West Virginia Court Rules in Favor of Atlantic Wind & Solar Securing Court Order to Cancel 5 Million Shares in Previously Announ
16 September 2010 - 4:33AM
Marketwired
Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to
announce that following its application to a West Virginia Court
the company has received a court order to cancel all the shares
issued as part of the acquisition of Hybridyne Power Systems Canada
(HPSC) (www.hybridynepower.com) and its applicable dividends.
Hybridyne Power Systems Canada
Transaction
According to court filings:
In the HPSC acquisition, the existing 47.5% shareholders were to
transfer their HPSC shares in return for the consideration. Despite
the sellers receiving their consideration they simply refused to
deliver the HPSC shares or to return the AWSL shares. Despite
acting in good faith that the deal was complete and merely a
lawyer's administrative delay on the set forth deal, it eventually
became clear the sellers had no intent in releasing their HPSC
shares. Despite numerous attempts to remedy the default, the
Company had no choice but to seek a court order.
Total shares cancelled were 5,000,000 shares representing
3,000,000 shares plus the 2,000,000 in stock dividends.
Atlantic Wind & Solar's Chairman, Gilles A. Trahan stated,
"We are pleased justice was served today and this chapter regarding
the Hybridyne acquisition through the issuance of AWSL shares to
its principals is now finally behind us. Although it was
disappointing to have been the recipients of the many
misrepresentation and actions in an attempt to expropriate shares
and cash from AWSL, today's court order demonstrates that the laws
do protect us from actions of this nature."
The company further intends to pursue the Hybridyne Groups of
Companies including the Newcastle Solar farm for several hundred
thousand dollars for the cash advances to its principals, Hybridyne
suppliers and to the OPA to secure the FIT contract on Newcastle
Site A 2 MW ground mount solar project.
AWSL... Poised for Growth
Through focused management, potential acquisitions, strategic
alliances, and advanced technologies Atlantic Wind & Solar Inc.
is poised for growth at the forefront of the massive global shift
towards environmentally friendly, economical Renewable Energy. The
Company is working with parties in the Real Estate sector in
Ontario and abroad to secure rooftop leases suitable for AWSL's
photovoltaic (PV) renewable energy systems.
Looking Ahead As powerful new Renewable
Energy incentives, such as friendly tax treatments, grants and
generous government feed-in-tariffs, are introduced in the Americas
and abroad, AWSL plans on fully leveraging its relationships,
business model and advanced technologies to capture a significant
share of these dynamic emerging markets.
Sales and Marketing Contacts Property
owners and managers with unobstructed commercial rooftops of 20,000
s/f or bigger in the Province of Ontario, Canada, and for which
they are interested in possibly leasing to AWSL, are invited to
contact Mr. Tom Casagrande +1 800 891 1657 ext. 238.
For further corporate information and/or to
subscribe for regular news updates from Atlantic Wind & Solar,
please visit: www.atlanticwindandsolar.com
Disclaimer: Shareholders and investors are strongly cautioned
against placing undue reliance on information set forth in these
communications in making any investment decisions concerning our
securities. The matters set forth in this press release are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially.
These risks are detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission
including the company's Annual Report, Quarterly Reports and other
periodic filings. These forward-looking statements speak only as of
the date hereof. The Company disclaims any intent or obligation to
update these forward-looking statements.
Investor Relations Contact: Geneva Bancorp. Mr. Brent O'Connor
Phone: +1 (416) 900-0380 ext.223 Email: Email Contact
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