Cleanfield Energy Announces a Distribution Agreement Encompassing Projected Sales of 3,000 Units Over 36 Month Period
14 2월 2008 - 6:04AM
Marketwired
ANCASTER, ONTARIO (TSX VENTURE: AIR) is pleased to announce that
its fully-owned subsidiary, Cleanfield Energy Corp., has entered
into a non-exclusive distribution agreement with Two-West Energy
Group ("Two-West") of Ontario as of February 13, 2008 ("the
Agreement").
Two-West will market, sell and install Cleanfield's V3.5 wind
turbine to specified client accounts within Canada and the United
States. The aforementioned client accounts include high-profile
customers within the following industries: automotive, food
services, retail, real estate, and grocery.
Pursuant to the terms of this three-year Agreement, if full
distribution of the Agreement is achieved, with sales projected at
3,000 units, a further three year renewal will be granted to
Two-West. Installations of Cleanfield's V3.5 by Two-West are
anticipated to commence within four months. This Agreement replaces
the previous Letter of Intent between Cleanfield and Two-West
(formerly "ESG") for 500 units dated November 6, 2007.
Two-West is eligible to receive incentive aggregate common
shares based on sales. Within the first 18 months of the Agreement,
should Two-West sell between 500 and 649 Cleanfield V3.5 turbines,
they are eligible for the transfer of an aggregate 300,000 common
shares from Cleanfield's co-founders; this will increase by 100,000
if 650 to 799 sales occur. The aggregate common shares are subject
to resale restrictions with 50% being tradable 6 months following,
a further 25% becoming freely tradable 12 months following, and an
additional 25% becoming freely tradable 18 months from the date of
transfer. Furthermore, should sales exceed 800 units within 18
months, Cleanfield shall issue to Two-West an additional 100,000
common shares from treasury, subject to the same resale
restrictions as the aforementioned incentive, and for every
additional 160 turbines sold by Two-West over and above 800,
Cleanfield shall issue an additional 50,000 shares; such shares
will become freely tradable on a date that is 12 months from the
date of issuance. Cleanfield will have no obligation to issue any
additional shares above 1,000,000 in the capital of the Company
either from treasury or from the co-founders.
This Agreement has the potential to engender a significant
increase to the small wind turbine industry. According to the
American Wind Energy Association's 2007 Small Wind Turbine Global
Wind Market Study, 741 on-grid (connected to the utility grid)
small wind turbines were sold in the United States(1) in 2006. The
primary target market for Cleanfield's V3.5 wind turbine is
on-grid. Following the implementation of this Agreement, the number
of installed on-grid small wind turbines could increase by 135%
over those installed in 2006(2). This could allow Cleanfield to
potentially become one of the market leaders in this fast growing
sector. As noted by the American Wind Energy Association's Study,
since 1990, the small wind turbine market has enjoyed an annual
growth of 14-25%.
Cleanfield's President and Chief Executive Officer, Mr. Tony
Verrelli, observes that, "This agreement is an important step for
Cleanfield as the product will become more visible to the corporate
sphere.
Concern for the environment is increasingly important, and
corporate customers will benefit with installations of the
Cleanfield V3.5 as it serves to become their icon of commitment to
reducing Greenhouse Gases and generating green electricity for the
future. Cleanfield's agreement with Two-West is a great complement
to our existing growing network of professional dealers and
distributors across North America."
Mr. Jerry Foster, Director of Sales and Marketing of Two-West,
states that, "Our group is excited for the opportunity to bring the
Cleanfield V3.5 to market. Corporations can surely benefit from the
efficient wind turbine offered by Cleanfield Energy, and we look
forward to introducing our diverse network of business associates
to the product."
About Two-West Energy Group
Two-West Energy Group is headed by an award-winning business
development team with a keen ability to marry customer requirements
with corporate goals. They are experienced team players in the
areas of visual communications, business development, strategic
sales implementation and corporate finance. The group has a global
network of market and business contacts in technology, automotive,
food services, retail, real estate, and grocery industries, and
includes a client roster of major Fortune 500 companies and major
key contacts throughout the automotive sector.
About Cleanfield Alternative Energy
Cleanfield Alternative Energy is the parent company of
Cleanfield Energy Corp. and is committed to the development of
renewable energy products for both consumer and commercial
applications. Cleanfield's tailor-made VAWT can be mounted on a
tower or suitable rooftop, offering electricity independence and
security.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans",
"anticipated", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved". Cleanfield is subject to
significant risks and uncertainties which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward looking statements contained in this
release.
Cleanfield cannot assure investors that actual results will be
consistent with these forward looking statements and Cleanfield
assumes no obligation to update or revise the forward looking
statements contained in this release to reflect actual events or
new circumstances.
(1)
http://www.awea.org/smallwind/documents/AWEASmallWindMarketStudy2007.pdf
(2) 2007 figures were not available at the time of this Press
Release.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this new
release.
Contacts: Cleanfield Energy Corp. Tony Verrelli President/CEO
(905) 304-5223 Email: info@cleanfieldenergy.com Website:
www.cleanfieldenergy.com
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