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Item 1.02. Termination of a Material Definitive Agreement.
On May 5, 2011 we gave notice terminating the Asset Purchase Agreement
(the “Agreement”) with Premier Renewable Energy, Inc. (“Premier”).
The Agreement contemplated the sale of five of the Company’s wind
energy projects in Ontario, Canada totaling 50 megawatts. The five wind
parks were: Settlers Landing, Snowy Ridge, Grey Highlands, Cloudy
Ridge and Clean Breeze.
According to the Agreement Premier was supposed to pay certain development costs
which they failed to do. The Agreement was therefore terminated for
Since the agreement with Premier has been terminated, we will be required to
return to Premier a total of $950,000 representing the return of
Premier’s refundable deposit.
Except as set forth herein, there is no further liability to either Wind Works
or Premier as a result of the termination of the agreement.