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Message: 20% increase in revenues for the year ended December 31, 2008

20% increase in revenues for the year ended December 31, 2008

posted on Mar 24, 2009 01:52AM

Attention Business/Financial Editors

Western Wind Energy Corp. announces a 20% increase in revenues for the year ended December 31, 2008

	    <<
	    Toronto Venture Exchange Symbol: "WND"
	    Issued and Outstanding: 36,703,251
	    >>

	    VANCOUVER, March 24 /CNW/ -

	    2008 Results and Recent Developments

	    FINANCIAL RESULTS

	    2008 Results

	    Western Wind Energy Corp. ("Western Wind" or the "Company") is pleased to
announce a 20% increase in revenues to $5,116,652 compared to $4,264,759 for
the eleven months ended December 31, 2007. Net loss was $2,269,275 and net
loss from continuing operations was $4,993,322 for the year, seven cents
($0.07) per share and fifteen cents ($0.15) per share respectively, compared
to a net loss of $2,584,577 and a loss from continuing operations of
$2,819,232, ten cents ($0.10) per share and eleven cents ($0.11) per share,
respectively for the eleven months ended December 31, 2007.
	    For the three months ended December 31, 2008 revenues were up 144% to
$687,666 from $282,053 for the two months ended December 31, 2007. The prior
year comparable was two months due to the change of year end from January 31
to December 31. Net loss for Q4 in 2008 was $2,251,641, seven cents ($0.07)
per share compared to a loss of $926,017, three cents ($0.03) per share for
the two months ended December 31, 2007. Loss from continuing operations for
the three months ended December 31, 2008 was $2,127,812, seven cents ($0.07)
per share compared to a loss of $1,165,855 for the two months ended December
31, 2007.
	    The Company's financial position as at December 31, 2008 was
significantly stronger than the prior year as cash increased from $449,493 at
December 31, 2007 to $1,817,371 at December 31, 2008. Working capital improved
from a deficiency of $15,419,200 last year to a positive working capital of
$1,388,165 at December 31, 2008 and shareholders' equity jumped from $2.8
million to $22.4 million. The financial position improved primarily as a
result of an $18 million private placement that closed in June 2008 and the
repayment of the Mesa Acquisition Loan for approximately $12.4 million owed to
Pacific Hydro.

	    WINDSTAR DEVELOPMENT

	    The U.S. Congress recently passed the American Recovery and Reinvestment
Act of 2009, which extends the US$21/Mwh production tax credits through 2012
and provides an option to elect a 30% investment tax credit or an equivalent
cash grant from the US Department of Energy. This is expected to have a
positive impact for US renewable energy projects. Under this new operating
landscape, Western Wind has seen an increase in the number of parties that
have expressed an interest in financing Windstar and further time will be
needed to evaluate and negotiate these new proposals.
	    The information in this news release should be read in conjunction with
the Consolidated Financial Statements for the year ended December 31, 2008,
prepared in accordance with Canadian generally accepted accounting principles,
and the Management Discussion and Analysis for the year ended December 31,
2008. The financial statements and MD&A will be available at the Company's
website at www.westernwindenergy.com and at www.sedar.com.
	    Western Wind is in the business of acquiring land sites, capital and
technology for the production of electricity from renewable sources. Western
Wind conducts its operations through its wholly owned subsidiaries in Arizona
and California. Management of Western Wind includes individuals involved in
the operations and ownership of utility scale wind energy facilities in
California since 1981.

	    <<
	    ON BEHALF OF THE BOARD OF DIRECTORS

	    "Jeff Ciachurski"

	    Chief Executive Officer and Director
	    >>

	    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. Certain
statements included herein are "forward-looking statements" as defined by
securities regulatory authorities and legislation in Canada and the United
States. Management cautions that forward-looking statements are not guarantees
and that actual results could differ materially from those expressed or
implied in the forward-looking statement. Important factors that could cause
the actual results of operations or financial condition of the Company to
differ include, but are not necessarily limited to, the risks and
uncertainties discussed in documents filed by the Company on SEDAR and with
the Securities and Exchange Commission.

	    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States.






-30-
	    /For further information: Western Wind Energy Corp., 1326 - 885 West
Georgia Street, Vancouver, BC, V6C 3E8, Telephone: (604) 685-WIND (9463),
Facsimile: (604) 685-9441, www.westernwindenergy.com/
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