Cleanfield Provides Year-end Results and Outlook
- Increasing demand and UL certifications help build sales momentum -
HAMILTON, ON,
Operating Highlights: Cleanfield is pleased to report the following key activities and accomplishments over the past year.
- The Wind Energy Institute of Canada (WEICan) is testing Cleanfield's VAWT in Prince Edward Island as part of the Small Wind Turbine Certification. - In November 2008, Cleanfield established a joint venture with Zhejiang Jingye Technology Co. Ltd. (ZJT) based in China. ZJT will make a $3-million equity investment in Cleanfield in three annual instalments. The JV gives exclusive distribution rights to Cleanfield's VAWT in China, and will manufacture turbines for the Chinese and international markets. - In July 2009, Cleanfield received United Laboratories (UL) certification for its inverter, which is required for US distribution. It also contracted to install 10 turbines in early 2010 for an architectural showpiece building in downtown Houston. - In July 2009, Cleanfield installed 6 VAWTs on a rooftop of Durham College's Whitby Campus building east of Toronto. - To date, Cleanfield has sold and/or installed over 50 of its VAWTs throughout Canada, the U.S., Europe and China, and the Company's order book continues to grow.
Cleanfield's CEO
Financial Highlights: Cleanfield's revenue increased nearly fourfold in the fiscal year ended
------------------------------------------------------------------------- Fiscal years Fourth quarters ---------------------------------------------------------- Periods ended May 31: 2009 2008 Change 2009 2008 Change ------------------------------------------------------------------------- Revenue $223,794 $47,239 374% $19,68 $6,100 223% Loss $3,357,963 $3,026,149 11% $580,324 $819,974 -29% Loss per share $0.14 $0.13 8% $0.02 $0.03 -33% -------------------------------------------------------------------------
IR and capital fundraising initiative: Cleanfield announced today that it has retained
About Cleanfield Energy Corp.: Cleanfield is dedicated to developing renewable energy products primarily for urban environments. The Company produces an industry leading Vertical Axis Wind Turbine, which can be installed on rooftops or pole mounts, produces green renewable energy quietly and cost effectively, and is sold worldwide. Cleanfield also provides purchase financing to qualified customers.
Forward-Looking Statements: Certain statements in this news release may be considered to be forward-looking. These statements relate to future events or Cleanfield'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. Cleanfield 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: Go to www.cleanfieldenergy.com, or contact Tony Verrelli, President & CEO, Cleanfield Energy Corp., (905) 304-5223, [email protected]
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