Arrowhead Announces Execution of Letter Agreement Regarding Management and
CALGARY, ALBERTA -- (Marketwired) -- 09/10/13 -- Arrowhead Water
Products Ltd. - ("Arrowhead" or "Company") (TSX VENTURE:AWA) is
pleased to announce the execution of a Letter Agreement with Jeffrey
Ciachurski (the "Letter Agreement"), a significant shareholder of the
Company. The Letter Agreement provides for, among other things, the
completion of certain management changes and changes to the board of
directors of the Company so that the new board will be comprised of
Mr. Ciachurski (also serving as Chairman of the board), Michael Boyd
(a nominee of Mr. Ciachurski) and two current directors, Ross O.
Drysdale and Ian F. T. Kennedy. Mr. Ciachurski will also assume the
role of Chief Executive Officer of the Company.
In addition, following completion of the changes to the board and
management of the Company, Mr. Ciachurski has agreed to assist
Arrowhead in identifying a new business. It is anticipated that the
business of Company will change to the pursuit of opportunities in
the energy efficiency and renewable energy industries. The Company
expects that as part of the process of identifying and pursuing new
business opportunities, it will raise additional capital with the
assistance of Mr. Ciachurski. The management changes, private
placement and the change of business are subject to the receipt of
all required approvals including that of the TSX Venture Exchange
About the Incoming Directors and Management
Mr. Ciachurski, CEO of Greenbriar Capital Corp. (TSX VENTURE:GRB)
("Greenbriar"), brings decades of public company experience to
Arrowhead. Mr. Ciachurski is the founder and former CEO of Western
Wind Energy Corp. ("Western Wind") which was acquired by Brookfield
Renewable Energy Partners ("Brookfield") in March, 2013 for $430
million in a cash transaction. Mr. Ciachurski founded Western Wind
with less than $1.0 million of capital ten years prior to Western
Wind's sale to Brookfield.
Western Wind was ranked as No. 2 and No. 3 in 2010 and 2012,
respectively, as a TSXV Top 50 listed company. Mr. Ciachurski
completed Greenbriar's initial public offering in July, 2009 at a
price of $0.10 per share. On September 5, 2013, the closing price of
the Greenbriar shares on the TSXV was $2.94.
Mr. Boyd, former Chairman and director of Western Wind, is the former
Chairman of the Pima County, Tucson, Arizona Board of Supervisors
where he was responsible for managing 7,000 employees and an annual
budget of $1.0 billion. Mr. Boyd was also a commissioner of the
Central Arizona Project, the largest electrical energy user in the
State of Arizona and the provider of much of Central Arizona's
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The Company
has provided the forward-looking statements in reliance on
assumptions that it believes are reasonable at this time. The reader
is cautioned that the assumptions used in the preparation of the
forward-looking statements may prove to be incorrect. All such
forward-looking statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond the Company's
control. Such risks and uncertainties include, without limitation,
delays resulting from or inability to obtain required regulatory
approval. The actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do, what
benefits, including the amount of proceeds, the Company will derive
therefrom. Readers are cautioned that the foregoing list of factors
is not exhaustive.
14,492,229 Common Shares Issued
Arrowhead Water Products Ltd.
Ross O. Drysdale
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