Schneider Power Inc.
TSX VENTURE : SNE

Schneider Power Inc.

May 27, 2009 08:00 ET

Schneider Power Announces First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 27, 2009) - Schneider Power Inc. (TSX VENTURE:SNE), a global developer of renewable energy facilities, today announced its 2009 first quarter results.

Highlights for the first quarter ended March 31, 2009:

- Achieved EBITDA breakeven

- Signed Framework and Limited Partnership Agreements with Energy Farming International ("EFI") for the financing, construction, commissioning and operation of up to 4 Ontario wind projects - Arthur (10MW), Spring Bay (6.5MW), Trout Creek (10MW) and Innisfil (10MW)

- Achieved short-listed status for a 24MW renewable energy RFP project in the Bahamas

- Signed a letter of intent to partner with Emera Inc. to provide financing and development expertise for our Bahamas project

- Received environmental approval and zoning by-law for our Arthur Wind Farm

"I am pleased with the solid progress we made on our business plan in the first quarter," stated Jonathan Lundy, Schneider Power's Chief Executive Officer. "Aside from improved top and bottom-line performance, our primary focus is always to crystallize value from our project pipeline, and the EFI deal highlights our ability to do just that even in a difficult and volatile market. Our breakeven EBITDA performance indicates traction on our growth and cost reduction initiatives, and our overriding goal to better align our expenses with our revenue."

During the quarter ended March 31, 2009, the Company incurred a net loss of $185,441 ($0.00 per share), compared to a net loss of $224,410 ($0.00 per share) for the prior year period. Revenues rose to $577,587 for the quarter, from $81,752 in the comparable period. Salaries, general and administrative expenses rose to $541,285 in the quarter, compared to $345,654 in the prior year period. EBITDA loss narrowed in the first quarter to nil from a loss of $268,397 in the prior year period. "Despite continued volatility in the economy and a tight credit market, the Company is cautiously optimistic about 2009," added Lundy, "with substantial year-over-year financial improvements expected (positive EBITDA and 30% reduction in G&A) and increased value emerging from our portfolio of renewable energy projects."

The Company's complete First Quarter Financial Statements and Management's Discussion and Analysis are available at www.sedar.com or on the Company's website at www.schneiderpower.com.

About Schneider Power:

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.

NON-GAAP MEASURES

Earnings before interest, taxes, depreciation and amortization (EBITDA) is a standard used in the energy industry to assist in understanding and comparing operating results. The Company believes that this measure is important in assessing its profitability before the impact of depreciation and amortization and non-operating factors, including gain or loss on derivatives. EBITDA is also a useful measure of the Company's ability to service debt, invest in capital equipment or distribute dividends to its shareholders. EBITDA is not defined by GAAP and should be used as a supplement and not a substitute for the Company's results of operations.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

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

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