VANCOUVER,
June 18, 2013 /CNW/ - Finavera
Wind Energy Inc. ('Finavera') (TSX-V: FVR) is pleased to
announce the results of its Annual General and Special Shareholder
Meeting on June 14, 2013.
Shareholders voted in favour of all items of
business. A total of 9,480,551 or 23.91% of the issued common
shares as of the record date for the meeting were voted, as
follows:
Regarding the Asset Sale Resolution authorizing
the sale the Company's interest in the Tumbler Ridge Wind Energy
Project and the Meikle Wind Energy Project to Pattern Renewable
Holdings Canada ULC, shareholders voted 9,385,001 shares or 98.99%
in favour of the transaction, meeting the required hurdle of 66.67%
of shareholders voting at the meeting to approve the
transaction.
Regarding the election of directors:
| Director |
Votes by Ballot in Favour |
Votes by Ballot Withheld |
| Tom Anderson |
7,287,351
(76.9%) |
2,193,200
(23.1%) |
| Jason Bak |
7,155,961
(75.5%) |
2,324,590
(21.5%) |
| David Lamont |
7,254,351
(76.5%) |
2,226,200
(23.5%) |
| Hein Poulus |
7,253,551
(76.5%) |
2,227,000
(23.5%) |
Shareholders also voted 99.63% in favour of
setting the number of Directors at four, voted 75.68% in favour of
the Company's Stock Option Plan and voted 99.92% for the
appointment of KPMG LLP as auditors of the Company.
Jason Bak, CEO
stated, "Shareholders have voted overwhelmingly in support of the
Directors and the transaction to sell two of our wind projects to
Pattern Energy. We are completely aligned with Pattern Energy
to progress these projects to operation and will continue to
provide Pattern with ongoing support in order to facilitate the key
milestone of construction financing."
Bak continues, "Finavera will be in the enviable
position of being debt free with cash reserves in a market with a
number of cash starved opportunities. We have embarked on a
review of various revenue generating acquisitions with exceptional
growth potential and will continue our process for the next 2 to 6
months. After completion of the review we anticipate going to
shareholders for the approval of an acquisition, a special cash
dividend or potentially both."
On behalf of the Board,
Jason Bak, CEO
About Finavera Wind Energy Inc.
(www.finavera.com)
Finavera Wind Energy is a company focused on developing wind farms
in North America and Ireland. Our mission is to create and
operate a diversified portfolio of wind projects while protecting
and enhancing the physical and social environment. In British Columbia, Canada, four projects
totaling 300 MW have been awarded 25 year AAA-rated Electricity
Purchase Agreements and one has received full environmental
approval and permitting for construction. In Ireland, the Company has signed a partnership
agreement with SSE plc for development of the 105MW Cloosh Valley
Wind Project, which is expected to begin construction in 2013.
Finavera is continuing to opportunistically review prospects for
growth and the enhancement of shareholder value.
About Pattern Energy Group
(www.patternenergy.com)
Pattern Energy Group LP is an independent, fully-integrated energy
company that develops, constructs, owns, and operates renewable
energy and transmission assets in the
United States, Canada and
Latin America. With a long
history in wind energy, Pattern's highly-experienced team of
scientists, engineers, construction experts, and legal and
financial professionals has developed, financed and placed into
operation nearly 3,000 MW of wind power projects. A strong
commitment to promoting environmental stewardship drives the
Company's dedication to work closely with landowners and
communities to create premier renewable energy projects. Pattern
currently operates approximately 1,000 MW of installed wind energy
capacity in North America and
Puerto Rico. The Company's full
development pipeline exceeds 3,000 MW of renewable energy and
transmission projects. Pattern has offices in San Francisco, San
Diego, Houston,
New York, and Toronto.
Statements in this news release, other than
purely historical information, including statements relating to the
Company's future plans and objectives or expected results,
constitute Forward-looking statements. The words "would", "will",
"expected" and "estimated" or other similar words and phrases are
intended to identify forward-looking information. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially
different than those expressed or implied by such forward-looking
information. Such factors include, but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
"Neither 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."
SOURCE Finavera Wind Energy Inc.