TORONTO, Feb. 27, 2013 /CNW/ - On February 22, 2013, the Board of
Directors ofCleanfield Alternative Energy Inc. ("Cleanfield" or "Company") (TSX
VENTURE: AIR) announced that it had triggered an event of default as
defined in Section 8.1 (e) of the Trust Indenture dated July 31, 2008
related to its senior secured debt.
Cleanfield's Board passed a resolution on February 22, 2013, to either
wind-up or liquidate the Company and its subsidiary, Cleanfield Energy
Corp. This resolution triggered the event of default. Due to a failed
financing commitment; Cleanfield does not currently have any funding
options to repay the secured credit amount of $1,475,000, when the
credit facility is due in July 2013. The Debt is secured by a first
charge security interest over all the assets of Cleanfield and its
subsidiary, Cleanfield Energy Corp.
Furthermore, because of Cleanfield's lack of positive cash flows, its
inability to secure additional working capital and weakened demand for
the Company's products, the Company is unable to properly operate.
Cleanfield is currently in discussions with the secured credit
facility's trustee who is considering alternatives for the Company.
Cleanfield holds intellectual property and tax loss carryforwards.
Forward Looking Statements: Certain statements in this news release may be considered to be
forward-looking. These statements relate to future events or
Cleanfield's future results including revenues and reflect the current
assumptions and expectations of management. Unknown factors may affect
the events, performance, revenues and results of operations described
herein. Cleanfield undertakes no obligation, and does not intend to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required
under applicable laws.
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.
SOURCE: Cleanfield Alternative Energy Inc.