VANCOUVER, Oct. 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind
Energy' or the 'Company') (TSX-V: FVR) is announcing that Ian Harvey, a
director of the Company since June 2010, has resigned effective immediately
due to potential conflict with a bidder for the Company.
Finavera Wind Energy is currently in discussions with four potential bidders
for the Company. These discussions are at an advanced stage and initial
offers are expected shortly. Capital West Partners, an experienced merger and
acquisitions adviser, is responding to their inquiries and will review offers
Mr. Harvey has been a strong supporter of Finavera Wind Energy with a
relationship that began with the Company in 2004, well before he became a
director. His experience in negotiating numerous power purchase agreements,
wind farm construction contracts, and financings for seven wind farms in
Ireland, Northern Ireland and Canada were invaluable to the Company. In
addition to wind energy development, Mr. Harvey is now focusing on the
operations and maintenance of wind farms, landfill gas, and renewable energy
from organic waste. Finavera wishes him well in these and future endeavors
and thanks him for his efforts and time as a director.
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."
Finavera Wind Energy Jason Bak CEO +1 (604) 288-9051 email@example.com
Capital West Partners Paul Langley Partner +1 (604) 718-6809 firstname.lastname@example.org
SOURCE: Finavera Wind Energy Inc.
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CO: Finavera Wind Energy Inc.
ST: British Columbia
NI: OIL ENV 2575 WNEWS
-0- Oct/05/2012 18:21 GMT
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