Cleanfield Alternative Energy Inc.
TSX VENTURE : AIR

Cleanfield Alternative Energy Inc.

November 30, 2006 16:55 ET

Cleanfield Alternative Energy Inc.: Appointment of New Director and Granting of Stock Options

HAMILTON, ONTARIO--(CCNMatthews - Nov. 30, 2006) - Cleanfield Alternative Energy Inc. (the "Corporation") (TSX VENTURE:AIR) is pleased to announce that George Hatzoglou has been appointed to the board of directors. Mr. Hatzoglou is a chartered account who is currently employed with the Bank of Montreal. Mr. Hatzoglou has extensive knowledge of the Sarbanes-Oxley Act and is a former PricewaterhouseCooper Manager. Mr. Hatzoglou was also appointed the chairperson of the Auditing Committee.

The Corporation also announces that Messieurs Michael Kinley and James Borkowski have resigned as directors of the Corporation. The Corporation would like to thank Messieurs Kinley and Borkowski for their service to the Corporation and would like to wish them well in their future endeavors.

The Corporation would like to also announce that it has granted an aggregate of 1,350,000 stock options to the directors, employees and consultants of the Corporation. An aggregate of 825,000 options (the "Directors' Options") were granted to the directors of the Corporation of which 412,500 options are exercisable at a price of $1.40 per common share and 412,500 options are exercisable at a price of $1.75 per common share. The Directors' Options vest one (1) year from date of issuance. An aggregate of 358,750 options (the "Consultants' Options") were granted to certain consultants of the Corporation of which 50,000 are exercisable at a price of $1.40 per common share; 110,000 are exercisable at a price of $1.75 per common share, 124,375 options are exercisable at a price of $2.00 per common share and 74,375 options are exercisable at a price of $2.50 per common share. The Consultants' Options vest over a period of three (3) years at a rate of 33% per year. An aggregate of 166,250 options (the "Employees' Options") were allocated to the employees of the Corporation of which 83,125 are exercisable at a price of $1.40 per common share and 83,125 options are exercisable at a price of $1.75 per common share. The Employees' Options will vest over a period of four (4) years at a rate of 25% per year.

The Directors', Employees' and Consultants' Options are exercisable at any time until, November 19, 2011.

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

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