Vector Wind Energy Inc.
TSX VENTURE : VWE

Vector Wind Energy Inc.

November 16, 2006 17:00 ET

Vector Updates Status of Proposed Plan of Arrangement With Canadian Hydro Developers Inc.

OTTAWA, ONTARIO--(CCNMatthews - Nov. 16, 2006) - Vector Wind Energy Inc. ("Vector" or the "Company") (TSX VENTURE:VWE) announced today that it has obtained an Interim Order of the Ontario Court of Justice directing it to hold a special meeting of its shareholders and warrantholders to consider the proposed plan of arrangement with Canadian Hydro Developers Inc. announced on October 12, 2006. The Interim Order satisfies one of Vector's obligations under the arrangement agreement with Canadian Hydro. As directed by the Interim Order, Vector has mailed an information circular and proxy materials to Vector shareholders and warrantholders. The special meeting is scheduled for December 7, 2006.

Immediately after the meeting and assuming the resolution approving the plan of arrangement is passed by the Vector shareholders and warrantholders at the meeting, Vector will apply to the Court for a Final Order approving the plan of arrangement. Upon the issuance of the Final Order, Vector will mail letters of transmittal to all Vector shareholders containing instructions on how to receive the $0.30/share cash consideration contemplated by the arrangement.

Vector is a developer of wind energy projects in Canada. Currently Vector has 20 active project areas around the country at various stages of exploration and development. These projects have the potential to support over 1,000MW of wind energy capacity.

More information on the Company can be obtained at www.sedar.com.

Words such as "should", "believes", "expects", "intends", "anticipates", "potential" or similar expressions in this document connote forward looking statements which predict the outcome of future events. Future events are subject to various risks and uncertainties which may cause actual outcomes to differ materially from that predicted by such forward looking statements. Please refer to our publicly filed documents for a discussion of various risk factors to which our Company is subject and which may affect materially the outcome of future events.

Shares Outstanding: 17,714,687

The TSX Venture Exchange has in no way passed upon the merits of any transaction described in this press release and has neither approved nor disapproved its contents.

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