SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

October 26, 2009 07:00 ET

AWSL and Canadian Subsidiary Hybridyne Power Systems Canada Inc. Receive Purchase Orders and LOIs to Supply and Install Four Rooftop Solar Systems Using Hybridyne's Leading Edge CIT Technology

TORONTO--(Marketwire - October 26, 2009) - Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to report the signing of a Letter Of Intent (LOI) to supply and install a 250 kW rooftop solar system in Brampton, Ontario. The $2.25 million installation will encompass just under 50,000 square feet of rooftop space. As well, the Company's Canadian subsidiary Hybridyne Power Systems Canada Inc. has received a purchase order, with a deposit, for a $2.1 million rooftop solar system to be delivered and installed on approximately 50,000 square feet of rooftop space in Niagara, Ontario. Subsidiary Hybridyne has also signed two additional LOIs regarding similar 250 kW rooftop solar systems to be installed in the north Toronto suburbs of Newmarket and Aurora, Ontario. Each of these systems will entail PV systems encompassing approximately 50,000 square feet at an estimated $2.25 million each.

The purchase order and LOIs reported today represent, in aggregate, approximately 1,000 kW (1 megawatt) of solar energy from some 200,000 square feet of rooftop space in Ontario and, if all four are completed, will provide approximately $8.85 million in revenue to AWSL and its Canadian subsidiary.

These initial agreements are for sales and installation only, and do not include the sale of electricity to the Ontario grid in accordance with the FIT (Feed-in-Tariff) recently introduced by the Government of Ontario. With the new FIT now in place, Atlantic intends to lease rooftop space throughout Ontario, and to install/own rooftop solar energy parks and sell the electricity produced into the grid at lucrative prices over long (20 year+) term contracts as now guaranteed by Ontario's new Green Energy Act.

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

Since the Ontario Government's paradigm changing Green Energy Act was introduced in September, Atlantic Wind & Solar has entered into discussions with numerous parties regarding the deployment of additional AWSL rooftop solar parks. Management is confident that its CIT technology offers a strong incentive for Renewable Energy system buyers to select the Company's leading edge rooftop solar energy systems.

Interested parties seeking further information regarding AWSL and Hybridyne's rooftop solar energy parks can contact sales and marketing at 1 (800) 891-1657 ext. 230

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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 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

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