Toronto-based Atlantic Wind and Solar Inc.'s (AWSL) board of directors is moving toward executing a spin-off of its wholly owned U.S. subsidiary, AWE Engineering Inc. (AWE), to AWSL shareholders.
AWSL acquired this subsidiary through its acquisition, via a reverse takeover, of Environmental Technologies Inc. AWE has identified a number of potential wind energy projects and is currently involved in discussions regarding plans to advance these projects. Further news on these prospective projects will be released as and when significant developments occur, according to the company.
AWSL and AWE are currently meeting with financiers to discuss prospective financing of AWE and its possible spin-off to existing AWSL shareholders through appropriate registration of its securities and filing to have its shares publicly traded.
SOURCE: Atlantic Wind and Solar Inc.