Jeff Ciachurski, CEO of Western Wind Energy, responds to Tom Konrad's letter

 Jeff Ciachurski, CEO of Western Wind Energy, responds to Tom Konrad's letter

  PR Newswire

  VANCOUVER, British Columbia, February 18, 2013

VANCOUVER, British Columbia, February 18, 2013 /PRNewswire/ --

- TSX.V Symbol: " WND"

- OTCQX Symbol: "WNDEF"

- Issued and Outstanding: 70,656,722



Jeff Ciachurski wishes to personally respond to Tom Konrad's promotional news
article dated February 13, 2013.

There was a series of phone calls between Jeff Ciachurski, CEO of Western Wind
Energy and Tom Konrad, a contributing writer to Forbes. After this
discussion, Mr. Konrad produced an article titled " Why I'm Accepting 
Brookfield  Offer for $2.60 per Share for Western Wind. " In this Article,
Mr. Konrad makes a series of naked assertions. To set the record straight,
Mr. Ciachurski is responding to each of Mr. Konrad's subject paragraphs. We
are hopeful that Mr. Konrad will reproduce, verbatim, this rebuttal from Jeff
Ciachurski.

Mr. Konrad's first paragraph is entitled " What Changed My Mind " and in this
paragraph Mr. Konrad talks about speaking to fund managers and Brookfield's
head of media relations.

Jeff Ciachurski responds by saying that Brookfield's Head of Media Relations
can only disclose the party line of Brookfield. Brookfield's CEO or CFO had
refused to speak with Tom Konrad. Regarding the hedge fund managers who spoke
with Tom Konrad, most are "event driven" fund managers who solely purchased
stock when the Company was put up for sale or when they were aware that a
sales process was imminent. Together, these event driven funds constitute
approximately 13 million shares or the vast majority of the parties who have
tendered. In fact, it was these funds that contacted Brookfield and agreed to
tender if the bid was raised to $2.60. These funds became so over-weighted
with our stock in a situation where they had a limited timeline, that there
was no other alternative but to tender.

Mr. Konrad's second paragraph is entitled "The Situation As I Now See It." 
In this paragraph, Mr. Konrad gives an opinion as to what buyers will pay;
states our lack of intention to sell; declares no value to Yabucoa; states
Western Wind's share price will decline significantly if the bid expires;
states allegations of alienating possible buyers; and Mr. Konrad's view that
he can sway the public to whether or not Brookfield wins the vote.

"What Buyers Will Pay - Why Not More Than $3"

Mr. Ciachurski replies that Mr. Konrad is unaware that hostile bids for
independent power producers are virtually non-existent. The best-suited and
most efficient purchasers for Western Wind are US regulated utilities and
their non-regulated subsidiaries. Mr. Konrad fails to understand that
executive committees within these utilities will not bid on a company, simply
for a break-up fee and incur the public disdain within their regulated
jurisdiction, of getting into a hostile bidding war against an insider such as
Brookfield, who holds a below market price share position. Brookfield knows
this and the only hope of Western Wind shareholders getting a better price is
by Brookfield not obtaining the minimum tender and publicly saying it is
walking away. As Mr. Ciachurski has stated to Mr. Konrad several times, this
is a battle between Brookfield and the Western Wind shareholders and not
between Brookfield and Jeff Ciachurski. Mr. Ciachurski's job is to give
guidance and if Mr. Konrad feels that his investment advice has overreaching
logic and conclusions, this is another feather in the cap for Brookfield.

"Lack of Intention to Sell - Ciachurski's Compensation"

In this paragraph, Mr. Konrad wrongly states that there will be two change of
control payments. There is only one and that was paid just before the
Company's AGM as a precaution that either Savitr or Brookfield, if successful,
in either the proxy battle or subsequent hostile bid, would not honor any of
the employees' pre-established change of control payments. It is standard in
a hostile environment, whether by proxy battle or hostile bid, that the
non-incumbent winning party, not honor any employment agreement. This leads
to years of litigation and in the case of the proxy battle, would have led to
a diminished sales price. Mr. Konrad further fails to state that Jeff
Ciachurski is one of the largest shareholders and stands to benefit the
greatest from any increase in value.

"Declares No Value to Yabucoa - Financing Yabucoa"

Jeff says Mr. Konrad turns on its head, the entire basic principles of project
finance. The most efficient cost of capital is bank debt. Currently, project
financed debt is available at LIBOR +2.75 therefore, the more bank debt on any
project, the more superior returns to the project sponsor. The more equity in
a project, the lower the rate of return. Equity rates of return are much
higher than bank debt therefore, companies that have to sell copious amounts
of corporate equity to meet a project equity requirement, are lowering the
project's total yield. No bank with an "A" rating or better, can simply
increase the interest rate to meet a perceived serious risk of default.

