19.11.2007: Meldung: AAER releases Q3 results
Highlights for the quarter and subsequent events
- A private placement of $12,650,000 was finalized.
- A licensing agreement was signed with EUROS for the manufacture of
rotor blades at the Bromont plant.
- Skypower Corp., an affiliate of Lehman Brothers, invested $5 million
in the company.
- A licensing agreement was signed with American Superconductor for the
manufacture of 2MW wind turbines.
- A private placement of $2.5 million was finalized.
- A memorandum of understanding was signed with TransCanada for the
possible supply of wind turbines in connection with Hydro-Québec"s
call for tenders.
- A Chief Financial Officer was appointed.
- Hydro-Québec announced that AAER was one of the five designated wind
turbine manufacturers chosen by bidders when the selected tenders were
opened, in mid-September 2007.
- A memorandum of understanding for the sale of two wind turbines to the
Ontario firm Positive Power was ratified.
- A memorandum of understanding was signed with VALOREM for marketing
AAER technology in Europe.
"Our new partnerships with major players in the North American wind industry have generated growing interest in our Company," said Dave Gagnon, President and Chief Executive Officer of AAER. "The outlook for growth in the wind industry is excellent, particularly in North America. Our recent private placements have enabled us to complete our management team and solidify our supply chain, positioning us to establish AAER as a major player in the renewable energy sector."
Net proceeds from recently completed private placement will be used by AAER for capital expenditures at the Bromont manufacturing plant, to order critical components, make certain license payments and for working capital purposes.
The Company is currently concentrating all of its efforts on implementing its development strategy and has not generated any operating revenues as of September 30, 2007. The results given below are based on material information and reflect the results for the three-month period.
Operating expenses, consisting primarily of administrative expenses and general expenditures, stood at $1,438,344 at September 30, 2007, compared with $331,988 for the same quarter of 2006. The increase is related to the significant effort that the Company continues to devote to development. Since January 2007, AAER has increased its staff, ordered critical equipment and started implementing the first initial phases of its production plan at the Bromont facility.
Net loss for the period ended September 30, 2007 was $1,436,465, or $0.02 per common share. For the same period last year, net loss was $326,697, or $0.02 per common share.
At September 30, 2007, the Company had 55 729 424 shares issued and outstanding and $690,680 in cash.
About AAER Inc., (TSX-V: AAE - News)
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 Megawatt or more wind turbines principally for the North American market. Its strategy is to progressively build its product"s components to provide a high level of reliability and a competitive pricing to its customers. AAER uses proven European technologies to ensure the performance of its turbines in various wind conditions and complex terrains. Its stock is listed on the TSX Venture Exchange (AAE). Additional information is available on the Company"s Website at www.aaer.ca.
This news release contains certain forward-looking statements. These statements relate to future events or AAER"s future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operations described herein. AAER undertakes no obligation, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information
AAER Inc.: Dave Gagnon, President, Telephone: (450) 534-5155, www.aaer.ca
Source: AAER Inc.