Cleanfield Alternative Energy Renegotiates Joint Venture Agreement with Zhejiang Jingye Technology

Cleanfield Alternative Energy made an announcement that the company is at present renegotiating its joint venture with Zhejiang Jingye Technology. Cleanfield Alternative Energy is a global leader in Vertical Axis Wind Turbine technology solutions. Cleanfield also announced that 40,000 exercisable options were provided to the company’s investor relations consultant. These options will expire on 1st December, 2014 and they can be exercised at a price of $0.21 for a single share.

In November 2008, a joint venture was carried out by Cleanfield Alternative Energy and Zhejiang Jingye Technology. This joint venture focused in selling, distributing, and manufacturing Vertical Axis Wind Turbines in China.

An investment of $3-million in Cleanfield was intended to be put in by Zhejiang Jingye Technology in three installments of $1 million. The first investment was successfully paid by Zhejiang Jingye Technology but the company failed to pay its second installment because of problems faced by the company. As a result of this default in payment, Cleanfield and Zhejiang Jingye Technology have decided to renegotiate their agreement by clearing their pending payments in order to strengthen their partnership and the terms established by the companies.