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
"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
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
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.
SOURCE: Sprott Power Corp.
For further information:
President and Chief Executive Officer
Sprott Power Corp.
Chairman of the Board of Directors
Sprott Power Corp.