SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

December 01, 2009 16:09 ET

Atlantic Wind and Solar's Ontario Divisions Receive Additional LOIs Regarding Rooftop Solar Parks

TORONTO--(Marketwire - December 1, 2009) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) is pleased to report the signing of two Letters of Interest (LOI) encompassing the following rooftop solar projects:

--  An LOI signed by AWSL and a pharmaceutical manufacturing company
    covering the prospective sales and installation of two (2) 250 kW rooftop
    solar systems located in a suburb east of Toronto. These discussions are
    entered into with the express purpose of investigating and exploring the
    feasibility both technologically and financially of a custom designed
    Renewable Energy Power System which is intended by design to ultimately
    allow us to sell energy to the Ontario power grid, through the Ontario
    Power Authority's Feed-In-Tariff (FIT) program for our facility. The
    project has a potential business transaction value of approximately $6
    million. These two systems will be owned and operated by the building
--  A leading Ontario commercial real estate developer and AWSL have
    signed an LOI for five (5) 250 kW rooftop solar projects in various Ontario
    locations representing a business transaction value exceeding $12 million.
    These five systems will also be owned and operated by the building owner.
    As well, this large real estate developer is considering several additional
    properties for "rooftop leased premises" whereby AWSL will fund, construct,
    operate and retain ownership of the solar systems, thereby enjoying an
    estimated net revenue stream potentially in excess of $5 million in the
    first twenty years of operation based on the FIT program revenues for each
    project under consideration.

These LOIs cover new projects totaling some $18 million in potential revenues. When added to previously announced LOIs, the aggregate potential revenues from rooftop solar projects for which AWSL and its Canadian operating divisions, 100% owned Atlantic Solar Inc., and 47.5% owned Hybridyne Power Systems Canada Inc., have now received Purchase Orders (1) or signed LOIs (5) amount to approximately $27 million.

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 suitable for AWSL's photovoltaic (PV) renewable energy systems.

Since the Ontario Government's paradigm-changing Green Energy Act with its lucrative Feed-In-Tariff program was introduced, Atlantic Wind and Solar has received several Letters of Intent/Interest regarding deployment of its Micro Energy Park Rooftop Solar Systems in Ontario as the province-wide interest in rooftop solar systems has rapidly moved to a new level. Discussions are currently underway with various parties regarding additional rooftop solar projects.

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:


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