Business & Finance
Business and Finance
Business and Finance
Tue, January 3, 2012
Mon, January 2, 2012
Sat, December 31, 2011
Fri, December 30, 2011
December 30, 2011 16:04 ET
Shear Wind Proposes Change in Year End
HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 30, 2011) - Shear Wind Inc. ("Shear Wind")(TSX VENTURE:SWX) announced today that, subject to receipt of lender approval, it will change its year‐end to December 31st from August 31st. If the change in year-end is approved by the lenders, Shear Wind's transition year will be the four month period ending December 31, 2011. The comparative period will be the 12 months ended August 31, 2011. The filing deadline for these financial statements is April 29, 2012.
The new financial year will align Shear Wind's year end with that of its major shareholder, Genera Avante Holdings Canada Inc., a subsidiary of Inveravante Inversiones Universales, S.L., an international corporation based in Spain. Once lender approval is received, Shear Wind will issue a news release, along with a notice of change of year-end, with further details.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Shear Wind in any jurisdiction.
About Shear Wind
Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship. Inveravante Inversiones Universales, S.L., an international corporation based in Spain, indirectly owns 62% of Shear Wind on a fully-diluted basis and 49% of Glen Dhu Wind Energy Limited Partnership through Genera Avante Holdings Canada Inc., following its investment in Shear Wind in November 2009.
Additional information on the various projects may be viewed on Shear Wind's website: [ www.shearwind.com ].
Forward-Looking Statements / Information
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. Actual results may differ materially from information contained in the forward-looking information as a result of a number of material factors, including failure to secure adequate financing to develop projects of Shear Wind. Shear Wind undertakes no obligation to publicly update or revise any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
Shear Wind Inc. trades on the TSX Venture Exchange under the symbol "SWX".
Neither 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.
