VANCOUVER, June 4, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) would like to take this opportunity to respond to a Notice of Claim filed in B.C. Supreme Court by E&E Consulting Incorporated and Ecology and Environment Inc., a related company (collectively "E&E"), for payment of unpaid invoices. E&E was a contracted consultant to the Company and carried out environmental assessment work. E&E carried out the work on the Tumbler Ridge and Wildmare Wind Energy Projects. Both projects were suspended during the environmental assessment review period, causing delays to the overall project schedule. In its claim, E&E states it completed work "in a good and workmanlike manner". Finavera is assessing this claim and the Company's legal options.
Finavera is fully focused on completing a strategic transaction that will realize significant value for shareholders. In the interim, the Company continues to manage the ongoing development of its portfolio of projects and manage outstanding payables with the support of lenders and service providers.
E&E Consulting Incorporated filed a notice of claim seeking $835,753 in unpaid invoices. It also seeks $3,713 (U.S.) owing to Ecology and Environment Inc., a related company. The suit seeks court-ordered payment of the debt, plus interest at 1 per cent per month.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment. In British Columbia, Canada, projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with Scottish and Southern Renewables for the 105MW Cloosh Valley Wind Project. Data collection and environmental studies have been continuing at a number of prospective sites in Canada and the United States.
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."
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