Atlantic Wind and Solar Inc. Stock Dividend Paid
Renames Wholly Owned Wind Power Subsidiary; Solar Rooftop LOIs Reach New High
Source: Atlantic Wind & Solar Inc.
On Monday February 8, 2010, 4:00 pm EST
TORONTO--(Marketwire - 02/08/10) - Atlantic Wind and Solar Inc. (Pinksheets:AWSL - News) is pleased to report that the AWSL 1-for-3 restricted stock dividend was officially executed on January 25, 2010 to shareholders of record on January 15, 2010. The Company also reports that the number of LOIs in hand pertaining to Solar Energy rooftop projects has reached a new high, and that it has changed the name of its wholly owned Wind Power subsidiary.
The Stock Dividend
On the Payable Date, January 25, 2010, Shareholders of Record will have had their shares automatically mailed to them if their shares are held in certificate form. If their shares are held in a brokerage account, the brokerage firm will have received those shares on the payment date for processing, to be reflected shortly thereafter in the accounts of AWSL shareholders of record on January 15, 2010.
For every three (3) common shares held on the record date, shareholders will have received one (1) free additional common restricted share on the payable date. Under SEC Rule 144, the dividend share will be restricted from resale until such time as the Company files and receives clearance of a Registration Form Statement with the Securities & Exchange Commission.
Solar Rooftop Letters of Intent Continue to Climb
AWSL continues to achieve encouraging results from its focused campaign to market its high efficiency Solar Energy rooftop systems across Ontario. LOIs covering 20 additional rooftop projects and encompassing an additional 6MW of the Company's Solar Energy systems have been received by AWSL or its 47.5-owned affiliate Hybridyne Power Systems Canada Inc. from various commercial sectors that include Agricultural, Manufacturing, Property Developers and Managers. These new LOIs bring the total number of solar energy projects represented by LOIs, Purchase Orders and/or advanced negotiations to approximately 30, encompassing more than 12 MW of electricity-generating capacity.
This Agreement is seen as having very positive implications for AWSL and the outlook for acceptance and growth of renewable energy in Ontario. The long term nature of the "Agreement" program, with its energy production and manufacturing components expected to be phased in over a three-year period not beginning until 2013, is seen as having, in terms of competition, absolutely no negative effects on Atlantic Wind and Solar and the other aggressive, entrepreneurial-led companies striving to bring economical, green renewable energy to Ontario. On the contrary, it is seen as a Win-Win scenario for Atlantic Wind and Solar Inc.
Name Changed for Wholly Owned Subsidiary
The name of the Company's wholly owned subsidiary formerly known as AWE Engineering has officially been changed to Atlantic Wind Energy Corp. (AWE) and AWSL is proceeding with arrangements to ultimately spin off this subsidiary to shareholders of Atlantic Wind and Solar Inc.
As previously reported, AWE has identified a number of potential wind energy parks and is currently involved in discussions regarding plans to advance these projects. AWSL's proprietary Converter/Inverter Technology (CIT) has demonstrated the ability to increase electrical generating efficiencies from wind power by as much as 100% over conventional systems.
Further news on these prospective Wind Park projects will be released as and when significant developments occur. AWSL and AWE are currently meeting with financiers to discuss prospective financing of AWE and its proposed spin off to existing AWSL shareholders through appropriate registration of its securities and filing to have its shares publically traded.
"AWSL management is enthusiastic that AWE will make rapid inroads into the Wind Power industry given the competitive edge that the proprietary CIT technology represents, as illustrated by the success it has brought to the Company's Solar Rooftop marketing program. We look forward to reporting on this subsidiary's progress, and on that of our Solar Rooftop business, in the weeks and months ahead," said Atlantic Wind and Solar I.R Director, Mr. Brent O'Connor.
AWSL... Poised for Growth
The acceleration of orders, financing, and other developments in the last few months of 2009 augurs well for Atlantic Wind and Solar's business and overall growth as we enter 2010. The Company intends to further expand in 2010 through strategically targeted acquisitions. The Company is in advanced discussions regarding a new global distribution network focused on both the American and European markets.
In addition to progressing on current project installations and completions, AWSL is planning to continue the aggressive growth of its Ontario Solar Rooftop Division by securing another 100 x 50,000s/f rooftops in Ontario by the end of 2010, and another 200 in 2011, with the intention of generating in excess of 75 megawatts of solar power to be sold into the grid by 2012. Atlantic Wind and Solar Inc. is also involved in discussions regarding additional technologies and prospective agreements aimed at broadening the Company's exposure to growth in the multibillion dollar Renewable Energy industry, both at home and abroad.
Sales and Marketing Contacts
Property owners and managers with unobstructed commercial rooftops of 30,000 s/f or bigger in the province of Ontario, Canada, and which they are interested in possibly leasing to AWSL, are invited to contact Mr. Charles Mazzacato +1 800 891 1657 ext. 230. All other Renewable Energy sales enquiries are asked to contact Mr. Gilles Trahan +1 800 891 1657 ext. 221.
For further corporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar, please visit: www.atlanticwindandsolar.com
Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.