Western Wind Energy Corp. - Update To Brookfield Bid
VANCOUVER, January 22, 2013
VANCOUVER, January 22, 2013 /PRNewswire/ --
WESTERN WIND ENERGY CORP.
TSX.V Symbol: " WND "
OTCQX Symbol: " WNDEF "
Issued and Outstanding: 70, 475, 306
Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture
Exchange - "WND") (OTCQX - "WNDEF") states that during the past few days we
have met with representatives of Brookfield for the purpose of discussing an
increase in the Offer above $2.50 a share. We came to that meeting at the
request of Brookfield with the understanding that they were prepared to
consider an increase in the offer. While we made progress on this front, a
revised offer was not presented by the time that our directors' circular was
required by law to be distributed.
Today, a representative of Brookfield made an indication to our financial
advisor that they were prepared to offer $2.50 cash plus the entire Yabucoa
Project to be spun out into a new public company for the benefit of the
existing Western Wind shareholders. No formal binding offer has been made or
accepted. While we believe that the total value of this bid is in the right
direction of where this value should be, additional discussions will still
need to be held with Brookfield should they and we wish to pursue a revised
offer. As a consequence of the recent events and the existing process, the
Board will send out a new Directors' circular rejecting the current Brookfield
proposal that was submitted on November 26, 2012 expiring on January 28, 2013.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production company
that owns and operates wind and solar generation facilities with 165 net MW of
rated capacity in production, in the States of California and Arizona.
Western Wind further owns substantial development assets for both solar and
wind energy in the U.S. The Company is headquartered in Vancouver, BC and has
branch offices in Scottsdale, Arizona and Tehachapi, California. Western Wind
trades on the TSX Venture Exchange under the symbol "WND", and in the United
States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy generation facilities in
California, and one fully integrated combined wind and solar energy generation
facility in Arizona. The three operating wind generation facilities in
California are comprised of the 120MW Windstar, the 4.5MW Windridge facilities
in Tehachapi, and the 30MW Mesa wind generation facility near Palm Springs.
The facility in Arizona is the Company's 10.5MW Kingman integrated solar and
wind facility. The Company is further developing wind and solar energy
projects in California, Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the 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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute
forward-looking information under applicable Canadian securities legislation.
These statements relate to future events and are prospective in nature. All
statements other than statements of historical fact may constitute
forward-looking statements or contain forward-looking information.
Forward-looking statements are often, but not always, identified by the use of
words such as "may", "will", "project", "predict", "potential", "plan",
"continue", "estimate", "expect", "targeting", "intend", "could", "might",
"seek", "anticipate", "should", "believe" or variations thereof.
Forward-looking information may relate to management's future outlook and
anticipated events or results and may include statements or information
regarding the future plans or prospects of the Company.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, the Company's negotiations with prospective
purchasers and the results of due diligence investigations conducted by
prospective purchasers, the Company's ability to successfully negotiate
non-disclosure agreements with interested parties, the availability of a
financially superior offer, the Company's future growth, results of
operations, performance, business prospects and opportunities as well as the
economic environment in which it operates. Several factors could cause actual
results to differ materially from those expressed in the forward-looking
statements, including, but not limited to: actions taken by the Offeror or
Brookfield Renewable, actions taken by the Western Wind Shareholders in
relation to the Offer, the possible effect of the Offer on the Company's
business, the outcome of the Company's previously-announced sale process, the
ability of the Company to successfully negotiate non-disclosure agreements
with interested parties, and the availability of value-maximizing alternatives
relative to the Offer. Additional risks and uncertainties can be found in the
Company's MD&A for the year ended December 31, 2011 and the Company's other
continuous disclosure filings which are available at http://www.sedar.com .
Forward-looking statements and forward-looking information involve known and
unknown risks, uncertainties and other factors that may cause actual results
or events to differ materially from those anticipated. Forward-looking
information is subject to a variety of known and unknown risks, uncertainties
and other factors that could cause actual events or results to differ from
those reflected in the forward-looking statements including, without
limitation: the progress of Western Wind's sales process, whether the Company
is able to successfully negotiate the terms of non-disclosure agreements with
interested parties, the results of due diligence investigations conducted by
interested parties, and, assuming the Company receives an expression of
interest, whether a financially superior offer for Western Wind emerges,
whether the Company is able to successfully negotiate a prospective sales
transaction and whether the conditions of any proposed transaction, including
receipt by the Company of all necessary approvals, are met.
The Board of Directors believes that the expectations reflected in the
forward-looking statements contained in this news release are reasonable, but
no assurance can be given that they will prove to be correct. Actual results
and future events may differ materially from those anticipated and accordingly
forward-looking statements should not be unduly relied upon. Forward-looking
statements contained in this document speak only as of the date of this news
release. Except as required by applicable law, Western Wind disclaims any
obligation to update any forward-looking information.
Investor Relations Contact:Lawrence Casse AlphaEdge
Tel: +1-(416)-992-7227 Email: firstname.lastname@example.org
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