TORONTO, Jan. 28, 2013 /CNW/ - Sprott Power Corp. (TSX:SPZ) announces
that it has decided to transition to internal management by way of a
notice of termination, effective July 31st, 2013, of its contract with Sprott Power Consulting LP, the outsourced
management firm on which it has been relying for management services.
Sprott Power Corp. intends to work with Sprott Power Consulting LP to
carry out the transition to a new management structure as provided in
the existing Management Services Agreement.
"We accomplished a great deal with external management, but to maximize
shareholder value, it's time for this rapidly-maturing company to
transition to a new management structure," said John Varghese of Sprott
Power Corp.'s Board of Directors.
The Corporation will continue the Strategic Review process it embarked
upon earlier this month.
About Sprott Power Corp.
SPC is a Canadian based company dedicated to the development and
financing of renewable energy projects. Through acquisitions,
partnerships and joint ventures, SPC seeks to provide its shareholders
with exposure to the power generation sector. For more information on
SPC, please visit www.sprottpower.com.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations
of Sprott Power including its ability to complete its co-development
agreements and the development of its projects, to effect a smooth
transition from outsourced management to in-house management, and to
carry out the strategic review process. This information reflects
Sprott Power'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, without limitation, the risks
listed under the heading "Risk Factors" in the Company'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 Sprott Power 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 Sprott Power 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:
Chairman of the Board of Directors
Sprott Power Corp.