Cleanfield Alternative Energy Inc.

Cleanfield Alternative Energy Inc.

September 11, 2008 17:36 ET

Cleanfield Releases 2008 Year End Results

ANCASTER, ONTARIO--(Marketwire - Sept. 11, 2008) - Cleanfield Alternative Energy Inc. (TSX VENTURE:AIR)(the "Company"), reported today its financial results for the year ended May 31, 2008.

2008 Highlights:

- Completion of private equity placements, netting the Company $1.4 million in proceeds.

- The first U.S. installation (Virginia Tech).

- Entered the solar arena by signing a research collaboration agreement with McMaster University ("McMaster") where McMaster will research and develop semiconductor nanowire photovoltaics technology over a 3 year period.

- Entered into major distribution agreements with companies to sell and distribute the V3.5.

- Chosen as one of five turbines to be tested by the Wind Energy Institute of Canada in PEI.

- Chosen as a finalist for the Ontario Centre of Excellence "Mind to Market" Award in collaboration with McMaster's Department of Mechanical Engineering.

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 2008 fiscal year, sales were $47,239 and a gross margin of $1,898. During fiscal 2007, the Company recorded revenue of $92,476 and a gross margin of $15,488.

Operating expenses were $3,074,277 and mainly compromised of research and development costs, wages, stock based compensation, marketing and consulting services. For the year ending May 31, 2007 operating expenses were $2,526,341. The increase over the prior year was largely due to an increase in wages, consulting and stock based compensation as the Company gears up for commercial production.

The Net loss for the 12-month period ending May 31, 2008 was $3,026,149 which equalled a basic and diluted loss per share of $0.13. The Net loss for the year ending May 31, 2007 was $2,481,576 which equalled a basic and diluted loss per share of $0.13.

"Fiscal 2008 was another year focused on the commercialization of the V3.5. With the required safety certifications for Canadian units received in June, 2008 and similar safety certifications for the United States expected this Fall, we are gearing up for full commercialization and expect that 2009 will see expanded revenue," said Cleanfield Energy President/CEO Tony Verrelli.


Certain statements contained in this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. The Corporation believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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 both consumer and commercial applications.


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