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Share Name | Share Symbol | Market | Type |
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Aaer | TSXV:AAE | TSX Venture | Common Stock |
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NOT FOR U.S. RELEASE OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. AAER Inc. (TSX VENTURE:AAE) announced that it and its U.S. subsidiaries, AAER USA Inc. and Wind-Smart LLC (collectively "AAER") have obtained court protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA") in Canada pursuant to the initial order granted by the Quebec Superior Court (the "Initial Order"). The Court has granted CCAA protection for an initial period of 30 days expiring May 7, 2010, to be extended thereafter as the Court deems appropriate. AAER made the decision to obtain CCAA protection, with the authorization of its board, after thorough consultation with its advisors and extensive consideration of all other alternatives. AAER has sought protection under the CCAA as its current cash in hand would not allow it to meet its current obligations and since it was not possible for AAER to move forward with its previously announced public offering. The CCAA filing is also a necessary step in the context of the board's ongoing review and assessment of AAER's strategic alternatives. While under CCAA protection, AAER's board of directors maintains its usual role and its management remains responsible for the day-to-day operations of AAER. AAER has retained Samson Belair / Deloitte & Touche Inc. to act as court-appointed monitor during the CCAA process to assist AAER throughout the restructuring, notably by soliciting third party offers. McCarthy Tetrault LLP is acting as legal counsel for AAER. AAER has been granted an interim financing in the amount of $330,000 to address AAER's working capital needs during the CCAA process. The documentation and information on AAER's restructuring process will be available on the monitor dedicated website at www.deloitte.com/ca/aaer. About AAER Inc. AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 MW or more wind turbines principally for the North American market. Its strategy is to progressively build its products' components to provide a high level of reliability and competitive pricing to its customers. AAER uses a portfolio of proven European technologies to ensure the performance of its turbines in various wind conditions and terrains. Its stock is listed on the TSX Venture Exchange (TSXV: AAE). Additional information is available on AAER's website at www.aaer.ca. Forward-Looking Statements This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond AAER's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in AAER's amended and restated preliminary prospectus dated February 25, 2010 and the annual information form for the year ended December 31, 2008 and dated March 26, 2009. Further, forward-looking information is in addition based on various assumptions, including, without limitation, assumptions about: (i) general business and economic conditions; (ii) selection of AAER's client bids in different requests for proposals; (iii) the availability of financing on reasonable terms; (iv) the availability of key components for the assembly of wind turbines, (v) the costs of raw materials and parts; (vi) AAER's ability to attract and retain skilled staff; (vii) market competition; (viii) the technology offered by AAER's competitors; (ix) AAER's ability to meet contractual obligations and delivery dates; and (x) AAER's ongoing relations with employees and with clients. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on 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
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