Oct. 27, 2010 (Canada NewsWire Group) --
TORONTO, Oct. 27 /CNW/ - Cleanfield Alternative Energy Inc. ("Cleanfield") (TSX VENTURE: AIR), a leader in innovative sustainable energy technologies and building-integrated solutions, announced today that it has reduced the size of its Board of Directors from nine to five, effective October 26. Joe Halstead, John Ferguson, Bruno Maruzzo, Jeffrey Sherman and Russ Wlad resigned from the Board, while Mr. Sureshlal Kamalalal Shrivastav, Chief Executive Officer of SAI Prasad Group (SAI) was appointed to the Board subject to TSX approval. SAI is based in India with businesses spanning a multitude of industries including manufacturing and real estate development and recently signed a licensing and investment agreement with Cleanfield. Other members of Cleanfield's Board are:
Brian C. Miloski, Senior Advisor at the investment banking firm, Caris &
Company, and CFO of Solena Group, Inc.;
Ken Laubsch, Executive Manager for Boeing's Energy Solutions Group;
Tony Verrelli, Chief Executive Officer and co-founder of Cleanfield; and
- Mihail Stern, Cleanfield's Chief Technology Officer and co-founder.
Tony Verrelli said, "On behalf of Cleanfield shareholders, I thank our
resigning Directors for their guidance
and assistance over the past several years. Having a smaller Board will allow Cleanfield to make decisions
more expeditiously during this stage of continuous market and partnership development. Our stakeholders
should know that these Directors have not resigned collectively due to any disagreement with Cleanfield's
strategic direction or management. In fact, all of them will continue to provide consulting services to
Cleanfield as needed. We welcome our new Board member, Mr. Shrivastav, whose company has recently
entered into a strategic manufacturing license agreement with Cleanfield including a series of important
About Cleanfield: Cleanfield is an innovative technology company focused on the research, development
and distribution of renewable energy solutions for the urban environment. Cleanfield possesses industry
leading, proprietary inverter technologies, which it currently sells through a complete solution - a 3.5 kW
vertical axis wind turbine. Cleanfield turbines have been installed in over 50 locations worldwide. The
company's vision is to be recognized as an international leader in bringing high-quality and innovative
sustainable energy solutions to the marketplace.
Forward Looking Statements: Certain statements in this news release may be considered to be forwardlooking. 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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.