SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

January 04, 2010 16:16 ET

Atlantic Wind and Solar Inc. Intends to Proceed With the Spin Off of Subsidiary AWE Engineering, Inc.

TORONTO--(Marketwire - January 4, 2010) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) reports that its Board of Directors is moving toward executing a spin off of its wholly-owned U.S. subsidiary, AWE Engineering, Inc. (AWE) to AWSL shareholders. AWSL acquired this subsidiary through its acquisition, via a reverse takeover, of EMTI (Environmental Technologies Inc.). AWE has identified a number of potential wind energy parks and is currently involved in discussions regarding plans to advance these projects. Further news on these prospective Wind Park projects will be released as and when significant developments occur. AWSL and AWE are currently meeting with financiers to discuss prospective financing of AWE and its possible spin off to existing AWSL shareholders through appropriate registration of its securities and filing to have its shares publically traded.

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

Poised for Growth

The acceleration of orders, financing, and other developments in the last few months of 2009 augurs well for Atlantic Wind and Solar's business and overall growth as we enter 2010. The Company intends to further expand in 2010 through multiple targeted strategic acquisitions. The Company is in advanced discussions regarding a new global distribution network focused on both the American and European markets.

In addition to progressing on current project installations and completions, AWSL is planning to continue the aggressive growth of its Ontario Solar Rooftop Division by securing another 100 x 50,000s/f rooftops in Ontario by the end of 2010, and another 200 in 2011, with the intention of generating in excess of 75 megawatts of solar power to be sold into the grid by 2012. Atlantic Wind and Solar Inc. is also involved in discussions regarding additional technologies and prospective agreements aimed at broadening the Company's exposure to growth in the multibillion dollar Renewable Energy industry, both at home and abroad.

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 sq. ft. or larger 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:
    Geneva Bancorp.
    Mr. Brent O'Connor
    +1 647 343-2549
    Email: Email Contact