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Message: EarthFirst Enters Into Agreement to Sell The Windrise Power Project

EarthFirst Enters Into Agreement to Sell The Windrise Power Project

posted on May 15, 2009 04:41PM

Attention Business Editors

EarthFirst Enters Into Agreement to Sell The Windrise Power Project





CALGARY, May 15 /CNW/ - EarthFirst Canada Inc. (EarthFirst) (TSX:EF,

EF.WT) announced today that it has entered into a binding agreement with Canadian Hydro Developers, Inc. to sell the Windrise Power Project ("Windrise").

As a result of this transaction, EarthFirst will receive funds of $250,000 plus applicable sales tax.

The completion of the Sale is subject to, among other customary closing conditions, approval by the Court of Queen's Bench of Alberta pursuant to EarthFirst's current proceedings under the Companies Creditors' Arrangement Act. Application for the approval of the sale is expected to be heard on May 22, 2009, and, assuming court approval is obtained, the completion of the Sale is expected to occur on or about May 25, 2009.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing of the court approval and the timing of the anticipated completion of the Sale. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Specifically, some of the material risks include not being able to obtain the court approval or not being able to meet some or all of the Sale's closing conditions. In providing such forward-looking information we have made various assumptions regarding, among other things customary timing of the receipt of court approval.

The forward-looking information contained in this news release represents the expectations of EarthFirst as of May 15, 2009 and, accordingly, is subjectto change after such date. EarthFirst expressly disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as equired by applicable law.


/For further information: Brian Trypka, Chief Restructuring Officer,

EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1-877-513-0777,

E-mail: [email protected]; Derren Newell, VP, Finance and Chief

Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free:

1-877-513-0777, E-mail: [email protected]/

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