Atlantic Wind and Solar to Acquire a 60% Interest in Its CIT Manufacturer AIM Global Energy Inc.
Source: Atlantic Wind & Solar Inc.
On Wednesday March 17, 2010
TORONTO--(Marketwire - 03/17/10) - Atlantic Wind and Solar Inc. (Pinksheets:AWSL - News) is pleased to announce that it is acquiring a 60% interest in Aim Global Energy Inc., (AIM) the manufacturer of leading edge, high-yield converter/inverter (CIT) technology used in AWSL's high yield Renewable Energy systems.
Atlantic initiated the acquisition of this manufacturer with a view to simplifying and streamlining the supply chain of AIM's high performance inverters; to provide a degree of control for AWSL in ensuring that its clients' orders for renewable energy systems will be fulfilled on time; reducing costs of delivered inverters, and to also enhance the Company's growth potential through synergistic vertical integration.
Hybridyne Acquisition Aborted by Vendor
The AIM acquisition is being carried out following the unfortunate default by the vendor in the original agreement, announced previously, to acquire a 47.5% interest in Hybridyne Power Systems Canada (HPSC), rendering the transaction null and void. The cancellation of this transaction will be reflected in the upcoming restatement of the company's quarterly and annual filings.
AWSL had initiated the process of acquiring an interest in Hybridyne to give it an immediate presence in Ontario in light of management's anticipation of the Government's FIT program and accompanying Ontario-content rules, and to also provide AWSL secure access to the CIT technology manufactured by AIM Global Energy Inc. In light of these developments, Atlantic Wind and Solar Inc. will be retiring 4 million shares to treasury from the aborted Hybridyne acquisition.
Aim Global Energy Inc.
The management of Toronto based AIM Global Energy has provided power quality and renewable energy solutions for commercial, industrial, and municipal facilities for more than 25 years. The Company's forte in the industry is its ability to supply leading edge proprietary CIT technology that is a critical component in achieving superior yields in Solar and Wind power systems.
Inverters are an essential component of all Renewable Energy systems. Connecting to the grid through FIT programs such as that recently introduced in Ontario can make the difference between an acceptable ROI and a highly profitable ROI. The Company's inverters provide up to 30% higher yield in Solar Energy systems, a significant competitive advantage in assessing the economics of all solar energy systems available today.
In addition to superior yields, our inverters are one of the very few on the market which meets the Made-in-Ontario content requirements set in place by the Ontario Power Authority.
AWSL... Poised for Growth
The acceleration of orders, financing, and other developments in the past 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 such as today's AIM Global Energy Inc. announcement. AWSL is also in advanced discussions regarding a new global distribution network focused on global 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.
AWSL management is optimistic that the progress achieved over the past 12-18 months in establishing the Company as a leading developer in the Ontario Renewable Energy market and has positioned Atlantic Wind and Solar for rapid growth and enhancement of shareholder value in the foreseeable future.
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.