VANCOUVER, Oct. 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is pleased to provide an update on the current discussions relating to the acquisition of the Company.
Finavera has expanded its discussions with four potential bidders for the Company. These discussions are at an advanced stage and initial offers are expected shortly.
In addition, there are a number of new entrants who have signed Non-Disclosure Agreements and are currently reviewing data in the Company's data room and conducting initial due diligence. Capital West Partners, an experienced merger and acquisitions advisor, is responding to their inquiries and will review offers received. Capital West will then present its recommendation to the Special Committee of the Board, which is composed of four independent directors. The Special Committee is charged with ensuring that the review of a proposed transaction is made without conflict of interest between the Company and its directors, controlling shareholders and management.
The four potential bidders in advanced discussions with the Company have completed significant due diligence including thorough reviews of the Company's documentation, site visits to a number of project locations, confirmation of turbine supply pricing and construction costs and an assessment of the financial returns from the projects. Finavera is moving expeditiously to consummate a transaction in the near term.
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: