SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

October 22, 2009 16:38 ET

Atlantic Wind and Solar Inc. Strengthens Alliances and Declares Dividend

TORONTO--(Marketwire - October 22, 2009) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) is pleased to announce that the Board of Directors has declared a 1-for-3 stock dividend, payable on December 7, 2009 to shareholders of record on November 23, 2009. For every three (3) common shares held on the record date, shareholders will receive 1 free additional share on the payable date.

In view of the relatively small number of common shares currently outstanding, the board of directors of AWSL has chosen to increase the shares outstanding by paying a stock dividend in order to improve market liquidity. The Company may require the shareholders to return their certificates of stock for re-issuances.

Ontario's Green Energy Act Boosts Renewable Energy Potential

The potential of AWSL's various Renewable Energy business ventures was greatly enhanced when Ontario passed its Green Energy in September 2009. Ontario's generous Feed-in-Tariff and other aspects of the Act designed to further incentivize entrepreneurs and all members of the Renewable Energy industry have been hailed as a global model. Atlantic Wind and Solar is aligning its growth and marketing strategies in both wind and solar energy components and systems to avail itself of the tremendous opportunities inherent in Ontario's progressive new Energy Act.

FIT Program Spurs AWSL Progress

Reinforced by the recent introduction of Ontario's new Feed-in-Tariff program, Atlantic's business plan has been greatly enhanced and numerous recent developments have accelerated the Company's progress in launching its rooftop solar systems.

The Company has formed a Strategic Alliance with leading Real Estate and Property Management leader Cushman & Wakefield Ltd. to secure rooftop leases throughout Ontario for AWSL's photovoltaic (PV) renewable energy systems.

Atlantic has retained the Toronto, Ontario-based law firm of Aird & Berlis LLP to assist in its business of renting rooftop space to facilitate rooftop solar energy parks throughout Ontario. Atlantic's evolving rooftop solar business entails cutting edge business practices in this specialized and growing field that may encompass long term rooftop leasing contracts, installation/ownership of energy generating systems, energy and profit-sharing arrangements, etc.

Upon announcing the new FIT program, George Smitherman, Deputy Ontario Premier and Minister of Energy and Infrastructure, observed, "The proposed feed-in tariff program would help spark new investment in renewable energy generation and create a new generation of green jobs" in Ontario.

The Strategic Alliance

The Alliance entered into by AWSL and renowned Cushman & Wakefield Ltd. is based upon extraordinary potential for rooftop solar systems in Ontario. AWSL's Rooftop Solar Division will deploy superior technology to maximize power generation and profits under the new Ontario FIT incentives for expanding Renewable Energy use. It will use and exclusively benefit from the technological advancements, including its high-efficiency converter/inverter (CIT) technology and other leading edge technologies embedded in Atlantic's rooftop solar energy parks. Given Cushman & Wakefield Ltd's leading presence in Ontario's Real Estate and Property Management industry, the alliance is expected to accelerate deployment of AWSL's leading edge technology into the very large Ontario market for Renewable Energy.

Aird & Berlis LLP

Aird & Berlis LLP comprises a diverse group of more than 120 of Canada's most talented lawyers. The firm provides a wide range of legal services that includes a dedicated Energy Team with strong capabilities in various facets of the Renewable Energy sector, as well as its industry leading Real Estate Group serving major developers of commercial, institutional, residential and industrial real estate.

"The Strategic Alliance with Cushman & Wakefield Ltd. and subsequent retention of Aird & Berlis LLP are in keeping with Atlantic Wind and Solar's policy of aligning the Company with leaders in relevant businesses and services as the Company pursues growth at the leading edge of the true growth industry of the 21st Century." -- Brent O'Connor -- Atlantic Wind and Solar I.R. Director

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. The Company is currently involved in advanced negotiations regarding the deployment of several AWSL rooftop solar parks.

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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 Pinksheets 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