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TSX Trading Symbol: UTS
CALGARY, Dec. 8 /CNW/ - The Board of Directors of UTS Energy Corporation announces that, effective December 31, 2009, Dennis A. Sharp will step down as Chairman and will continue to serve as a director of UTS. Mr. Sharp has been Chairman of the UTS Board of Directors since 2006. He was the Executive Chairman of the UTS Board from 2004 to 2006 and the Chief Executive Officer from 1998 to 2004.
"Dennis has been instrumental in setting the direction and ensuring the success of UTS since his appointment in 1998. While we will miss his leadership as Chairman, we are pleased he will continue to provide his valuable industry experience and insight as a director," said William Roach, President and Chief Executive Officer.
The Board of Directors is pleased to announce the appointment of John D. Watson, FCA, as Chairman of the Board of Directors effective January 1, 2010. Mr. Watson has been on the UTS Board of Directors since April of 2006 and Lead Director since May of 2008.
Since his retirement from Encana Corporation in 2006, where he was the Executive Vice-President and Chief Financial Officer from its inception in 2002 until February 2006, Mr. Watson has served on the Board of Directors of several public companies and charitable organizations.
Dr. Roach further stated, "The Board and Management of UTS is very pleased that Mr. Watson, a highly regarded member of the business community, has accepted the appointment as Chairman of the Board."
UTS is focused on the creation of shareholder value through exploration, development and production of hydrocarbon resources, mainly mineable oil sands deposits from the Athabasca oil sands area in north-eastern Alberta.
UTS Energy Corporation is based in Calgary, Alberta. The Company's common shares (UTS) are traded on the Toronto Stock Exchange.
SOURCE UTS ENERGY CORPORATION
For further information: For further information: Dr. William J. F. Roach, President and Chief Executive Officer at (403) 538-7030