TORONTO, May 31, 2013 /CNW/ - Sprott Power Corp. (TSX: SPZ) ("Sprott
Power" or "the Company"), an owner, operator and developer of renewable
energy projects, is pleased to announce its slate of nominees to the
board of directors (the "Board") for election at the June 26, 2013
annual and special meeting of shareholders (the "Meeting").
To comply with undertakings made to Sprott Power Consulting Limited
Partnership ("Sprott Consulting") in connection with the previously
announced termination of the Management Services Agreement (the "MSA"),
the Company is making certain changes to its Board. Messrs. Jeff Jenner
and Glen Estill will not be standing for re-election at the Meeting and
the Company is delighted to announce that Messrs. David Kerr and Uwe
Roeper have agreed to be nominees for the Board in their place. Messrs.
Finn Greflund, David Rounthwaite and John Varghese are standing for
re-election at the Meeting. The Board will continue to be comprised of
Since 2010, Mr. Kerr has served as Chief Executive Officer of Thorium
Power Canada Inc., a company offering a clean, green, safe and cost
effective solution to the growing global energy requirements. From
1996 to 2010, Mr. Kerr was a managing director and founder of Algonquin
Power Co. and helped grow the publicly traded company from an $80
million initial public offering in 1997 to over $1 billion in assets.
Since 1999, Mr. Roeper has served as President of ORTECH Consulting
Inc., a consulting and advisory business that provides technical
consulting services related to development and operation of wind power
and water power facilities. From 2000 to 2005, Mr. Roeper served as
Director and Co-founder of Canadian Renewable Energy Corporation, a
developer, builder and operator of a hydroelectric project in Ontario
and numerous other projects including several hundred mega watts of
wind and small hydro developments.
Both nominees have extensive experience in renewable energy and power
generation. "We are very pleased to welcome Mr. Kerr and Mr. Roeper to
the Board," said F. David Rounthwaite, Chair of the Corporate
Governance and Nominating Committee of Sprott Power. "Their extensive
experience in the renewable energy industry allows the Company to
present a strong slate of directors at our upcoming Meeting. We also
extend our thanks to Messrs. Jenner and Estill for their many
contributions to the Board over the years."
At the Meeting, the Company will also be re-appointing the auditors,
changing the name of the Company and authorizing the issuance of common
shares of the Company (the "Common Shares"). The Company will be
seeking shareholder approval to change the name of the Company from
Sprott Power Corp. to Renewable Energy Developers Inc. The name
closely describes the nature of the Company's business and was the name
of the private renewable energy company that owned the original assets
that formed the foundation for Sprott Power when it was created in June
2010. The name change is also in fulfillment of undertakings made to
Sprott Consulting in connection with termination of the MSA. The
Company will also be seeking shareholder approval for the issuance of
Common Shares in satisfaction of the buyout obligation related to the
Company's decision to internalize management, as announced in the
Company's press releases dated January 28, 2013 and February 11, 2013.
On January 10, 2013, the Company announced that the Board initiated a
process to identify, examine and consider a range of strategic options
available to the Company with a view to enhancing shareholder value.
The Board formed a strategic review committee, comprised of the
Company's independent directors, to oversee the review process and
retained Canaccord Genuity to assist and advise the Company through
this process. This process is ongoing, with the committee, management
and its advisors continuing to consider a number of potential
outcomes. There can be no assurance that the performance of a
strategic review will result in any change in the operation or
ownership of the Company.
The management information circular and other proxy materials for the
Meeting will be mailed to shareholders and will be available on the
SEDAR website, www.sedar.com. The Meeting is scheduled for 2:00p.m. (Eastern time) on June 26, 2013
Offices of Cassels Brock & Blackwell LLP
Suite 2100, Scotia Plaza
40 King Street West
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company
dedicated to the development, ownership and operation of renewable
energy projects. Through project development efforts, acquisitions,
partnerships and joint ventures, Sprott Power provides its shareholders
with income and growth from the renewable power generation sector of
the energy industry.
Certain information contained in this press release may constitute
"forward-looking information", including, without limitation,
information relating to the election of directors at the Meeting, the
reappointment of the auditors at the Meeting, the approval of the
proposed name change of the Company, the approval of the issuance of
Common Shares in satisfaction of the buyout obligation, and the results
of the strategic review process, which reflects the current
expectations of Sprott Power. 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 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 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:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
(416) 815 0700 ext. 238