NaiKun Wind Announces Executive Team Changes
June 02 2010 - 5:10PM
Marketwired
NaiKun Wind Energy Group Inc. ("NaiKun Wind") (TSX VENTURE: NKW)
announced today that effective June 15, 2010, Paul Taylor,
President & CEO, will be leaving NaiKun Wind and also resigning
from the Board of Directors. Effective June 16, 2010, the Board of
Directors has appointed Michael O'Connor as President & CEO and
director.
Mr. O'Connor joined NaiKun Wind in May 2008 serving as Senior
Vice-President of NaiKun Wind Energy Group Inc. Mr. O'Connor will
also continue to serve as President of the company's generation
subsidiary, NaiKun Wind Generating Inc. Prior to joining NaiKun
Wind, Mr. O'Connor was Project Director for the successful Canada
Line Rapid Transit Project with SNC - Lavalin. He has also served
as President and CEO of BC Transit and CEO of Clearwater
Technologies, a developer and manufacturer of water and wastewater
plant and distribution systems.
"Michael O'Connor is the right person to lead NaiKun Wind as the
company moves beyond the Clean Power Call and undertakes a
strategic review designed to maximize shareholder value," said
Philip Hughes, Board Chairman. "We also continue to believe that
the NaiKun Wind offshore project, given its scale and advanced
stage of development, will play an important role in addressing
British Columbia's climate change goals and future energy
needs."
The Board of Directors sincerely thanks Mr. Taylor for his
contribution to the development and advancement of the NaiKun Wind
offshore project and the achievement of a number of significant
milestones and partnerships.
The changes announced today support the corporate restructuring
of NaiKun Wind initiated on May 20, 2010, and the company's
commitment to significantly reduce its cost structure to sustain
the development of the NaiKun Wind offshore wind energy project.
NaiKun Wind expects to reduce its annual operating costs from $4.5
million to less than $2 million. NaiKun Wind will incur a one-time
charge of approximately $665,000 arising from the buy-out of Mr.
Taylor's employment agreement.
NaiKun Wind is also announcing that Steve Eckert has resigned
from his role as Senior Vice-President of NaiKun Wind, effective
June 1, 2010, and that he has assumed the new role of Senior
Advisor. The Board of Directors thanks Mr. Eckert for guiding the
development of the NaiKun Wind project and for his high level of
professionalism and skill and looks forward to continuing to
benefit from Mr. Eckert's valuable expertise.
NaiKun Wind Energy Group Inc. is a British Columbia-based
renewable energy company with offices in Vancouver, Masset and
Skidegate. For more information on NaiKun Wind, please visit
www.naikun.ca.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: NaiKun Wind Energy Group Inc. Susan Bruckner Media
Enquiries 604-631-4475 sbruckner@naikun.ca NaiKun Wind Energy Group
Inc. Peter Murray Investor Enquiries 604-631-4494 pmurray@naikun.ca
www.naikun.ca
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