TORONTO, Sept. 22, 2006 (PRIMEZONE) -- Northwest Passage Ventures Inc. ("Northwest") (OTCBB:NWPV) announces its acquisition of Americas Wind Energy Inc. ("AWE"), a private Ontario corporation. The Board of Directors of Northwest has approved the company's name change, Americas Wind Energy Corporation ("AWEC"), and articles of amendment to reflect its new direction. It is expected that the new symbol for AWEC will be available shortly.
AWE holds an exclusive license from Emergya Wind Technologies B.V., for the technology and product lines in the medium-sized wind turbine class developed by Lagerwey Wind turbine B.V., for North America. AWE replaced the European designed power converter in the Lagerwey product with a North American designed and manufactured power converter to meet North American standards and electrical grid requirements. The resulting product combines state of the art European wind turbine technology and experience with North American power electronics.
In consideration for the merger with AWE, Northwest issued 30,000,000 class A preference shares in the capital of Northwest, giving the right to acquire 30,000,000 common shares in the capital of AWE, to the former shareholders of AWE on the basis of 230.769230769 class A preference shares for every one common share of AWE.
The securities issued in the merger will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act of 1933.
This news release does not constitute any offer of any securities for sale.
About Americas Wind Energy Corporation
AWEC is focused on the manufacturing and marketing of medium-sized (500-1,000 megawatt (MW)) wind turbines for the North American market. AWEC's strategy is to manufacture as much as possible in North America, providing both cost effectiveness and local content. All of the company's projects to date have made use of local tower manufacturers.
AWEC is and intends to remain a virtual manufacturer. AWEC intends to subcontract the components of its wind turbines to qualified manufacturers and manufacturing partners to achieve the best in quality at the lowest cost. As a key part of the strategy of a virtual manufacturer, AWEC intends to maintain strict quality assurance programs and quality control procedures for its subcontractors and partners.
Note to Editors: If you would like additional information on Americas Wind Energy, please view the company's website at www.awewind.com. To receive an Investor Kit or additional information for Americas Wind Energy, or to join the company's mailing list, please contact Investor Relations Department at 416-233-5670 or by emailing investors@awe.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, manufacturing that provides for cost effectiveness and local content and continued high quality low-cost manufacturing.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry and its products and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and Northwest assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although Northwest believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.