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AAE Aaer

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Share Name Share Symbol Market Type
Aaer TSXV:AAE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

AAER Obtains Court Protection to Restructure

08/04/2010 10:14pm

Marketwired Canada


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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