TORONTO, July 31, 2013 /CNW/ - Renewable Energy Developers Inc. (TSX: RDZ) (TSX: RDZ.DB) ("ReD" or the
"Company"), a developer, owner and operator of renewable energy
projects, today announced it has successfully completed its previously
announced transition to internal management.
Upon termination of its management services agreement (the "MSA") with
Sprott Power Consulting Limited Partnership ("Sprott Consulting") on
July 31, 2013, the Company issued 7,504,272 common shares at a price of
$1.05 per share to Sprott Consulting and to certain employees and
management of the Company.
As part of this transition, the Company appointed Mr. Andrew Ingram to
the position of Chief Financial Officer of ReD. Mr. Ingram is a
Chartered Professional Accountant who has over eight years' experience
in the independent power sector, primarily with Algonquin Power &
Utilities Corp. Prior to that, Mr. Ingram spent over eleven years with
PricewaterhouseCoopers LLP working in their business recovery group on
various corporate restructuring and insolvency cases. Prior to his
appointment as CFO, Mr. Ingram served as Executive Vice President of
The Company also announced that key employees needed to advance ReD's
contracted development projects will continue with the Company as it
moves to complete the arrangement with Capstone Infrastructure
Corporation ("Capstone") whereby Capstone will acquire all the
outstanding shares of ReD by way of a plan of arrangement. Mr. Jeff
Jenner, President and CEO of the ReD, will assist the Corporation
through the integration period with Capstone.
"We are pleased to have completed the transition to internal management
as we can now focus on enhancing shareholder value with the development
of our advanced stage projects and the completion of the arrangement
with Capstone," said John Varghese, Chairman of the Corporation.
About Renewable Energy Developers Inc.
ReD is dedicated to the development, ownership and operation of
renewable energy projects. Through project development efforts,
acquisitions, partnerships and joint ventures, ReD provides its
shareholders with income and growth from the renewable power generation
sector of the energy industry. On July 3, 2013 the Company announced
it had entered into a definitive agreement with Capstone (TSX: CSE;
CSE.PR.A; CSE.DB.A) whereby Capstone will acquire all the outstanding
shares of ReD by way of a plan of arrangement, which will result in a
larger infrastructure company with power generation facilities across
Canada totaling approximately net 465 megawatts of installed capacity,
an attractive pipeline of contracted development opportunities in
Canada representing net 79 MW of capacity, and international
investments in regulated water and district heating businesses.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations
of ReD. This information reflects ReD'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 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 ReD 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 ReD does not assume any obligation to update or revise it to
reflect new events or circumstances, except as required by law.
SOURCE: Renewable Energy Developers Inc.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Renewable Energy Developers Inc.
(416) 815 0700 ext. 238