Western Wind says “dissident board lead by Savitr Capital, if elected, will cost the shareholders at least $1 per share off the sale price”
TSX.V Symbol: “WND”
OTCQX Symbol: “WNDEF”
Issued and Outstanding: 62,731,056
VANCOUVER, Aug. 7, 2012 /PRNewswire/ – Western Wind Energy Corp. – (Toronto Venture Exchange – “WND”) (OTCQX – “WNDEF”) wishes to
announce that it has received numerous proposals from world-class M&A
advisory firms. The largest of these firms anticipate an average
18-week timeline from beginning of engagement to final sale. During
this 18-week process, Western Wind will complete the financing and
begin major construction of the Yabucoa Project, Puerto Rico. The
chosen two M&A firms will publish the detailed selling procedures and
schedule through a subsequent news release.
The largest M&A firms’ proposals requires that the Board and the CEO
commit to an exhaustive amount of time in presenting all of Western
Wind’s extensive assets to the potential purchasers. The only group
that can accomplish these tasks accurately and efficiently is the
current Board and CEO of Western Wind.
Western Wind has spent the past 12 years accumulating and building these
assets. The only constant during this 12-year period is the CEO, Jeff
Ciachurski, who has been with the Company since its inception in
January, 1998 (14 years). The remaining Board has been with Western
Wind, on average, for 10 years.
Every land asset, contract, power purchase agreement, piece of
generating equipment, and business relationship has originated with the
CEO and the current Board.
Included in the final sale price will be the 30-MW Yabucoa Solar
Project, which is almost ready for financial close and the beginning of
major construction. There are a few complex and delicate business
relationship issues that need to be resolved prior to financial close,
which is scheduled to happen well within the 18 week selling period.
These delicate and complex relationship issues will never come to a
conclusion without the present Board and CEO. They definitely will
never happen with Savitr’s dissident slate of directors.
Andrew Reuben Midler has constantly quoted both in his news release and
his recent letters to the Board of Western Wind, that the DAI valuation
is the benchmark of the Company’s net asset value. In the DAI report,
the Yabucoa asset has a net present equity value of $115 million ($1.53
per share fully diluted).
Savitr’s dissident slate of directors and unknown management team cannot
bring Yabucoa to financial close and therefore all of Western Wind’s
shareholders will be deprived of at least $1.53 per share, if not more.
Savitr has spent all of its energy and time denigrating the current
Board and CEO of Western Wind. Such behavior by Savitr has flowed down
to all the stakeholders of Western Wind causing Savitr to lose
credibility which advances mistrust. Stakeholders of Western Wind
include directors, employees, consultants, lawyers, equipment vendors,
lending groups, shareholders and key operation personnel.
Mr. Midler quotes the DAI report of $5.60 per share as a benchmark in
his letters to the Board, yet he also criticizes the Board for not
pursuing the Algonquin low-ball “bear hug bid letter” of $2.50 per
share. Mr. Midler appears confused.
Mr. Midler calls the Western Wind organic development pipeline, a waste
of millions of dollars of “ill advised” investments. Mr. Midler fails
to name which investment he is referring to where Western Wind has
wasted millions of dollars.
In the rare chance that Savitr’s dissident slate of directors gets
elected, all of Western Wind’s shareholders will lose at least $1.50
per share off of the selling price.
Jeff Ciachurski states “Mr. Midler claims to be a friend of Western Wind yet since I have spoken
with him in 2008, he has never toured, visited or inspected any of
Western Wind’s projects in California or elsewhere. This should be a
telling sign considering Mr. Midler is based nearby in San Francisco.
The only consistent aspect to my relationship with Mr. Midler since
2008 was his constant requests during numerous conversations, to have
Western Wind provide him and Savitr with below market price private
placements and stock offerings. Unlike Western Wind where our track
record is published and made available to the entire public, none of
Savitr’s business transactions are available for public scrutiny. We
have no access to his buy and sell records of Western Wind, we have no
access to his tax payments or tax returns and definitely no real access
to the true beneficial owners of Savitr’s offshore holdings. The only
realistic comment that has ever been made by Mr. Midler is his own
admission in his July 31(st), 2012 news release where he states that he was a managing member of a
bio-diesel production company that went bankrupt in 2010.
If it were not for the exceptional financial stewardship and dedication
of the CEO and the current Board having taken a few hundred thousand
dollars in 2000 and parlaying that into a $400 million Balance Sheet,
Mr. Midler would have nothing to fight about. Mr. Midler’s history of
being a managing member of a bankrupt bio-diesel company and his
complete lack of knowledge of the Western Wind assets, is in no way a
resume to a Board position of Western Wind.”
ABOUT WESTERN WIND ENERGY CORP.
Western Wind Energy 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 Toronto 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
Jeffrey J. Ciachurski
President & Chief Executive Officer
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.
Certain statements in this press release constitute “forward-looking
statements” under applicable securities laws, which involve known and
unknown risks, uncertainties and other factors that may cause actual
results to be materially different from any future results, performance
or achievements expressed or implied by such statements. Words such as
“expects”, “anticipates”, “intends”, “projects”, “plans”, “will”,
“believes”, “seeks”, “estimates”, “should”, “may”, “could”, and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are based
on management’s current expectations and beliefs and actual events or
results may differ materially. There are many factors that could cause
such actual events or results expressed or implied by such
forward-looking statements to differ materially from any future results
expressed or implied by such statements. Such factors include, but are
not limited to, the state of the Company’s business activities and
various factors discussed in the Company’s audited annual financial
statements and annual information form contained in the Company’s 40F
filed with the United States Securities and Exchange Commission and
securities regulators in Canada. Forward-looking statements are based
on current expectations and the Company assumes no obligation to update
such information to reflect later events or developments, except as
required by law.
SOURCE Western Wind Energy