VANCOUVER, June 12, 2015 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR), announces that further to its application for a Management Cease Trade Order granted on May 1st, 2015 (the "MCTO"), the Company has been required to provide bi-weekly status reports in accordance with National Policy 12-203, until such time as the financial statements and accompanying management's discussion and analysis are filed for the year ended December 31st, 2014 (collectively, the "2014 Annual Financial Statements") and all other subsequent interim financial periods.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the CEO, CFO and COO of the Company, until such time as the 2014 Annual Financial Statements have been filed by the Company.
The Company has filed its 2014 Annual Financial Statements on June 11, 2015. The Company is preparing and is in the process of filing its financial statements and accompanying management's discussion and analysis for the quarter ended March 31, 2015.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities or the Company's ability to issue shares.
The Company advises that there are no material changes to the information contained in the default announcement, and there is no material information concerning the affairs of the Company that has not been generally disclosed. The Company does not anticipate any defaults under National Instrument 51-102 Continuous Disclosure Obligations.
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing renewable energy opportunities. Our mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward- looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE Finavera Wind Energy Inc.
For further information: Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051, [email protected]