Is this the end of liquidity?Cleanfield partner Zhejiang has gust of difficulty
Cleanfield Alternative Energy Inc (C:AIR)
Shares Issued27,296,901
Last Close 12/7/2009
.14
Tuesday December 08 2009 - NewsRelease
Tony Verrelli
CLEANFIELD RENEGOTIATING AGREEMENT TERMS WITH CHINESE PARTNER AND GRANTSSTOCK OPTIONS
Cleanfield Alternative Energy Inc. is currently renegotiating its jointventure agreement with Zhejiang Jingye Technology Co. Ltd. (ZJT).
Cleanfield entered into an agreement with ZJT in November, 2008, to form ajoint venture for the sales, distribution and manufacturing of Cleanfield VAWTsin China. In this agreement, ZJT was to make a $3-million equity investment inCleanfield in three tranches of $1-million. The first tranche was paid, but thesecond tranche, due on the first anniversary of the agreement, was not paid andis not expected to be paid as originally contemplated because of difficultiesexperienced by ZJT. Cleanfield and ZJT are currently renegotiating theagreement, including further payments, the structure of the partnership andother terms.
Cleanfield also announced that it granted 40,000 options, subject to TSXVenture Exchange approval, to an investor relations consultant of the company.All options are exercisable at a price of 21 cents per common share, and expireon Dec. 1, 2014.
? 2009 Canjex Publishing Ltd.