VANCOUVER, Oct. 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is announcing that Ian Harvey, a director of the Company since June 2010, has resigned effective immediately due to potential conflict with a bidder for the Company.
Finavera Wind Energy is currently in discussions with four potential bidders for the Company. These discussions are at an advanced stage and initial offers are expected shortly. Capital West Partners, an experienced merger and acquisitions adviser, is responding to their inquiries and will review offers received.
Mr. Harvey has been a strong supporter of Finavera Wind Energy with a relationship that began with the Company in 2004, well before he became a director. His experience in negotiating numerous power purchase agreements, wind farm construction contracts, and financings for seven wind farms in Ireland, Northern Ireland and Canada were invaluable to the Company. In addition to wind energy development, Mr. Harvey is now focusing on the operations and maintenance of wind farms, landfill gas, and renewable energy from organic waste. Finavera wishes him well in these and future endeavors and thanks him for his efforts and time as a director.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing, constructing and operating wind farms in North America and Ireland. Our mission is to create and operate a diversified portfolio of wind projects while protecting and enhancing the physical and social environment. In British Columbia, Canada, four projects totaling 300 MW have been awarded 25 year AAA-rated Electricity Purchase Agreements and one has received full environmental approval and permitting for construction, expected to begin in 2013. In Ireland, the Company has signed a partnership agreement with SSE plc for development of the 105MW Cloosh Valley Wind Project. 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
+1 (604) 288-9051
Capital West Partners
+1 (604) 718-6809