Finavera Wind Energy Director Resigns Due to Potential Conflict

October 6, 2012 by  
Filed under Green Energy News


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Canada Newswire

VANCOUVER, Oct. 5, 2012 /CNW/ – Finavera Wind Energy Inc. (‘Finavera Wind Energy’ or the ‘Company’) (TSX-V: FVR) is announcing that Ian Harvey, a director of the Company
since June 2010, has resigned effective immediately due to potential
conflict with a bidder for the Company.

Finavera Wind Energy is currently in discussions with four potential
bidders for the Company.  These discussions are at an advanced stage
and initial offers are expected shortly. Capital West Partners, an
experienced merger and acquisitions adviser, is responding to their
inquiries and will review offers received.

Mr. Harvey has been a strong supporter of Finavera Wind Energy with a
relationship that began with the Company in 2004, well before he became
a director.  His experience in negotiating numerous power purchase
agreements, wind farm construction contracts, and financings for seven
wind farms in Ireland, Northern Ireland and Canada were invaluable to
the Company.  In addition to wind energy development, Mr. Harvey is now
focusing on the operations and maintenance of wind farms, landfill gas,
and renewable energy from organic waste.  Finavera wishes him well in
these and future endeavors and thanks him for his efforts and time as a
director.

Jason Bak, CEO

About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing, constructing
and operating wind farms in North America and Ireland. Our mission is
to create and operate a diversified portfolio of wind projects while
protecting and enhancing the physical and social environment. In
British Columbia, Canada, four projects totaling 300 MW have been
awarded 25 year AAA-rated Electricity Purchase Agreements and one has
received full environmental approval and permitting for construction,
expected to begin in 2013. In Ireland, the Company has signed a
partnership agreement with SSE plc for development of the 105MW Cloosh
Valley Wind Project. 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.”

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