Vector Wind and First Asset Develop Wind Project

[] Vector Wind Energy entered into a management agreement with certain investment funds managed by First Asset Funds Inc. of Toronto. The agreement provides that Vector will manage the construction, administration and operation of 9 MW of new turbine installations over the next 18 months for a project company owned by the First Asset funds. Some of the turbines will be built on lands originally developed by Vector in Nova Scotia. As part of the agreement Vector assigned its development interests in approximately 1,200 acres of land in Nova Scotia and surrendered its 2 percent minority interest in the project company in exchange for $110,000 in cash and a right of first refusal to acquire up to 50 percent of any expansion of the project company’s Nova Scotia portfolio. Vector is a developer of wind energy projects in Canada. Currently Vector has 17 active projects around the country at various stages of exploration and development. These projects have the potential to support more than 1,000 MW of wind energy capacity.
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