Atlantic Wind & Solar Announces the Appointment of New CEO -- Adds Two Members to Its Board of Directors & Provides Status Update Regarding Power Purchase Agreements
TORONTO -- (Marketwire) -- 05/12/11 -- Atlantic Wind & Solar (PINKSHEETS: AWSL) is pleased to announce the appointment of Mr. Mark Holcombe and Dr. Luc C. Duchesne to its board of directors and the resignation of Mr. Pierre Cousin as CEO.
In appointing Mark Holcombe the Company prepares for the tasks ahead in becoming an SEC reporting company and the corporate governance commitment such status entails.
In appointing Dr. Luc Duchesne the Company acknowledges the role government policy plays in the renewables industry and prepares for a more proactive role in navigating the regulatory waters.
The Company's chairman, Mr. Gilles Trahan, was appointed as President & CEO.
Board of Directors
To strengthen its Board the company has retained two independent directors.
Mr. Mark Holcombe brings a wealth of investment banking experience to the firm. He is presently Managing Director and Head of Asset Management for Madison Williams Advisors, LLC in New York as well as the Managing Partner of Stirling Partners (Bahamas). He was formerly Head of Corporate Development GEM Global Equities Management S.A. He has also worked as an investment banker at DLJ, NatWest Markets, and ING Merchant Banking. Mr. Holcombe presently serves as Director, Treasurer and Secretary of Pacific LNG Operations Ltd., and as a director of Blacksands Petroleum, Sandfield Ventures, Inc. and Mustang Alliance, Inc. Mr. Holcombe holds a B.A. from Colgate University.
Dr. Luc C. Duchesne brings senior level experience, with a thorough understanding of the interface between regulatory bodies, businesses and science. From 1991 to 2003 he worked as a senior research scientist for Natural Resources Canada, enjoying a substantive career leading to the publication of 85 peer-reviewed scientific articles, book chapters or books. Since 2003 he has worked in various private and public companies dealing with various aspects of the Bioeconomy, a new economic trend to which Atlantic Wind and Solar subscribes in its business initiatives. Dr. Duchesne has consulted on a broad spectrum of renewable energy projects. For example in 2008-2010, he was hired as a consultant to assist in the development of a feedstock strategy for St. Mary's Renewable Energy Corporation. The strategy was used in the business planning for a 35 MW Combined Heat and Power Purchase Agreement (PPA) with the Ontario Power Authority -- total project value of $175 M was announced in Q4 2010. In 2006, he was retained by the Ontario Ministry of Energy to assess renewable feedstock solutions for the displacement of coal at Atikokan Generating Station (210 MW). Dr. Duchesne received a PhD from the University of Guelph, a MSC from the University of Toronto and a B. Sc. in Forest Engineering from Laval University in Quebec City.
Martin Baldwin and Gilles Trahan continue to serve as board members.
Chaired by Mr. Holcombe, a new Corporate Governance and Audit Committee has been formed in anticipation of filing the Company's S-1 Registration Statement with the United States Securities Exchange Commission and its desire to trade on a more senior trading exchange and/or platform.
Power Purchase Agreement Status - *New Video Updates
The company has received updates from the Ontario Power Authority (OPA), confirming that 26 of their initial Power Purchase Agreement applications, all applied for last year between June and December, have been successfully processed by the OPA and have moved into their final review queue, with expectations of being released in the next round of Capacity Allocation Exempt approvals. As indicated on a Press Release issued by the OPA on February 24, 2011, this may be expected to occur any time. We thank shareholders for their patience as we continue to wait for these approvals before construction may commence.
The company has begun to issue a series of new video updates on YouTube and its web site, meant to assist the public to understand the AWSL model, while making the news more readily accessible through various social media platforms.
We invite shareholders to view these videos.
- To viewa 3 min. 'Video News Update' re. the status of Atlantic's first round of Power Purchase Agreement contracts, and other news, go to:http://www.youtube.com/watch?v=IdRG7wqYquM
- To viewa 3 min. 'Corporate Overview' re AWSL's business model, please visit:http://www.youtube.com/watch?v=dL1elhDVwHY
* Or visit the company's web site, at: www.AtlanticWindandSolar.com
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission including the Company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
Investor Relations Contact:
Mr. Brent O'Connor
+1 416 900-0380 ext.223