WESTERN WIND ENERGY CORP.
Exhibit 99.1
WESTERN WIND ENERGY CORP.
| 0000 – 000 XXXX XXXXXXX XXXXXX | TELEPHONE: | 000.000.XXXX (9463) |
| VANCOUVER, BC V6C 3E8 | FACSIMILE: | 000.000.0000 |
| xxx.xxxxxxxxxxxxxxxxx.xxx | ||
N E W S R E L E A S E
| October 20, 2011 | |
| Toronto Stock Exchange (Venture) Symbol: “WND” | |
| OTCQX Symbol: “WNDEF” | |
| Issued and Outstanding: 59,975,811 |
Western Wind Energy Corp. (“Western Wind”) announces that it has entered into an agreement with a third party to settle certain outstanding claims totalling US$119,000 (the “Settlement Amount”). The Settlement Amount will be converted into Canadian funds at the Bank of Canada’s closing exchange rate on October 19, 2011 and will be satisfied by Western Wind issuing such number of common shares as is equal to the Settlement Amount (after conversion into Canadian funds) divided by Western Wind’s closing share price on October 20, 2011, or such other price as is acceptable to the TSX Venture Exchange (the “Exchange”). The Agreement is subject to the approval of the Exchange.
About Western Wind Energy Corp.
Western Wind Energy Corp. (OTCQX: WNDEF; TSX.V: WND) trades in the United States on the OTCQX under the symbol “WNDEF” and on the Toronto Venture Exchange under “WND”. Western Wind is a vertically integrated renewable energy production company that currently owns over 500 wind turbines and a solar field with 165 MW of rated capacity either in production or in construction in the States of California and Arizona. Western Wind further owns substantial additional development assets for both solar and wind energy in California, Arizona, and Ontario, Canada; and in the Commonwealth of Puerto Rico.
Western Wind is in the business of owning and operating wind and solar energy generating facilities. 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 | |
| “SIGNED” | |
| Xxxxxxx X. Xxxxxxxxxx | |
| President & Chief Executive Officer |
| Investor Relations Contact: |
| Xxxxxxxx Xxxxx |
| Email: xxxxxxxxxxxx@xxxxx.xxx |
| Telephone: (000) 000-0000 |
Neither the 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.
Certain statements in this press release constitute “forward-looking statements” under applicable securities laws, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as “expects”, “anticipates”, “intends”, “projects”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Such factors include, but are not limited to, the state of the Company’s business activities and various factors discussed in the Company’s annual report and annual information contained in the Company’s 20F Annual Report filed with the United States Securities and Exchange Commission and securities regulators in Canada. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.
