SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

December 29, 2009 16:33 ET

Atlantic Wind and Solar Inc. Recaps Highlights for 2009

A Year of Rapid Progress and Milestone Achievements, With High Expectations for 2010

TORONTO--(Marketwire - December 29, 2009) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) is pleased to provide the following summary of significant achievements and corporate developments during 2009.

AWSL began 2009 focused on a singular corporate goal: To establish itself as a significant player in the Renewable Energy (RE) industry through Solar and/or Wind Power, thus opening up avenues for strong corporate growth in what management regards as the true Growth Industry of the 21st Century. Management is gratified to note that its efforts toward achieving its primary goal met with unqualified success, paving the way for rapid growth as it accelerates its marketing efforts and expands its Solar Park revenues in the months ahead.

A Promising First Half

During the first half of 2009, the Company completed the important acquisition of a 47.5% ownership interest in key RE affiliate, Ontario-based Hybridyne Power Systems Canada Inc.; contracted with Geneva Bancorp Inc. ( for Investment banking and Investor Relation services; entered into discussions regarding a working relationship with Centripetal Dynamics, Inc. (CDI) regarding its revolutionary new wind turbine; and launched a marketing program for AWSL's Micro Energy Park, a cutting edge, high efficiency electricity generating system for roof and/or ground mounted RE installations.

A Record Second Half

The accomplishments of the first half led to rapid progress in the latter half of the year, accelerated by the Ontario Government's introduction of its lucrative, long term Feed in Tariff (FIT) that quickly fulfilled the Government's intention of promoting Renewable Energy across Canada's most populated province. Prompted by the new FIT, AWSL turned its focus to the enormous Solar Energy opportunities across Ontario (particularly rooftop solar); formed a strategic relationship with a leading Real Estate Development & Management company; began to receive a continuous flow of important Solar Park LOIs and contracts; and completed financing arrangements to fund the growing number of solar projects slated for construction.

Chronology of 2009 Milestone Achievements

MARCH -- The acquisition of a significant (47.5%) interest in Hybridyne Power Systems Canada Inc. (HPS). Hybridyne specializes in the global sales and installation of Hybrid (Wind & Solar) Renewable Energy Systems, of the distributed-architecture, peak-shaving, non co-gen type. Hybridyne also holds the licensing agreement to patent-pending and/or proprietary, "best-in-class" Conversion/Inversion Technology capable of increasing power output from solar panels by up to 29%, and from some wind turbines by up to 100%.

MARCH -- The signing with Geneva Bancorp Inc. ( for Investment banking and Investor Relations services. Geneva's professional sevices played an important role in the Company's ability to raise capital in 2009, and in elevationg the Company's profile in the stock market arena so that the share price performance dramatically outpaced the general market.

JUNE/JULY -- The Company announced the signing of an MOU with Centripetal Dynamics Inc. (CDI) whereby the two companies would collaborate on promising RE projects concerning CDI's exciting and revolutionary high efficiency wind turbine design. That program was held up pending the Ontario Government's announcement of its Feed-in-Tarrif and other stipulations regarding Renewable Energy incentives and Ontario-content rules, etc. AWSL's subsequent decision to focus upon the fast-tracking of its Solar Energy initiatives in Ontario has led to a number of important milestones being achieved.

JULY -- The cancellation of two planned nuclear power plants in Ontario further buttressed the case for the growth of Renewable Energy projects.

AUGUST -- The Company announced establishment and launch of its new Rooftop Solar Division that will enable property management/owners/real estate developers to capture new long term revenue/profit streams by selling solar-produced electricity into the Ontario grid at the generous feed-in tariff rates (FIT) introduced by the Ontario Government to encourage the use of Renewable Energy (RE.)

OCTOBER -- Announced formation of a strategic relationship with leading real estate and property management company Cushman & Wakefield Ltd. to secure rooftop leases in Ontario for its photovoltaic (PV) Energy Park renewable energy systems.

OCTOBER -- AWSL displayed strength by announcing a stock dividend to reward early shareholders/supporters and improve liquidity in the stock marketplace.

NOVEMBER -- The Company announced that its headquarters had been relocated to Toronto, Ontario. The new office location, on Bay Street in the heart of Toronto's financial district, is at the epicenter of Renewable Energy developments in Ontario.

NOVEMBER -- The Company announced that it and SEC-approved auditors Sam Kan & Company were continuing to work together toward achieving a listing status upgrade whereby the Company can ultimately elevate its share listing to a larger, higher profile venue for its share trading.

NOVEMBER -- A Financing commitment was received from a Qatar-based investment fund whereby the Company would raise up to US$2,500,000 in tranches of US$500,000, of which the first tranche had been received.

DECEMBER -- Wholly-owned subsidiary Atlantic Solar Inc. signed a milestone Partnership and Sales Agreement with major Ontario real estate developer The Remington Group Inc. The Agreement encompasses the installation of several rooftop solar projects in Ontario up to 250kW in size and involves the installation of up to $15 million of Hybridyne Power Systems Canada's renewable energy systems on Remington owned facilities. The purchase and installation of these renewable energy systems will be financed by a 50/50 joint venture between Remington Group and AWSL through a Limited Liability Partnership (LLP.)

DECEMBER -- AWSL's 47.5%-owned Canadian affiliate, Hybridyne Power Systems Canada Inc. (HPSC) Commissioned the first Hybrid Renewable Energy Supplemented Data center in North America. The ground-breaking system was constructed over the past 6 months for Pizza Pizza Limited.

DECEMBER -- 47.5%-owned Canadian affiliate, Hybridyne Power Systems Canada Inc. (HPSC) executed a Memorandum of Understanding with Change Energy Inc.(Change), setting the groundwork for an important relationship between the two companies, in which Hybridyne will provide high efficiency Renewable Energy technology and project opportunities, and Change will provide their expertise in the Alternative Fuels industry. The ultimate objective is to combine the companies' respective technologies and expertise to develop uniquely integrated and flexible Renewable Energy & Storage systems.

DECEMBER -- Canadian affiliate Hybridyne Power Systems Canada Inc. sold, and will be installing, a complete turnkey 2 MW (2000 Kw peak capacity) ground mounted photovoltaic (PV) Energy Park© with a projected Cap-ex of approximately $16.8 M. The Energy Park will be located approximately 80 kilometers east of Toronto in Brownsville on the outskirts of Newcastle, Ontario.

DECEMBER -- An additional $1,000,000 raised through the issue of Convertible Preferred shares.

THE YEAR AHEAD ... 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.

"For AWSL, 2009 was a year of rapid progress toward ensuring a bright future for the Company in the major new Growth Industry of the 21st Century. The projects covered by orders received and LOIs signed during 2009 represent potential aggregate sales revenues in the tens of millions and income from long term electricity sales on those projects in which the Company will share in power revenues represents many $millions more in potential revenues. Given the Company's success in making significant inroads into the RE industry to date, we have unreserved enthusiasm for Atlantic Wind and Solar's ability to prosper and enhance shareholder value in the years ahead."

... Atlantic Wind and Solar I.R Director, Mr. Brent O'Connor

Stock Dividend Executed

Atlantic Wind and Solar is pleased to report that the previously announced 1-for-3 stock dividend was officially executed on December 28th. If a shareholder's stock is held in a brokerage account, the dividend shares will be reflected in the account as soon as the broker can process the receipt of the dividend, usually within 2-3 days. In the event you hold your shares in certificate form, please contact the transfer agent to ensure that they have your proper mailing address.

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.

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:


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