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Press release from CNW Group

WaterFurnace Renewable Energy, Inc. Announces Regular Quarterly Dividend of $0.22 U.S. per Share & First Quarter Webcast

Monday, May 09, 2011

WaterFurnace Renewable Energy, Inc. Announces Regular Quarterly Dividend of $0.22 U.S. per Share & First Quarter Webcast20:17 EDT Monday, May 09, 2011(U.S.$)FORT WAYNE, IN, May 9 /CNW/ - WaterFurnace Renewable Energy, Inc. (TSX: WFI) - Timothy E. Shields, Chairman of the Board, announced that the board has approved the regular quarterly dividend of $0.22 U.S. per share. The dividend will be paid June 1, 2011, to shareholders of record at the market close of May 20, 2011.The press release covering 2011 first quarter results, the first to be filed by the Company under International Financial Reporting Standards (IFRS), will be filed after the close of business on Thursday, June 9, 2011. The quarter report to shareholders will be available at that time at www.waterfurnace.comand filed on SEDAR at www.sedar.com. The Company is utilizing the 30 day extension period, granted under Canadian securities law, to ensure a seamless conversion to IFRS.Management will conduct a webcast covering the results of the first quarter at 11:00 AM Eastern Standard Time on Tuesday, June 14, 2011. Interested parties can listen live or to the recorded version at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3528800or at the Company's website: www.waterfurnace.com.Forward-Looking Information Cautionary NoticeCertain statements in this release constitute forward-looking statements within the meaning of applicable Canadian securities laws. Readers are cautioned not to place undue reliance on such statements. Investors should not rely solely on this information to make investment decisions. These statements are subject to certain assumptions, risks and uncertainties. In addition, WaterFurnace's sales are related to the cost and stability of electricity, fuel oil, propane and natural gas. Federal, state and provincial building codes and energy incentives can also impact sales. WaterFurnace is subject to standard risks associated with most companies, such as normal competitive pressures. These and other risks could cause WaterFurnace's actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Other risk factors can be found in WaterFurnace's Annual Information Form dated March 11, 2010 and other public documents filed by WaterFurnace with Canadian securities regulatory authorities. WaterFurnace assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.More InformationWaterFurnace Renewable Energy, Inc. is traded in both Canadian dollars and U.S. dollars on the Toronto Stock Exchange under the symbol WFI for Canadian dollars and WFI.U for U.S. dollars.WaterFurnace designs, manufactures and distributes geothermal heat pumps. The geothermal units use the renewable solar energy stored just below the surface of the earth to dramatically reduce the energy consumed by buildings for heating, cooling and hot water.For further information: Additional information about the Company and its products is available on the Company's website: www.waterfurnace.com. Or call (260) 478-5667 and ask for investor relations.