Cleanfield Receives Share Issuance Approvals

TORONTO, Aug. 29, 2012 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR) announces that upon receiving TSX Venture Exchange ("Exchange") approval, it issued 5,240,000 common shares at $0.05 per share to complete its non-brokered private placement for gross proceeds of $262,000.  All common shares are subject to a four-month Exchange hold period expiring December 29, 2012.

Cleanfield also announces that, after receiving Exchange approval, it issued 616,960 common shares at $0.05 per share to satisfy certain debt owing to two arm's length creditors of its subsidiary, Cleanfield Energy Corp.  All common shares issued are subject to a four-month Exchange hold period expiring December 29, 2012.

About Cleanfield: Cleanfield is an innovative technology company focused on the research, development and distribution of renewable energy solutions for the urban environment. Cleanfield possesses industry leading, proprietary inverter technologies, which it currently sells through a complete solution - a 3.5 kW vertical axis wind turbine.

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 results including revenues and reflect the current assumptions and expectations of management. Unknown factors may affect the events, performance, revenues 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 laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Cleanfield Alternative Energy Inc.

Go to www.cleanfieldenergy.com, or contact Tony Verrelli, CEO, Cleanfield 905 304-5223, [email protected].