Schneider Power Inc.
TSX VENTURE : SNE

Schneider Power Inc.

November 26, 2008 17:00 ET

Schneider Power Announces Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) - Schneider Power Inc. (TSX VENTURE:SNE), a global developer of renewable energy facilities, today announced its 2008 third quarter results.

Highlights for the third quarter ended September 30, 2008:

- Achieved first full year of operation for Providence Bay (1.6 MW) wind farm.

- Raised net proceeds of $4.2 million through private placement ($2.4 million) and qualifying transaction ($1.8 million).

- Signed non-binding MOU with Energy Farming International (EFI) of Germany in respect of the financing, construction, commissioning and operation of the Company's Arthur (10 MW), Spring Bay (6.5 MW), Trout Creek (10 MW) and Innisfil (10 MW) wind farms.

"The third quarter was a period of significant change at Schneider Power as it prepared for and completed a capital pool company qualifying transaction and concurrent private placement," said Jonathan Lundy, Schneider Power's Chief Executive Officer. "While the Company made its public market debut into an extremely volatile and uncertain market, it now has the resources and enhanced flexibility to further develop its pipeline of wind and solar projects. That said, while we remain bullish on the long term global trend towards renewable power generation, we can't ignore the impact of current market conditions on our sector, and a clear priority in the fourth quarter and throughout 2009 will be to align the Company's overhead and expense structure, and its development expenditures, to near term value creation activities."

During the quarter ended September 30, 2008, the Company incurred a net loss of $0.87 million ($0.01 per share), compared to a net loss of $0.23 million ($0.00 per share) for the prior year period. Salaries, general and administrative expenses rose to $0.75 million in the quarter, compared to $0.27 million in the quarter ended September 30, 2007. Included in the salaries, general and administrative expenses for the quarter is $0.26 million of non-recurring items related to the Company's qualifying transaction and its investment activities in the period.

During the quarter operational activities were focused primarily on: (i) municipal zoning and final permitting for the Company's Arthur, Spring Bay, and Innisfil projects; (ii) initiation of transmission studies and environmental assessment in respect of the Company's Erikson, Manitoba (120 MW) project; and (iii) preparing and filing an RFP submission to Bahamas Electricity Corporation (24 MW). "Our number one priority remains finalizing agreements with EFI for constructing our Ontario wind projects," added Lundy. "Bringing additional power generation facilities on-line is a clear milestone for the Company, and once funding has been secured, we anticipate putting additional turbines into production within 12 months.

The Company's complete Third Quarter Financial Statements and Management's Discussion and Analysis are available at www.sedar.com or on the Company's website at www.schneiderpower.com.

About Schneider Power:

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information