TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,617,224
VANCOUVER,
Feb. 8, 2013 /CNW/ - Western Wind
Energy Corp. - (the "Company" or "Western Wind") (TSX Venture
Exchange - "WND") (OTCQX - "WNDEF") would like to report on the
Ontario Securities Commission Order and clarify what was not
reported in Brookfield's News
Release, issued earlier today.
This morning the Ontario Securities Commission
dismissed Western Wind's application to compel Brookfield to provide a valuation in
connection with its "current" bid for Western Wind. No
reasons were given by the Commission, in issuing its order. If
Brookfield pursued a new bid for
Western Wind, we will immediately seek a hearing with the OSC, that
its new bid should not be exempt from valuation requirements.
Western Wind continues to believe there is an issue of merit that
should be explored at a full and comprehensive hearing.
If this is in fact Brookfield's last and final offer, Western
Wind believes that the expiry of Brookfield's bid will unleash a true auction
for the company. We are hoping that Brookfield lives up to its two public news
releases and promises, where it emphatically states "this is our
best and final offer." Western Wind will be looking for a
public confirmation from Brookfield, that it will withdraw its bid and
never again bid for Western Wind, if its minimum tender condition
is not satisfied by February 11,
1013. Such a complete withdrawal will allow Western Wind to
continue with a normal sales process, which has never been given a
reasonable opportunity to be freely pursued since the launch of the
sales process on July
30th.
The past six months has had four months of
either a proxy war or hostile bid and the remaining two months of
Brookfield buying its Western Wind
position and indicating to everyone in the sales process, that it
would not follow the expected protocol.
Western Wind believes that Brookfield's presence as an insider and its
actions have inhibited an auction for the company.
Brookfield needs to make it clear
to shareholders that it is done and gone.
Management contends that a normal sales process
will provide Western Wind stakeholders a better opportunity to
achieve the true value of their investment in Western Wind.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated
renewable energy production company that owns and operates wind and
solar generation facilities with 165 net MW of rated capacity in
production, in the States of California and Arizona. Western Wind further owns
substantial development assets for both solar and wind energy in
the U.S. The Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and
Tehachapi, California.
Western Wind trades on the TSX Venture Exchange under the symbol
"WND", and in the United States on
the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy
generation facilities in California, and one fully integrated combined
wind and solar energy generation facility in Arizona. The three operating wind
generation facilities in California are comprised of the 120MW
Windstar, the 4.5MW Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs.
The facility in Arizona is the
Company's 10.5MW Kingman
integrated solar and wind facility. The Company is further
developing wind and solar energy projects in California, Arizona, and Puerto
Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news
release may constitute forward-looking information under applicable
Canadian securities legislation. These statements relate to
future events and are prospective in nature. All statements
other than statements of historical fact may constitute
forward-looking statements or contain forward-looking information.
Forward-looking statements are often, but not always, identified by
the use of words such as "may", "will", "project", "predict",
"potential", "plan", "continue", "estimate", "expect", "targeting",
"intend", "could", "might", "seek", "anticipate", "should",
"believe" or variations thereof. Forward-looking information
may relate to management's future outlook and anticipated events or
results and may include statements or information regarding the
future plans or prospects of the Company.
Forward-looking information is based on certain
factors and assumptions regarding, among other things, the exercise
of the Option and value that might be derived from the Master PPA,
the outcome of a hearing before the OSC, if such hearing occurs,
the results of a valuation, if obtained by Brookfield, and the availability of a
financially superior offer. Several factors could cause
actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to: the
ability to exercise the Option and realize value from the Master
PPA, the outcome of a hearing before the OSC, if such hearing
occurs, the results of a valuation, if obtained by Brookfield, may not be as anticipated by the
Company, actions taken by Brookfield, actions taken by the Western Wind
Shareholders in relation to the Offer, the possible effect of the
Offer on the Company's business, the outcome of the Company's
previously-announced sale process, and the availability of
value-maximizing alternatives relative to the Offer.
Additional risks and uncertainties can be found in the Company's
MD&A for the year ended December 31,
2011 and the Company's other continuous disclosure filings
which are available at www.sedar.com.
Forward-looking statements and forward-looking
information involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated. Forward-looking
information is subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ from those reflected in the forward-looking
statements including, without limitation: the risk that the Company
will not be able to exercise the Option or obtain any value from
the Master PPA, the risk that the outcome of a hearing before the
OSC will not be in the Company's favor, the results of the
valuation, if obtained by Brookfield, will not be as anticipated by the
Company, the progress of Western Wind's sales process, and,
assuming the Company receives an expression of interest from a
prospective purchaser, whether a financially superior offer for
Western Wind emerges, whether the Company is able to successfully
negotiate a prospective sales transaction and whether the
conditions of any proposed transaction, including receipt by the
Company of all necessary approvals, are met.
The Company believes that the expectations
reflected in the forward-looking statements contained in this news
release are reasonable, but no assurance can be given that they
will prove to be correct. Actual results and future events
may differ materially from those anticipated and accordingly
forward-looking statements should not be unduly relied upon.
Forward-looking statements contained in this document speak only as
of the date of this news release. Except as required by
applicable law, Western Wind disclaims any obligation to update any
forward-looking information.
SOURCE Western Wind Energy