Etrion Corporation
TSX : ETX

Etrion Corporation

March 11, 2010 07:00 ET

Etrion Announces Appointment of VP of Engineering and Construction

TORONTO, ONTARIO--(Marketwire - March 11, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX), a Canadian energy company, has appointed Mr. Fernando Alvarez-Bolado as Vice President of Engineering and Construction.

Fernando Alvarez-Bolado has more than a decade of experience in the engineering and construction of wind and solar power projects. As a Senior Project Manager for SunPower Systems, Fernando led the Spanish project management team responsible for the construction of solar parks totaling over 50 megawatts ("MW") in Spain. He also managed the construction of 25 MW in Italy. At Vestas Wind Systems, he was responsible for the construction of wind parks totaling over 250 MW in Spain. Fernando has completed the PDD (Management Development Program) at IESE Business School in Madrid and has an electrical engineering degree from the Escuela Técnica Superior de Ingenieros Industriales at the University of Valladolid in Spain.

Marco Northland, the Company's CEO, commented, "Fernando is a critical addition to the Etrion management team. We worked together while at SunPower, and I am very happy to have him join us at Etrion. He has extensive engineering and operations experience with large wind and solar power plants in Europe and will be crucial in our efforts to reach critical mass quickly."

Last year, Etrion contracted SunPower Corp. to build four ground-based solar photovoltaic power plants in the Puglia region of southern Italy with a total generating capacity of 4 MW. The first electricity sales from the projects are expected during the third quarter of 2010.

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 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 NASDAQ OMX Stockholm exchange (ticker symbol "LUPE"), and approximately 13% by the Lundin family through various trusts.

For additional information, please visit the Company's website at www.etrion.ch.

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 electricity sales) 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)
    www.etrion.ch