VANCOUVER, April 22 /CNW/ - Plutonic Power Corporation (the "Company") (PCC: TSX) announced today the reappointment of Bruce Ripley to the position of President and Chief Operating Officer effective immediately. Reporting to Donald McInnes Vice Chair and CEO, Mr. Ripley will be responsible for all day to day operations of Plutonic and will oversee the transition of Plutonic from a development company to one with operations and revenue.
In August of 2009, Mr. Ripley stepped down from Plutonic to focus exclusively on the delivery of the $660 million Toba Montrose hydroelectric project which is now over 90% complete. Plutonic is confident that significant risks to construction completion, commissioning and operations are well planned for and mitigated and that Bruce can now retake his leadership role in Plutonic. The Toba Montrose Project is a partnership between Plutonic and a subsidiary of General Electric. Through a second partnership with GE, Plutonic is also expecting to complete construction and commence commissioning at the Dokie Wind Project during 2010.
"Bruce has done an excellent job focusing his attention on and delivering the Toba Montrose Project over the last eight months," stated Donald McInnes Vice Chair and CEO of Plutonic. "I am pleased that Bruce can now reassume his position as President and COO to oversee all aspects of day to day operations in Plutonic and our principal two partnerships with GE subsidiaries."
Paul Sweeney who has been President of Plutonic since last August, will reassume his role as an executive officer of the company and play a significant supporting role to both the CEO and the COO.
About Plutonic Power Corporation
British Columbia based Plutonic Power is a Canadian leader in clean energy development. Our vision is to create a legacy through the development of renewable, reliable, clean energy projects. Plutonic is a partner in 340 megawatts of hydro and wind projects that are under construction. In 2010 commercial operations will start at the $660 million, 196 megawatt East Toba River and Montrose Creek run-of-river hydroelectric project. Active construction is also underway on the $227.5 million, 144 megawatt Dokie Wind Project, diversifying Plutonic Power's clean energy portfolio. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all of its projects. By developing its suite of projects, Plutonic will help British Columbia realize its goal of becoming electricity self-sufficient by 2016 utilizing 90% clean domestic generation sources, will create employment opportunities and will play a significant role in the fight against climate change. For additional information please contact:
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
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