West Virginia Court Rules in Favor of Atlantic Wind & Solar Securing Court Order to Cancel 5 Million Shares in Previously Announced Hybridyne Acquisition
http://www.atlanticwindandsolar.com () —
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 (http://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 AheadAs 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 (http://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.