BROMONT, QUEBEC--(Marketwire - May 7, 2010) - AAER Inc. (TSX VENTURE:AAE) announced today that the Quebec Superior Court issued an order providing AAER with an additional period of protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The initial order, which was first granted under the CCAA in favour of AAER on April 8, 2010, has now been extended until June 2, 2010, during which time creditors and other third parties will continue to be stayed from taking steps against AAER. The purpose of the stay of proceedings is to provide AAER with an opportunity to develop a comprehensive business restructuring plan for consideration by its creditors and the Quebec Superior Court.
AAER has also obtained a procedural order relating to its process for the determination of the claims of creditors and for the upcoming creditors' meeting. According to the order, the claims bar date has been set to May 31, 2010 and the creditors' meeting date has been set to June 1st, 2010.
In the event any additional protection extension under the CCAA is sought, it is AAER's intention to request that the court relieve AAER of any obligation to call and hold an annual meeting of shareholders on or before June 30, 2010 and extend the delay for the calling and holding of such meeting.
The documentation and information on AAER's restructuring process are available on the monitor dedicated website at www.deloitte.com/ca/aaer.
Finally, AAER wishes to inform its shareholders that, further to its press release dated April 23, 2010, AAER's securities are now subject to a cease trade order issued by the securities regulatory authorities on May 4, 2010. The trading in AAER's securities will resume if and when AAER files its annual financial statements and underlying financial documentation in accordance with applicable securities laws.
About AAER Inc.
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 MW or more wind turbines principally for the North American market. Its strategy is to progressively build its products' components to provide a high level of reliability and competitive pricing to its customers. AAER uses a portfolio of proven European technologies to ensure the performance of its turbines in various wind conditions and terrains. Its stock is listed on the TSX Venture Exchange (TSXV: AAE). Additional information is available on AAER's website at www.aaer.ca.
This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond AAER's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in AAER's amended and restated preliminary prospectus dated February 25, 2010 and the annual information form for the year ended December 31, 2008 and dated March 26, 2009. Further, forward-looking information is in addition based on various assumptions, including, without limitation, assumptions about: (i) general business and economic conditions; (ii) selection of AAER's client bids in different requests for proposals; (iii) the availability of financing on reasonable terms; (iv) the availability of key components for the assembly of wind turbines, (v) the costs of raw materials and parts; (vi) AAER's ability to attract and retain skilled staff; (vii) market competition; (viii) the technology offered by AAER's competitors; (ix) AAER's ability to meet contractual obligations and delivery dates; and (x) AAER's ongoing relations with employees and with clients. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.
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