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AWSL Announces Revised Date for Stock Dividend -- Receives Funding Commitment Press Release
TORONTO--(Marketwire - 11/23/09) - Atlantic Wind and Solar Inc. (Pinksheets:AWSL - News) hereby notifies its shareholders that, subject to confirmation by FINRA (The Financial Industry Regulatory Authority), the Record and Payable dates for the 1-for-3 stock dividend announced on October 22, 2009 have been revised, from November 23, 2009/December 7, 2009, respectively, to December 14 and December 28, 2009, respectively. For every three (3) common shares held on the record date, shareholders will receive one (1) free additional common share on the payable date. Under SEC Rule 144, the dividend share will be temporarily restricted from resale; typically a one-year hold for non-reporting companies and six months for fully reporting companies. Atlantic Wind and Solar Inc. is not a fully reporting company, but is working towards achieving that status. The board of directors of AWSL elected to increase the shares outstanding by paying a stock dividend in order to improve market liquidity. Financing Commitment Received AWSL is pleased to also report a private placement financing commitment by a private investment company administered out of Qatar, whereby the Company will fund up to US$2,500,000. Geneva Bancorp's investment banking division was instrumental in securing the capital required to fund AWSL's transitional budget for its roof-top solar business expansion plans, currently expected to carry the Company through to the point of profitability. AWSL has received the first tranche of US$500,000. Terms of Funding Atlantic may, at its sole discretion, draw down funds in US$500,000 increments at a 10% discount to the 14 day average closing price of the Company's common stock. This drawdown mechanism allows the Company to predetermine the amount of dilution for each investment, and precludes having to draw down more funds than required at any given time. Shares purchased will be unregistered securities as defined by the SEC and will bare a Rule 144 Restricted Legend. Shares issued under Rule 144 are restricted from resale for a period of one year from the date of issue or 6 months if the Company becomes an SEC reporting issuer. About Atlantic Wind & Solar Inc: Through focused management, strong R&D, state-of-the-art proprietary technology, exclusive licenses, and joint ventures, Atlantic Wind & Solar Inc. is poised for rapid growth at the forefront of the massive global shift towards environmentally friendly, economical Renewable Energy. The Company is working with parties in the Real Estate and Property Management sectors in Ontario to secure rooftop leases suitable for AWSL's photovoltaic (PV) renewable energy system. For further corporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar,www.atlanticwindandsolar.com Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements. |
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