HAMILTON, ON, Dec. 8 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield"), (TSX Venture: AIR), an international leader in Vertical Axis Wind Turbine (VAWT) technology solutions announces that it is currently renegotiating its joint venture agreement with Zhejiang Jingye Technology Co. Ltd (ZJT).
Cleanfield entered into an agreement with ZJT in Novemeber 2008 to form a joint venture for the sales, distribution and manufacturing of Cleanfield VAWTs in China. In this agreement, ZJT was to make a $3-million equity investment in Cleanfield in three tranches of $1 million. The first tranche was paid, but the second tranche, due on the first anniversary of the agreement, was not paid and is not expected to be paid as originally contemplated because of difficulties experienced by ZJT. Cleanfield and ZJT are currently renegotiating the agreement, including further payments, the structure of the partnership and other terms.
Cleanfield also announced that it granted 40,000 options, subject to TSX-V approval, to an investor relations consultant of the company. All options are exercisable at a price of $0.21 per common share, and expire on December 1, 2014.
About Cleanfield Alternative Energy Inc.: Cleanfield is committed to developing renewable energy products primarily for the urban environment. The Company produces an industry leading VAWT, which can be installed in various ways, produces green renewable energy quietly and cost effectively and is sold worldwide. Cleanfield also provides purchase financing to qualified customers, and is developing solar photovoltaic products for commercialization.
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 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. 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 law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cleanfield Alternative Energy Inc.
For further information: For further information: Go to www.cleanfieldenergy.com, or contact Tony Verrelli, President & CEO, Cleanfield Alternative Energy Inc., (905) 304-5223, firstname.lastname@example.org