TORONTO, May 31, 2013 /CNW/ - Sprott Power Corp. (TSX: SPZ) ("Sprott Power" or
"the Company"), an owner, operator and developer of renewable energy projects,
is pleased to announce its slate of nominees to the board of directors (the
"Board") for election at the June 26, 2013 annual and special meeting of
shareholders (the "Meeting").
To comply with undertakings made to Sprott Power Consulting Limited
Partnership ("Sprott Consulting") in connection with the previously announced
termination of the Management Services Agreement (the "MSA"), the Company is
making certain changes to its Board. Messrs. Jeff Jenner and Glen Estill will
not be standing for re-election at the Meeting and the Company is delighted to
announce that Messrs. David Kerr and Uwe Roeper have agreed to be nominees for
the Board in their place. Messrs. Finn Greflund, David Rounthwaite and John
Varghese are standing for re-election at the Meeting. The Board will continue
to be comprised of five members.
Since 2010, Mr. Kerr has served as Chief Executive Officer of Thorium Power
Canada Inc., a companyoffering a clean, green, safe and cost effective
solution to the growing global energy requirements. From 1996 to 2010, Mr.
Kerr was a managing director and founder of Algonquin Power Co. and helped
grow the publicly traded company from an $80 million initial public offering
in 1997 to over $1 billion in assets.
Since 1999, Mr. Roeper has served as President of ORTECH Consulting Inc., a
consulting and advisory business that provides technical consulting services
related to development and operation of wind power and water power
facilities. From 2000 to 2005, Mr. Roeper served as Director and Co-founder
of Canadian Renewable Energy Corporation, a developer, builder and operator of
a hydroelectric project in Ontario and numerous other projects including
several hundred mega watts of wind and small hydro developments.
Both nominees have extensive experience in renewable energy and power
generation. "We are very pleased to welcome Mr. Kerr and Mr. Roeper to the
Board," said F. David Rounthwaite, Chair of the Corporate Governance and
Nominating Committee of Sprott Power. "Their extensive experience in the
renewable energy industry allows the Company to present a strong slate of
directors at our upcoming Meeting. We also extend our thanks to Messrs. Jenner
and Estill for their many contributions to the Board over the years."
At the Meeting, the Company will also be re-appointing the auditors, changing
the name of the Company and authorizing the issuance of common shares of the
Company (the "Common Shares"). The Company will be seeking shareholder
approval to change the name of the Company from Sprott Power Corp. to
Renewable Energy Developers Inc. The name closely describes the nature of
the Company's business and was the name of the private renewable energy
company that owned the original assets that formed the foundation for Sprott
Power when it was created in June 2010. The name change is also in fulfillment
of undertakings made to Sprott Consulting in connection with termination of
the MSA. The Company will also be seeking shareholder approval for the
issuance of Common Shares in satisfaction of the buyout obligation related to
the Company's decision to internalize management, as announced in the
Company's press releases dated January 28, 2013 and February 11, 2013.
On January 10, 2013, the Company announced that the Board initiated a process
to identify, examine and consider a range of strategic options available to
the Company with a view to enhancing shareholder value. The Board formed a
strategic review committee, comprised of the Company's independent directors,
to oversee the review process and retained Canaccord Genuity to assist and
advise the Company through this process. This process is ongoing, with the
committee, management and its advisors continuing to consider a number of
potential outcomes. There can be no assurance that the performance of a
strategic review will result in any change in the operation or ownership of
The management information circular and other proxy materials for the Meeting
will be mailed to shareholders and will be available on the SEDAR website,
www.sedar.com. The Meeting is scheduled for 2:00p.m. (Eastern time) on June
26, 2013 at:
Offices of Cassels Brock & Blackwell LLP
Suite 2100, Scotia Plaza
40 King Street West Toronto, Ontario
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated
to the development, ownership and operation of renewable energy projects.
Through project development efforts, acquisitions, partnerships and joint
ventures, Sprott Power provides its shareholders with income and growth from
the renewable power generation sector of the energy industry.
Certain information contained in this press release may constitute
"forward-looking information", including, without limitation, information
relating to the election of directors at the Meeting, the reappointment of the
auditors at the Meeting, the approval of the proposed name change of the
Company, the approval of the issuance of Common Shares in satisfaction of the
buyout obligation, and the results of the strategic review process, which
reflects the current expectations of Sprott Power. This information reflects
Sprott Power's current beliefs with respect to future events and is based on
information currently available to management. 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
Company's Revised Annual Information Form dated April 2, 2013. 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
Sprott Power believes to be reasonable assumptions, management 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 Sprott Power does not assume any obligation
to update or revise it to reflect new events or circumstances, except as
required by law.
Jeff Jenner, CA, CBV President and Chief Executive Officer Sprott Power Corp.
Ross Marshall Investor Relations (416) 815 0700 ext. 238
SOURCE: Sprott Power Corp.
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-0- May/31/2013 11:00 GMT
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