Cleanfield Alternative Energy Inc.
TSX VENTURE : AIR

Cleanfield Alternative Energy Inc.

September 13, 2007 11:19 ET

Cleanfield Releases 2007 Year End Results

ANCASTER, ONTARIO--(Marketwire - Sept. 13, 2007) - Cleanfield Alternative Energy Inc. (TSX VENTURE:AIR), reported today its financial results for the year ended May 31, 2007. Cleanfield Alternative Energy Inc.'s ("the Company) financial statements and Management Discussion and Analysis are available at www.sedar.com.

2007 Highlights:

- Completion of the Qualifying Transaction to purchase of all of the issued and outstanding securities of Cleanfield Energy Corp.

- Installation of five 3.5kW V3.5 wind turbines with the Ministry of Natural Resources in Kenora.

- Achieving a sales book order of 113 units and the formation of contracts with 20 dealers/distributors in Canada and the United States.

Financial Results

The Company has focused on wind energy research and the development of its infrastructure in order to commercialize its V3.5. The results discussed below pertain to material information and reflect operating results over a 12 month period.

During the 2007 fiscal year, the Company completed its first sale of five V3.5s achieving revenues of $92,476 and gross margin of $15,488.

Operating expenses were $2,526,341 and mainly compromised of research and development costs, wages, stock based compensation, marketing, investor relations and consulting services. For the 12-month period ending May 31, 2006 operating expenses were $348,341.

The Net loss for the 12-month period ending May 31, 2007 was $2,481,576 which equalled a basic and diluted loss per share of $0.13. The Net loss for the 12-month period ending May 31, 2006 was $348,339 which equalled a basic and diluted loss per share of $0.03.

Total assets increased significantly to $1,210,163 as of May 31, 2007 as compared to $8,548 as of May 31, 2006. The increase is primarily the result of the following: (i) An increase of $940,901 in cash and cash equivalents as a result of the Company's initial public offer and Qualifying Transaction. (ii) An increase in accounts receivable of $89,281 as a result of increase Goods and Service input tax credits resulting from increasing expenditures (iii) an increase in prepaid assets of $104,308 primarily relating to deposits on manufactured inventory.

About Cleanfield Alternative Energy

Cleanfield Alternative Energy is the parent company of Cleanfield Energy™ and is committed to the development of renewable energy products for various applications.

Forward-Looking Information and Report Date

This news release contains certain "forward-looking information". All information, other than historical facts, including without limitation to data involving future plans and objectives of Cleanfield, are forward-looking and accordingly subject to various risks and uncertainties. Forward looking statements frequently, but not always, use the words "intends", "plans", "believes", "anticipates" or "expects" or similar words; that events "will", "may", "could" or "should" occur; and/or include statements of information concerning the corporation's strategies, goals, plans and expectations.

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

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