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Cleanfield Announces Share Issuances

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^{Published in Business and Finance on Tuesday, February 22nd 2011 at 14:30 GMT by Market Wire}  

TORONTO, Feb. 22 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSXV: AIR) announces that, after receiving TSX Venture Exchange ("Exchange") approval, it issued 766,289 common shares at $0.11 per share to satisfy certain debt owing to four arm's length creditors of its subsidiary, Cleanfield Energy Corp. All common shares issued are subject to a four-month Exchange hold period expiring June 23, 2011.

In addition, Cleanfield announces that, subject to Exchange approval, it will issue 126,610 common shares at $0.20 per share as a result of receiving a conversion notice for $25,000 in principal of the Series B 22% Senior Secured Convertible Redeemable Debentures. The common shares will be issued when the Exchange's approval is received. 1,610 common shares issued will be subject to a four-month Exchange hold period when issued. Also, as part of the conversion, Cleanfield will issue, subject to Exchange approval, 125,000 warrants convertible at $0.30 per common share with an expiry date of July 31, 2012.

About Cleanfield: Cleanfield is an innovative technology company focused on the research, development and distribution of renewable energy solutions for the urban environment. Cleanfield possesses industry leading, proprietary inverter technologies, which it currently sells through a complete solution - a 3 kW vertical axis wind turbine. The company's vision is to be recognized as an international leader in bringing high-quality and innovative sustainable energy solutions to the marketplace.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.