PHOENIX, AZ, May 14, 2014 /CNW/ - GWR Global Water Resources Corp. (TSX:
GWR) (OTCQX: GWGWF) (the "Company") and Global Water Resources, Inc.
("Global Water") today announced the expected changes associated with
their executive management transition and succession plan. Ron Fleming,
President and Chief Operating Officer of the U.S. company, Global
Water, has been appointed as interim CEO for both companies. Trevor
Hill, Chairman of the Board, has stepped down as Chief Executive
Officer of the Company. Cindy Bowers has completed her four year
commitment to serve as Chief Financial Officer and will transition to
Executive Vice President of Investor Relations for the remainder of the
year, as well as remain on the Board of Directors for the U.S.
company. Mike Liebman will succeed her as Senior Vice President and
Chief Financial Officer.
"In light of our strategic plan to surface the value of our core
existing regulated utility assets and the substantial progress made to
that end, the Board has unanimously approved the next phase of the
Company's succession plan, put in place eighteen months ago. The
transition plan ensures the continuity of leadership, the retention of
institutional knowledge and an overall reduction in costs. We believe
we have found the appropriate balance within our governance and
management structures while maintaining maximum value for our
shareholders," said Trevor Hill, Chairman of the Board. "I have
tremendous confidence in the Executive Team and I fully believe they
will continue to surface and deliver the value of our utilities in
these new roles. These changes are the next steps in an ongoing
transition and succession plan and will ensure that the right team is
in place now, and at all stages into the future."
Ron Fleming has worked with Global Water for ten years, during which
time he has directly managed all areas of the business. For the past
four years he has run the entire utility division, making him
exceptionally experienced and uniquely qualified for this role. Mike
Liebman came to Global Water with more than 14 years of finance and
management experience and has demonstrated his expertise and strength
since joining the Company in October 2013.
"We are grateful to Cindy for her dedication to Global Water and her
exceptional performance and leadership through the first ten years,"
said Mr. Hill. "Cindy was instrumental in helping us build value in
Global Water. I believe her transition to investor relations coupled
with her board role provides the optimal balance of mentorship for our
team and continued oversight of the ongoing operations."
Hill stated, "I will continue to work closely with Ron, Mike and Cindy
as I have always done. I am delighted to have such capable and willing
executives to assume these leadership positions and I am pleased with
the progress we have made over the last several years which is now
starting to be reflected in our share price. As an original founder
and significant shareholder in the company, my interests are highly
aligned with our investors. You can rest assured that I will remain
actively engaged until such time as the full value of the companies is
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of
U.S. based Global Water and to actively participate in the management,
business and operations through its representation on the board of
directors of Global Water and its shared management of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company located
in Phoenix, Arizona, that owns and operates regulated water, wastewater
and recycled water utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These
forward looking statements include, but are not limited to our plans,
objectives, expectations and intentions, and other statements contained
in this release that are not historical facts as well as statements
identified by words such as "expects", "anticipates", "intends",
"plans", "believes", "seeks", "estimates", or the negative of these
terms, or other words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of which
are beyond our control. Actual results may differ materially from
these expectations due to changes in global political, economic,
business, competitive, market and regulatory factors and other factors
discussed under the heading "Risk Factors" in the Company's most recent
Annual Information Form. We undertake no obligation to publicly update
any forward-looking statement, except as required by law, whether as a
result of new information, future developments or otherwise.
SOURCE: GWR Global Water Resources Corp.
For further information:
Tel: 416-815-0700 ext. 238