Atlantic Wind & Solar Announces the Appointment of New CEO -- Adds Two Members to Its Board of Directors & Provides Status Updat
May 12 2011 - 7:46AM
Marketwired
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.
Corporate Governance
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 view a 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 view a 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 Email Contact
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