Arrowhead Water Products Ltd.

Arrowhead Water Products Ltd.

September 10, 2013 11:00 ET

Arrowhead Announces Execution of Letter Agreement Regarding Management and Board Changes

CALGARY, ALBERTA--(Marketwired - Sept. 10, 2013) - Arrowhead Water Products Ltd. - ("Arrowhead" or "Company") (TSX VENTURE:AWA) is pleased to announce the execution of a Letter Agreement with Jeffrey Ciachurski (the "Letter Agreement"), a significant shareholder of the Company. The Letter Agreement provides for, among other things, the completion of certain management changes and changes to the board of directors of the Company so that the new board will be comprised of Mr. Ciachurski (also serving as Chairman of the board), Michael Boyd (a nominee of Mr. Ciachurski) and two current directors, Ross O. Drysdale and Ian F. T. Kennedy. Mr. Ciachurski will also assume the role of Chief Executive Officer of the Company.

In addition, following completion of the changes to the board and management of the Company, Mr. Ciachurski has agreed to assist Arrowhead in identifying a new business. It is anticipated that the business of Company will change to the pursuit of opportunities in the energy efficiency and renewable energy industries. The Company expects that as part of the process of identifying and pursuing new business opportunities, it will raise additional capital with the assistance of Mr. Ciachurski. The management changes, private placement and the change of business are subject to the receipt of all required approvals including that of the TSX Venture Exchange ("TSXV").

About the Incoming Directors and Management

Mr. Ciachurski, CEO of Greenbriar Capital Corp. (TSX VENTURE:GRB) ("Greenbriar"), brings decades of public company experience to Arrowhead. Mr. Ciachurski is the founder and former CEO of Western Wind Energy Corp. ("Western Wind") which was acquired by Brookfield Renewable Energy Partners ("Brookfield") in March, 2013 for $430 million in a cash transaction. Mr. Ciachurski founded Western Wind with less than $1.0 million of capital ten years prior to Western Wind's sale to Brookfield.

Western Wind was ranked as No. 2 and No. 3 in 2010 and 2012, respectively, as a TSXV Top 50 listed company. Mr. Ciachurski completed Greenbriar's initial public offering in July, 2009 at a price of $0.10 per share. On September 5, 2013, the closing price of the Greenbriar shares on the TSXV was $2.94.

Mr. Boyd, former Chairman and director of Western Wind, is the former Chairman of the Pima County, Tucson, Arizona Board of Supervisors where he was responsible for managing 7,000 employees and an annual budget of $1.0 billion. Mr. Boyd was also a commissioner of the Central Arizona Project, the largest electrical energy user in the State of Arizona and the provider of much of Central Arizona's potable water.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

14,492,229 Common Shares Issued

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