Windfarms CFO resigns

Friday 30th October 2009

Troubled windfarm developer New Zealand Windfarms's chief financial officer Garry Forward has announced his resignation from January 29, to pursue independent consultancy, the company announced today.

Forward will remain available as a part-time consultant to the company.

"We will evaluate ongoing requirements for the role and the options for meeting those requirements before making a final decision on how the role is resourced in the future," said chief executive Steve Cross.

Windfarms warned on August 28 that it was uncertain as to whether it could continue as a going concern.

The company is also in dispute with its fellow Christchurch-based, NZX-listed turbine supplier, Windflow Technology, and withholding payments pending successful IEC accreditation of Windflow's two-bladed turbine technology.

NZ Windfarms is installing Windflow turbines at its Te Rere Hau site in the Manawatu, and is Windflow's sole customer at present. Windflow warned on September 1 that withholding of payments could soon become a material issue.

Businesswire.co.nz

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