SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

November 23, 2009 08:00 ET

AWSL Announces Revised Date for Stock Dividend -- Receives Funding Commitment

TORONTO--(Marketwire - November 23, 2009) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) hereby notifies its shareholders that, subject to confirmation by FINRA (The Financial Industry Regulatory Authority), the Record and Payable dates for the 1-for-3 stock dividend announced on October 22, 2009 have been revised, from November 23, 2009/December 7, 2009, respectively, to December 14 and December 28, 2009, respectively. For every three (3) common shares held on the record date, shareholders will receive one (1) free additional common share on the payable date. Under SEC Rule 144, the dividend share will be temporarily restricted from resale; typically a one-year hold for non-reporting companies and six months for fully reporting companies. Atlantic Wind and Solar Inc. is not a fully reporting company, but is working towards achieving that status. The board of directors of AWSL elected to increase the shares outstanding by paying a stock dividend in order to improve market liquidity.

Financing Commitment Received

AWSL is pleased to also report a private placement financing commitment by a private investment company administered out of Qatar, whereby the Company will fund up to US$2,500,000. Geneva Bancorp's investment banking division was instrumental in securing the capital required to fund AWSL's transitional budget for its roof-top solar business expansion plans, currently expected to carry the Company through to the point of profitability. AWSL has received the first tranche of US$500,000.

Terms of Funding

Atlantic may, at its sole discretion, draw down funds in US$500,000 increments at a 10% discount to the 14 day average closing price of the Company's common stock. This drawdown mechanism allows the Company to predetermine the amount of dilution for each investment, and precludes having to draw down more funds than required at any given time. Shares purchased will be unregistered securities as defined by the SEC and will bare a Rule 144 Restricted Legend. Shares issued under Rule 144 are restricted from resale for a period of one year from the date of issue or 6 months if the Company becomes an SEC reporting issuer.

About Atlantic Wind and Solar Inc.:

Through focused management, strong R&D, state-of-the-art proprietary technology, exclusive licenses, and joint ventures, Atlantic Wind & Solar Inc. is poised for rapid growth at the forefront of the massive global shift towards environmentally friendly, economical renewable energy. The Company is positioned to achieve significant inroads into key sectors of the annual $200 billion renewable energy boom that is accelerating across North America and around the world.

Since AWSL's June 2009 acquisition of Hybridyne Power Systems Canada, the Company has been actively pursuing a number of exciting RE projects that portend a successful 2009 with the achievement of several corporate milestones. The Hybridyne acquisition, followed by the revolutionary Green Energy Act introduced by Canada's most populous province, Ontario, has led to a strong focus by Atlantic Wind and Solar Inc. on the exciting potential for growth in the rooftop solar business across Ontario, and has quickened the pace of its province-wide marketing efforts in that regard.

Sales and Marketing Contacts

To make Renewable Energy sales enquiries, please call +1 800 891 1657. Property owners and managers with unobstructed commercial rooftops of 30,000 s/f or bigger in the province of Ontario, Canada, and which they are interested in possibly leasing to AWSL, are invited to call Mr. Geoff Moffat, Cushman & Wakefield Ltd. at 416-359-2534.

For further corporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar, please visit: www.atlanticwindandsolar.com

Atlantic Wind and Solar Inc.
350 Bay Street, Suite 1201
Toronto, Ontario
Canada, M5H 2S6
Phone: 1 (800) 891-1657
Fax: +1 (888) 316-0424

Disclaimer:

Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Geneva Bancorp.
    Mr. Brent O'Connor
    +1 647 343-2549
    Email: Email Contact