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 five members.
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 at:
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