Renegy Appoints Hugh W. Smith as Chief Operating Officer
February 26 2008 - 7:30AM
Marketwired
TEMPE, AZ (NASDAQ: RNGY) announced today that it has appointed
Hugh W. Smith to the position of chief operating officer. Mr. Smith
is a seasoned power industry executive with more than 28 years of
electric utility and power plant experience, including a proven
track record in operations, power generation fleet development,
customer service, asset management, fuel management, and
environmental affairs.
"Hugh's demonstrated leadership and superior operational,
financial and strategic management skills will be a significant
asset at a time when we are transitioning our business to the onset
of commercial operations," stated Bob Worsley, chairman and CEO of
Renegy. "Some of his many accomplishments include successful
acquisitions of power generating assets, completing power plant
construction projects ahead of schedule and under budget,
significant reductions in fuel costs through development of
alternative fuel supply strategies and contract restructuring, and
implementation of plant availability and efficiency strategies to
improve bottom line results. In addition to overseeing Renegy's
growing portfolio of biomass to electricity power generating
facilities, Hugh will play a key role in our strategic planning,
including managing the critical challenges that go along with our
rapid growth strategy. His comprehensive industry experience and
operational leadership will assist in our efforts to successfully
harness the rapidly developing market opportunities for renewable
energy and realize the growth prospects we see ahead. We are
extremely pleased to have someone of Hugh's caliber join our
executive leadership team and look forward to his contributions
toward maximizing the company's growth and efficiency
potential."
Smith added, "This is an exciting and opportune time to be
developing renewable energy projects. The western U.S. is leading
the nation with its approach to incorporating carbon friendly
generating plants into the electric grid, and we are seeing strong
demand for energy generated from reliable, clean resources such as
biomass power facilities."
Mr. Smith will commence his new role on March 4, 2008, and will
be located at Renegy's Tempe, Arizona headquarters. Prior to
joining Renegy, Mr. Smith was senior vice president of generation
and development for EnergyCo LLC where he was responsible for
operations, strategic assessment of new assets, and developing
policies and procedures associated with the startup of a
non-regulated energy company. Previously, Mr. Smith served as
senior vice president of energy resources at PNM Resources during
which time he led operations of the company's power generation
fleet consisting of over 2,500 megawatts of coal, nuclear,
gas-fired and renewable assets. From 1979 to 2003, he held
positions of increasing responsibility at Tampa Electric Company,
most recently as vice president of supply and trading services. Mr.
Smith previously chaired the United Way Community Investment
Council and served on the Board of Directors for the United Way of
Central New Mexico and for the All Faiths Receiving Home. Mr. Smith
graduated with a Bachelor's degree from the University of
Florida.
About Renegy
Renegy, based in Tempe, Arizona, is a green energy company
focused on acquiring, developing and operating a growing portfolio
of biomass to electricity power generation facilities. Renegy seeks
to rapidly grow its renewable energy assets with the goal of
becoming the leading independent power producer (IPP) of biomass
electricity in North America. Its first project is Snowflake White
Mountain Power (Snowflake), a 24 megawatt (MW) biomass facility
under construction near Snowflake, Arizona. This facility is
scheduled to begin supplying electrical power to Arizona's two
leading utility companies in the second quarter of 2008, and serves
as a solid foundation for the Company's growth. Find Renegy on the
Worldwide Web at www.Renegy.com.
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and is subject to the
safe harbors created therein. These statements include, but are not
limited to, those regarding the Company's growth strategy and
future opportunities for its business; Renegy's ability to
capitalize on such growth opportunities; and Mr. Smith's ability to
successfully lead Renegy's operations and contribute to the growth
of its business. These statements are subject to risks and
uncertainties that could cause actual results and events to differ
materially from those expressed in the forward-looking statements.
These risks and uncertainties include, among others: the risks
associated with the development, generally, of the Company's
overall strategic objectives; successful management of Renegy's
business; that the Company may not be able to accurately predict
future market opportunities and growth prospects for its business;
the existence of unanticipated technical, commercial or other
setbacks related to the Company's power facilities, including
construction delays or cost overruns; that the Company will not be
able to secure the necessary financing, permits, power purchase
agreements or an adequate, low-cost supply of fuel for its biomass
plants; changes in the environmental requirements relating to
certain emissions; possible fluctuations in economic conditions
affecting the markets for Renegy's product and service offerings;
the risk that a market may not develop or be maintained for
Renegy's product and service offerings; that there may be
unanticipated events that could impact the Company's ability to
successfully manage its business; that Renegy may be unable to
maintain current or develop future strategic or customer
relationships for its electricity output, fuel supply, or other
products and services, including with utility customers; and the
other risks set forth in the Company's most recent Form 10-QSB
filed with the Securities and Exchange Commission. The Company
undertakes no obligation to update any forward-looking statements
to reflect new information, events, or circumstances occurring
after the date of this release.
CONTACT: Megan Meloni Investor Relations (650) 631-2847
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