Finavera Wind Energy Announces Management Cease Trade Order

VANCOUVER, May 1, 2015 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR), announced today that it has been granted a management cease trade order (the "MCTO") by its principal regulator, the British Columbia Securities Commission (the "BCSC").  The Company made an application for the MCTO as a result of the Company's inability to file annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2014 (collectively, the "2014 Annual Financial Statements") by April 30, 2015.

The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the CEO, CFO and COO of the Company, until such time as the 2014 Annual Financial Statements have been filed by the Company.  The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities or the Company's ability to issue shares.

The Company's inability to timely file the 2014 Annual Financial Statements, resulted from (i) the anticipated timing of completion of a Share Purchase Agreement with Solar Alliance of America announced on August 25, 2014 and the resulting impact on the audit, (ii) the timing of a financing to close contemporaneously with the transaction, and (iii) the need for additional time for KPMG LLP to enable them to complete their procedures and render an audit opinion.

The Company, together with its advisors, has developed a timeline setting forth the steps necessary to allow the 2014 Annual Financial Statements to be filed.  The Company expects to complete and file its financial statements well before the end of May 2015.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2014 Annual Financial Statements.  During this period, Finavera will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.  The Company confirms that there are no insolvency proceedings against it as of the date of this press release.  The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

Jason Bak, CEO

About Finavera Wind Energy Inc. (www.finavera.com)

Finavera Wind Energy is a company focused on developing renewable energy opportunities.  Our mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment.  Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers.  Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.

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.

Finavera Wind Energy, Jason Bak, CEO, [phone], [email protected]