Press release from PR Newswire
Western Wind Provides Update on Sale Process
Thursday, September 20, 2012
Western Wind Provides Update on Sale Process03:09 EDT Thursday, September 20, 2012
TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 68,427,401
VANCOUVER, Sept. 20, 2012 /PRNewswire/ - Western Wind Energy Corp. -- (the "Company" or "Western Wind") (TSX
Venture Exchange -- "WND") (OTCQX -- "WNDEF") provides an update on the ongoing process to sell the Company and all of its
assets (the "Sale Process").
As discussed previously, the Company has been working with Rothschild as
its lead financial advisor in connection with the Sale Process. PI
Financial Corp was also engaged as a co-advisor on the sale.
Rothschild has now contacted and provided summary marketing materials to
56 potential acquirers based in North America and abroad with 19
parties in the process. As of today, the 19 is divided by 14 parties
that have entered into non-disclosure agreements ("NDAs") and have been
granted access to the data room and 5 parties are still under NDA
negotiations and we expect that these 5 parties will shortly be moving
forward to due diligence based on the confidential information
available in the data room. A process letter setting out the timetable
and specifying the requirements for the submission of expressions of
interest has already been sent to the parties having executed an NDA.
The sales process is moving forward in a disciplined and successful
manner. We are pleased with the progress being made by Rothchilds and
PI Financial Corp. To be clear, the sale process is irreversible and
this News Release is signed by all five (5) directors. The highest bid
will not be denied and regardless of market conditions, the highest bid
will be forwarded to the shareholders, for their approval.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production
company that owns and operates wind and solar generation facilities
with 165 net MW of rated capacity in production, in the States of
California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the U.S. The
Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and Tehachapi, California. Western Wind trades on
the TSX Venture Exchange under the symbol "WND", and in the United
States on the OTCQX under the symbol "WNDEF". The Company owns and
operates three wind energy generation facilities in California, and one
fully integrated combined wind and solar energy generation facility in
Arizona. The three operating wind generation facilities in California
are comprised of the 120MW Windstar, the 4.5MW Windridge facilities in
Tehachapi, and the 30MW Mesa wind generation facility near Palm
Springs. The facility in Arizona is the Company's 10.5MW Kingman
integrated solar and wind facility. The Company is further developing
wind and solar energy projects in California, Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
"SIGNED"
Jeffrey J. Ciachurski
J. Michael Boyd
President, Chief Executive Officer and Director
Chairman of the Board
"SIGNED"
"SIGNED"
Robert C. Bryce
V. John Wardlow
Independent Director
Independent Director
"SIGNED"
Claus Andrup
Independent Director
Neither the 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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains certain statements that may be considered
"forward-looking statements, such as references to the intended sale of
Western Wind and its assets. Forward looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. The forward-looking statements in this press
release include statements regarding the intention of the Company to
complete legal action against the dissident. The forward-looking
statements included in this press release are based on reasonable
assumptions, including that the Company will be able to commence legal
action against the dissident. Factors that may cause results to vary
from anticipations include the risk that the Company is not able to
pursue legal action against the dissident. Although Western Wind
believes the expectations expressed in the forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results may differ materially from
those contained in forward looking statements. Forward looking
statements are based on the beliefs, estimates and opinions of Western
Wind's management on the date the statements are made. Western Wind
undertakes no obligation to update these forward-looking statements in
the event that management's beliefs, estimates or opinions, or other
factors, should change, except as required by law.
SOURCE Western Wind EnergyFor further information: <p> <b>Investor Relations Contact: </b><br/> <b>Lawrence Casse </b><br/> <b>AlphaEdge</b><br/> Tel: (416) 992-7227<br/> Email: <a href="mailto:alphaedgeinc@gmail.com">alphaedgeinc@gmail.com</a> </p>
