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Wind Energy America Inc. And Boreal Energy Inc. Enter Into Definitive Asset Purchase Agreement

Posted on: Thursday, 13 December 2007, 18:00 CST

Wind Energy America Inc. (OTCBB:WNEA) announced today that it has entered into a definitive Asset Purchase Agreement to acquire the assets of Boreal Energy Inc., a Minnesota corporation in a tax-free exchange for WNEA common stock. Providing the Boreal assets materially satisfy our ongoing due diligence process, we expect to exchange 30 million common shares of WNEA for these assets.

Boreal assets being purchased by WNEA in this transaction include Boreal's interests and development rights to all its wind energy projects, certain wind turbine equipment, and other assets related to wind farms and projects on Buffalo Ridge in southwestern Minnesota.

Boreal is a wind farm developer, owner and operator based in Minnesota which owns or controls significant interests and rights in and to an extensive "pipeline" of wind energy projects under development in the upper Great Plains, the Midwest and Canada. The Boreal pipeline includes approximately 1,200 megawatts in various phases of design or development, which are located in some of the most favorable wind regimes in North America for generation of electricity from wind power turbines.

We expect to complete our due diligence review of this transaction in order to submit this business combination for approval by our Board of Directors and Shareholders in January 2008. Consummation of this acquisition of Boreal's large, unique and diversified pipeline of world-class wind energy projects will accomplish a significant part of our long-term strategic goal to build a profitable and diversified portfolio of wind power assets.

About Wind Energy America Inc.

Wind Energy America Inc. holds and is continuing to acquire significant ownership interests in wind farms in the Midwest and upper Great Plains regions of the USA. These regions are particularly suitable for wind energy since they feature sparsely populated and extensive flat prairies having both high and consistent wind speeds. Moreover, farmers and other rural citizens there welcome the substantial and profitable additional "crop" of wind farming and related "green collar" jobs.

This news release contains forward-looking statements regarding WNEA and its future business plans, which statements involve known and unknown risks and uncertainties. Such risks and uncertainties may cause actual results and future achievements of WNEA to be materially different than those implied by these forward-looking statements. WNEA has and undertakes no obligation to provide public updates of revisions to these forward-looking statements to reflect any changes in its expectations or future events.

Source: Business Wire

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