investment. For further details please refer to Cleanfield'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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