AWSL's Atlantic Solar Inc. Receives Letters of Intent From Green Energy Funds to Negotiate Major Financing Agreements
Debt & Project Equity Funding
Source: Atlantic Wind & Solar Inc.
On Monday March 08, 2010
TORONTO--(Marketwire - 03/08/10) - Atlantic Wind and Solar Inc. (Pinksheets:AWSL - News) is pleased to report that negotiations with several Green Energy funding companies are advancing toward finalizing a financing that would fund AWSL's current activities, including numerous JV Ontario rooftop solar projects, production ramp up of the Company's outstanding Inverters/Converters, continued aggressive marketing across Ontario, and potential entry into new markets where the Company's systems would enjoy similar competitive advantages as those being realized here in Ontario.
Satisfactory Financing Agreement Anticipated
Pertaining to its ongoing negotiations to complete the largest financing in AWSL's history, the Company has received Letters Of Intent from two of Ontario's leading Green Energy funding companies to negotiate a proposed $120 million+ financing. Both funding companies are strong participants in the emerging solar energy boom in Ontario. As well, AWSL is involved in advanced negotiations regarding a $75 million debt financing from a multinational energy company that is aggressively expanding its participation in the Renewable Energy sector. While these proposed financings are in the negotiation stages and there is no agreement on final terms as yet, AWSL management is optimistic that one or more significant financings will be completed in the weeks ahead.
AWSL ... Poised for Growth
The acceleration of orders, financing, and other developments in the last few months augurs well for Atlantic Wind and Solar's business and overall growth in 2010. The Company intends to further expand in 2010 through strategically targeted acquisitions. AWSL is in advanced discussions regarding a new global distribution network focused on both the American and European markets. 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 for 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 system enquiries are asked to contact Mr. Gilles Trahan +1 800 891 1657 ext. 221.
For further coporate 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.