SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

December 10, 2009 12:21 ET

Atlantic Wind & Solar Inc. (AWSL) Signs Milestone Rooftop Solar Energy Agreement With Ontario Based, The Remington Group

Innovative Joint Venture Marks a Significant Endorsement of Solar Energy Use in Ontario

TORONTO--(Marketwire - December 10, 2009) - Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to announce that it has signed a milestone Solar Energy Agreement with major Ontario real estate developer, The Remington Group. This agreement follows the recently announced Province of Ontario Green Energy Act introducing feed-in tariffs and domestic content rules for alternative energy producers.

Highlights of the AWSL - Remington Group Agreement

--  The Agreement encompasses the installation of several rooftop solar
    projects in Ontario up to 250kW in size and involves the installation of up
    to $15 million of Hybridyne Power Systems Canada's renewable energy systems
    on Remington owned facilities.
    
--  The purchase and installation of these renewable energy systems will
    be financed by a 50/50 joint venture between Remington Group and AWSL
    through a Limited Liability Partnership (LLP.)
    
--  These rooftop solar power systems will generate in excess of 1.25 MW
    (peak) of power and will generate a 20 year guaranteed revenue stream under
    the Feed In Tariff Program upon issuance of the Ontario Power Authority
    contract.  The Remington Group and AWSL will share equally in the revenues
    from these projects.
    

About The Remington Group Inc.:

Since the 1940s, Remington has grown to become a preeminent Ontario real estate developer, widely recognized throughout the industry for uncompromising quality, business development acumen, and environmentally friendly, sustainable growth practices. The Company has a long history of instituting and successfully completing many major development projects across Ontario and commands a dominant position in Industrial and Commercial Construction; Residential Construction; Land Development; Property Management and more.

In signing this landmark Agreement with AWSL, industry leading Remington reiterates its long standing commitment to sustainable growth by embracing the eco-friendly Renewable Energy opportunities of the 21st Century.

To learn more about The Remington Group, visit: http://www.remingtongroupinc.com/home.html

About Atlantic Wind & 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 working with parties in the Real Estate and Property Management sectors in Ontario to secure rooftop leases suitable for AWSL's photovoltaic (PV) renewable energy systems.

Sales and Marketing Contacts

For companies wishing to make Renewable Energy sales enquiries, please call +1 800 891 1657 ext. 230. Property owners and managers with unobstructed commercial rooftops of 30,000 s/f or bigger in the province of Ontario, Canada, and for 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 coporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar, please visit: www.atlanticwindandsolar.com

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:
    (For Atlantic Wind & Solar Inc.)
    Geneva Bancorp.
    Mr. Brent O'Connor
    +1 647 343-2549
    Email: Email Contact

    Solar Relations Contact:
    (For The Remington Group)
    Mr. Tom Davies
    +1 905 761-8200 x 280
    Email: Email Contact