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Message: Sale of Glenridge Wind Project
| January 9, 2009 |
| Shear Wind Inc. Announces Sale of Glenridge Wind Project |
| HALIFAX, NOVA SCOTIA AND CALGARY, ALBERTA--(Marketwire - Jan. 9, 2009) - SHEAR WIND INC. ("Shear Wind") (TSX VENTURE:SWX). Mike Magnus, President and CEO of Shear Wind, announces the successful sale of its Alberta based Glenridge Wind Project (the "Project"). The Project, which was owned by Shear Wind's wholly owned subsidiary, Vindt Resources Inc., was sold to an arm's length party at a premium to the original project development cost incurred by Shear Wind and Vindt Resources in the Project. Shear Wind has decided not to release any further information concerning the terms of the sale at this time due to competitive land issues in the area and ongoing discussions with other major industry participants. The sale proceeds will be used to pay down existing debt and to further develop Shear Wind's pipeline of Alberta wind projects, as previously disclosed. Mr. Magnus states, "the sale of the Project enhances shareholder value and strengthens our balance sheet without diluting our shareholders." About Shear Wind Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable energy in Canada and is focused on building a strong company based on a secure and sustainable supply of clean energy. Shear Wind has wind projects in various stages of development across Canada. |
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