TORONTO, Feb. 1, 2013 /CNW/ - Sprott Power Corp. (TSX:SPZ) (the
"Corporation") announces that it has appointed one of its independent
directors, Glen Estill, to serve as the Corporation's Lead Director during the
period of transition.
To assist with the transition to internalization of the Corporation's
management disclosed earlier this week, John Varghese, Chairman of the Board
of Directors of the Corporation (the "Board"), has been asked to assist more
directly in the previously announced Strategic Review process and the
internalization of management transition. During this time, Mr. Estill, a
current director of the Corporation, will be tasked with providing effective
independent leadership of the Board of Directors. Mr. Estill will ensure that
the Board's current agenda and duties will be successfully carried out on
behalf of the shareholders. In addition, Mr. Estill will assist in the
internalization of management transition.
"We are pleased that Mr. Estill has agreed to step into the role of Lead
Director during this critical juncture in the Corporation's evolution," said
Jeffrey Jenner, Director, President and Chief Executive Officer of the
Mr. Estill is an experienced developer of wind construction projects, with a
strong understanding of Ontario's electricity system and policy environment.
He has over 25 years experience in management positions including 5 years as
CFO and Vice President of a public company, EMJ Data Systems. Mr. Estill holds
his Bachelor of Economics and Master of Business Administration from the
University of Western Ontario.
Mr. Jenner continues in his role as the Corporation's President and Chief
Executive Officer. The Board is confident in Mr. Jenner's abilities and is
pleased that he is continuing as President and Chief Executive Officer of the
Corporation. Sprott Power Consulting LP ("SPCLP"), the outsourced management
firm on which the Corporation has been relying for management services,
asserts that the employees of SPCLP, including Mr. Jenner, who are providing
services to the Corporation under the management services agreement between
the Corporation and SPCLP, are subject to non-compete covenants under the
terms of their employment with SPCLP. As a result, there is an issue as to
whether the employees can work for the Corporation after the management
services agreement is terminated or their employment is terminated by SPCLP.
The Corporation questions the enforceability of these covenants. In any
event, the Corporation is confident that it will be able to ensure that the
services provided by SPCLP are performed after the period of transition.
The Corporation also announces the appointment of Mary Lou McDonald as
Corporate Secretary to the Corporation. Ms. McDonald has been acting as legal
counsel to the Corporation since joining over one year ago. Ms. McDonald has
previously served as General Counsel and Corporate Secretary for Algonquin
Power & Utilities Corp.
The Corporation also announces that it is taking steps to change its name.
About Sprott Power Corp.
The Corporation is a Canadian based public company dedicated to the
development and financing of renewable energy projects. Through acquisitions,
partnerships and joint ventures, the Corporation seeks to provide its
shareholders with exposure to the power generation sector. For more
information on the Corporation's website at www.sprottpower.com.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations of the
Corporation, including its ability to complete its co-development agreements
and the development of its projects, to effect a smooth transition from
outsourced management to internalized in-house management, and to carry out
the strategic review process. This information reflects the Corporation's
current expectations with respect to future events and is based on information
currently available to the Corporation. Forward-looking information involves
significant known and unknown risks, uncertainties and assumptions. Many
factors could cause actual results, performance or achievements to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking information including,
without limitation, the risks listed under the heading "Risk Factors" in the
Corporation's Annual Information Form dated March 26, 2012. Should one or more
of these risks or uncertainties materialize, or should assumptions underlying
the forward-looking information prove incorrect, actual results, performance
or achievements could vary materially from those expressed or implied by the
forward-looking information contained in this release. Although
forward-looking information contained in this release is based upon what the
Corporation believes to be reasonable assumptions, the Corporation cannot
assure investors that actual results, performance or achievements will be
consistent with this forward-looking information. The forward-looking
information is made as of the date of this release and the Corporation does
not assume any obligation to update or revise it to reflect new events or
circumstances, except as required by law.
Jeff Jenner President and Chief Executive Officer Sprott Power Corp. O:
416-943-6387 C: 647-993-9925
John Varghese Chairman of the Board of Directors Sprott Power Corp. O:
416-681-6371 C: 416-706-2312
SOURCE: Sprott Power Corp.
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CO: Sprott Power Corp.
NI: FIN 2575 WNEWS
-0- Feb/01/2013 12:32 GMT
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