Cleanfield Reports First Quarter 2011 Results

TORONTO, Oct. 28 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX Venture: AIR), a leader in innovative sustainable energy technologies and building-integrated solutions, announced today the financial results for its fiscal first quarter ended August 31, 2010. Cleanfield's unaudited interim consolidated financial statements and MD&A for the third quarter are available on www.SEDAR.com.

Highlights:

• Completed the installation of ten turbines, architecturally integrated into the rooftop of the new 29-storey Discovery Tower located in downtown Houston;
  
• Entered into a research collaboration agreement with the University of Ontario Institute of Technology and the Ontario Centres of Excellence to develop a novel renewable energy generation system for commercialization by Cleanfield;
  
• Entered the solar power market by committing to install a 10kW solar photovoltaic system and two Cleanfield 3.5kW VAWTs in Hamilton, Ontario; and,
  
• Extended the maturity of the Company's Series B convertible debentures to July 31, 2012.

Financial highlights: Compared to the same fiscal period in the previous year, revenue more than quadrupled in the first quarter and Cleanfield's total loss increased by 18%. Loss per share remained unchanged at $0.01.

	Three months ended August 31
	2010	2009	Change
Revenue	$288,719	$63,273	356%
Loss	$(412,882)	$(350,330)	18%
Loss per share	$(0.01)	$(0.01)	0%

Cleanfield's CEO Tony Verrelli said, "Over the past trailing four fiscal quarters, our revenue surpassed $1 million compared to $200,000 in the previous four quarters and we cut our total loss per share from 10 cents to 5 cents. We have approximately $550,000 in sales backlog, and we are beginning to work with our new partner SAI Prasad Group on developing an off-grid system for the Asian market. We are proud of our successes to date and are looking forward to accelerating our growth in the future."

About Cleanfield: Cleanfield is an innovative technology company focused on the research, development and distribution of renewable energy solutions for the urban environment. Cleanfield possesses industry leading, proprietary inverter technologies, which it currently sells through a complete solution - a 3.5 kW vertical axis wind turbine. Cleanfield turbines have been installed in over 50 locations worldwide. The company's vision is to be recognized as an international leader in bringing high-quality and innovative sustainable energy solutions to the marketplace.

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.

For further information:

Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield [phone], [email protected]