Finavera Renewables Inc.

Finavera Renewables Inc.

August 24, 2007 19:52 ET

Notice of Lawsuit Against Finavera Renewables

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2007) - Finavera Renewables Inc. ('Finavera Renewables' or 'The Company') (TSX VENTURE:FVR) is providing notice of a lawsuit commenced against the Company by Scott & Associates Engineering Ltd. of Alberta, Canada ("Scott"). Scott is seeking, among other things, a declaration that the Company holds its interest in the Three Hills Wind Power Project as a constructive trustee for Scott and an order that the Company transfer its interest in the said project to Scott.

The Company has reviewed the allegations in the Statement of Claim and considers that there is absolutely no factual basis for any of the claims of Scott. The Company will vigorously defend the action and take all appropriate steps to protect the interests of the Company and its shareholders.

Finavera Renewables takes any legal action seriously. In this case, however, the Company is satisfied that the claims of Scott are frivolous. The Company will be seeking costs against Scott and its principal, Bryan Scott.

On behalf of the Board of Directors,

Jason Bak, CEO

About Finavera Renewables Inc. (

Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind and wave energy sectors. Finavera Renewables Inc. is developing the licensed and patented 'AquaBuOY' wave energy technology, a device that is based on proven and sustainable buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, Portugal, South Africa and Canada. The Company is also developing other wind energy projects in Canada and Ireland. In Canada, a two stage 150 MW project is being developed in Alberta. Construction on this advance stage project is estimated to begin in 2008 and provides for near term revenue. In British Columbia, four projects totaling 366 MW have been entered into the provincial Environmental Assessment process, and several other sites are being developed. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this news release, other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute Forward-looking statements. Such statements represent management's conclusion based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including development risks. Further information concerning such risks is set forth in the Company's formal disclosure documents filed on SEDAR, including its MD&A. Consequently, actual results may vary materially from those described in the Forward-looking statements.

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

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