Cleanfield Reports First Quarter Results and Issues Stock Options

HAMILTON, ON, Nov. 2 /CNW/ - Cleanfield Alternative Energy Inc. (TSX Venture: AIR), the parent company of Cleanfield Energy Corp ("Cleanfield"), an international leader in Vertical Axis Wind Turbine (VAWT) solutions, announced today the financial results of its first quarter ended August 31, 2009. Cleanfield's unaudited interim consolidated financial statements and MD&A for first quarter are available on www.SEDAR.com.

    
    Operating highlights: During the first quarter, the Company:
    -   Received United Laboratories (UL) certification for its proprietary
        VAWT inverter, which is required for US distribution,
    -   Contracted to install ten turbines in early 2010 for an architectural
        showpiece building in downtown Houston, and
    -   Began installation of six VAWTs on a rooftop of Durham College's
        Whitby Campus building east of Toronto.
    

Financial highlights: Compared to the same periods in the previous year, revenue declined in the first three months of the current fiscal year, but increased during the last 12 months ended August 31, 2009. The Company reported significant reductions in expenses and losses both in the first fiscal quarter and over the last 12 months. Included in the loss of first quarter of fiscal 2009 were financing expenses totalling $412,314, which were incurred to secure convertible debt financing. In the first quarter of the current fiscal year, Cleanfield also secured private equity financing of $272,875.

    
    -------------------------------------------------------------------------
                       First Quarter                  Last 12 months
              ---------------------------------------------------------------
                  Aug.31,     Aug.31,             Aug.31,     Aug.31,
                    2009        2008  Change        2009        2008  Change
    -------------------------------------------------------------------------
    Revenue      $63,273     $87,373    -28%    $199,694    $124,612     60%
    Loss        $350,330  $1,071,073    -67%  $2,637,220  $3,289,554    -20%
    Loss per
     share         $0.01       $0.05    -80%
    -------------------------------------------------------------------------
    

Cleanfield's CEO Tony Verrelli said, "We are encouraged by progress we are making with business development and anticipate Cleanfield's sales in North America and overseas will increase appreciably this fiscal year, which will likely improve further our financial results."

Granting of stock options: Cleanfield also announced that it granted options, subject to TSX Venture approval, for a total 250,000 common shares to an investor relations consultant, a director of the company and an accounting services consultant of the Company. All the options are exercisable at a price of $0.25 per common share, and expire on October 28, 2014.

IR initiative: Cleanfield announced today that it has retained Jade Ansell as an independent investor relations consultant for a period of approximately six months. Mr. Ansell will further increase awareness of the Company's business in the investment community, and will endeavour to raise capital to support the Company business initiatives. He will be compensated with a monthly fee as well as share options.

About Cleanfield Energy Corp.: Cleanfield is dedicated to developing renewable energy products primarily for urban environments. The Company produces an industry leading Vertical Axis Wind Turbine, which can be installed on rooftops or pole mounts, produces green renewable energy quietly and cost effectively, and is sold worldwide. Cleanfield also provides purchase financing to qualified customers.

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.
    

%SEDAR: 00021406E

SOURCE Cleanfield Alternative Energy Inc.

For further information: For further information: Go to www.cleanfieldenergy.com, or contact Tony Verrelli, President & CEO, Cleanfield Energy Corp., (905) 304-5223, info@cleanfieldenergy.com

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