Etrion Corporation

Etrion Corporation

November 18, 2009 07:00 ET

Etrion Announces Appointment of General Manager for Italy

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX), a Canadian energy company, has appointed Mr. Giovanni Diana as General Manager for its renewable energy operations in Italy.

Giovanni Diana has more than 20 years of experience leading industrial projects in Italy in different sectors, including construction, energy, commodities, automobile manufacturing and project finance. Giovanni's recent experience includes setting up local branches and growing domestic operations in Italy for two large multinational companies, Cemex and AES, where he was responsible for the acquisition and development of greenfield plants in the cement and power generation sectors. He was also recently a consultant to 9REN, the former Gamesa Solar, acquired by First Reserve Corporation, where he acted as CFO for the Italian renewable energy business. Giovanni has an MBA from Instituto de Empresa in Madrid and a Bachelor's degree in Economics from the University of Rome, La Sapienza.

Marco Northland, the Company's CEO, commented, "Giovanni is a great addition to the Etrion management team. He has a proven track record of building capital intensive projects in Italy, and his experience and local relationships will be crucial to realizing our objective of having 20 megawatts of solar power generation permitted or under construction next year."

About the Company

Etrion Corporation is a Canadian energy company based in Geneva, Switzerland and listed on the Toronto Stock Exchange (ticker symbol "ETX"). The Company is focused on developing, financing, building, owning and operating global electrical power plants based on renewable sources of energy, including solar photovoltaic, solar thermal and wind.

The Company is owned 45% by Lundin Petroleum, a Swedish independent oil and gas company traded on the Nordic Exchange (ticker symbol "LUPE"), and approximately 13% by the Lundin family through various trusts.

Forward-Looking Information:

This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company's solar power generation objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure to obtain permits for the development and construction of solar power projects in a timely manner.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Contact Information

  • Etrion Corporation
    Garrett Soden
    Chief Financial Officer
    +41 (22) 715 20 90
    +41 (22) 715 20 99 (FAX)