Cleanfield Reports First Quarter Results and Issues Stock Options
HAMILTON, ON,
Operating highlights: During the first quarter, the Company: - Received United Laboratories (UL) certification for its proprietary VAWT inverter, which is required for US distribution, - Contracted to install ten turbines in early 2010 for an architectural showpiece building in downtown Houston, and - Began installation of six VAWTs on a rooftop of Durham College's Whitby Campus building east of Toronto.
Financial highlights: Compared to the same periods in the previous year, revenue declined in the first three months of the current fiscal year, but increased during the last 12 months ended
------------------------------------------------------------------------- First Quarter Last 12 months --------------------------------------------------------------- Aug.31, Aug.31, Aug.31, Aug.31, 2009 2008 Change 2009 2008 Change ------------------------------------------------------------------------- Revenue $63,273 $87,373 -28% $199,694 $124,612 60% Loss $350,330 $1,071,073 -67% $2,637,220 $3,289,554 -20% Loss per share $0.01 $0.05 -80% -------------------------------------------------------------------------
Cleanfield's CEO
Granting of stock options: Cleanfield also announced that it granted options, subject to TSX Venture approval, for a total 250,000 common shares to an investor relations consultant, a director of the company and an accounting services consultant of the Company. All the options are exercisable at a price of
IR 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.
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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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