AAER:Delay of Interim Financial Statements
AAER Inc., Canada's only original equipment manufacturer of wind turbines of one megawatt ("MW") and more, announces that its interim financial statements for the three and nine-month periods ended September 30, 2009, together with its Management's Discussion and Analysis, and Form 52-109F2 were not filed on November 30, 2009 as required pursuant to applicable Securities laws. The Company is currently in final discussions with regards to a potential financing, and will release the Financial Statements once final terms on the financing have been reached.
In accordance with applicable securities legislation, AAER has notified the Canadian securities authorities of the late filing of the Financial Statements. Due to the late filing, AAER's securities will be subject to a cease trade order on or around December 2, 2009, issued by the applicable securities regulators. The cease trade order will be lifted upon AAER filing all required interim financial material which will occur as soon as practicable, once the Company has ascertained its financing options.
This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2008 and dated March 26, 2009. Further, forward-looking information is in addition based on various assumptions, including, without limitation, assumptions about: (i) general business and economic conditions; (ii) selection of the Corporation's client bids in different requests for proposals; (iii) the availability of financing on reasonable terms; (iv) the availability of key components for the assembly of wind turbines, (v) the costs of raw materials and parts; (vi) the Corporation's ability to attract and retain skilled staff; (vii) market competition; (viii) the technology offered by the Corporation's competitors; (ix) the Corporation's ability to meet contractual obligations and delivery dates; and (x) the Corporation's ongoing relations with employees and with clients. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.
AAER Inc., Dave Gagnon, President, Telephone: (450) 534-5155, www.aaer.ca
Eric Phaneuf, Chief Financial Officer, Telephone: (450) 534-5155, email@example.com