Similar to Windstar and Kingman, the rates we received, were the lowest rates
available, at that particular time, to any party. In the case of Windstar,
where we had an institutional lending group (life insurance companies), rather
than banks, the interest rate is higher because it is fixed for 21 years and
does not have any interest rate hedging costs, which, at the end of the day,
becomes a more stable and predictable expense, yet at a total costs similar to
the bank debt with swaps. In fact our audited financial statements show we
have raised only $70 Million in total corporate book equity since
incorporation. However we control $430 Million in assets and have a hostile
bidder valuing that total corporate equity at $190 Million. This is a superior
conclusion unmatched by the Yieldco's quoted by Mr. Konrad who do not trade
more than their book share equity value.

"The Stock Will Fall"

Jeff says the statement by Mr. Konrad that the stock price will fall is
contrary to his earlier paragraph where he states that the Company is worth
more than $2.60 per share. However, Mr. Konrad does not clarify whether he is
a "value investor" or a "stock trader." He is certainly not a pure clean
energy investor. This is verified within Mr. Konrad's February 13 ^th article
where he states "Brookfield and Algonquin are the largest pure play renewable
companies in North America." Mr. Konrad claims to own shares of both.
According to Algonquin's financial statements and website, Algonquin is a
significant fossil fuel generator and utility distributor of fossil fuels.
This makes Mr. Konrad not a "pure" clean energy investor therefore; his
recommendation of the stock dropping can only be that of a view from a
short-term stock trader. We cannot predict what the price of Western Wind
will do in the short term but we do know that Mr. Konrad believes the shares
are worth more than $2.60.

"Alienating Buyers"

Jeff says Western Wind has been public since December 23, 1999 and until July
30 ^th , 2012, has never agreed to put itself up for sale. There is simply no
history or record of alienating buyers. Algonquin issued a hostile "bear hug
letter" in October of 2011 and Savitr launched a proxy battle on July 31 ^st ,
2012. On November 23, 2012, Brookfield stated its intentions of launching a
hostile bid. For the past 16 months, Western Wind has been under hostile
attempt from two parties, with the Brookfield hostile bid being proxy war
2.0. We would like to invite Mr. Konrad to offer the public his version of
"How Not to Alienate Hostile Bidders."

"Our Decision Makes a Difference"

Jeff says Mr. Konrad takes pride in the fact that his newsletter may be able
to sway shareholders to tender to the Brookfield bid. He does that by saying
he would rather take $2.60 now than waiting 3-4 months for an extra 5% - 8%.
None of these arguments are supported by fact, simply Mr. Konrad's desire to
cash-out on a share position unknown to the public. The public is also
unaware as to when Mr. Konrad buys or sells shares, in relationship to his
"Buy and Sell" opinion letters. Such is the field in the unregulated game of
newsletter writers.

At the end Mr. Konrad fails to state that under Jeff Ciachurski's leadership,
Western Wind helped create hundreds of high paying true green energy jobs.
Western Wind paid tens of millions in sales taxes, millions in taxes to the
Countries in which it does business and millions per year in additional land
taxes for its assets. Western Wind was a 35-cent IPO in December 1999 and even
at only $2.60, is the green energy market leader with a Combined Annual Growth
Rate on share value of 20% per year, each and every year since 2000. Asset
growth is a staggering 60% annually since 2000. Virtually every other green
energy company has failed to meet these exceptional targets or simply failed
completely.

JEFFREY CIACHURSKI Shareholder of Western Wind Energy Corp.

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 outcome of a hearing before the OSC, if
such hearing occurs, the results of a valuation, if obtained by Brookfield ,
and the availability of a financially superior offer,.  Several factors could
cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to: the outcome of a
hearing before the OSC, if such hearing occurs, the results of a valuation, if
obtained by Brookfield, may not be as anticipated by the Company, actions
taken by Brookfield, 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, 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 risk that the outcome of a hearing before the OSC will not be
in the Company's favor, the results of the valuation, if obtained by
Brookfield, will not be as anticipated by the Company, the progress of Western
Wind's sales process, and, assuming the Company receives an expression of
interest from a prospective purchaser, 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 Company 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.

For further information:

JEFFREY CIACHURSKI  1326 - 885 WEST GEORGIA STREETVANCOUVER, BC, V6C 3E8
TELEPHONE: +1-604-685-WIND (9463) FACSIMILE:+1-604-685-9441

http://www.westernwindenergy.com

(WNDEF WND.)
 
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