Energy Savings Income Fund

Energy Savings Income Fund

December 10, 2007 10:38 ET

Energy Savings Announces Peter Bloch, CA as CFO

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2007) - Energy Savings (TSX:SIF.UN), the Toronto-based marketer of long term, fixed price natural gas and electricity contracts, announced today the following senior management appointment:

Peter Bloch, CA - Chief Financial Officer.

Mr. Bloch joins Energy Savings as Chief Financial Officer effective January 2, 2008. He was most recently Partner and Co-Founder of Tribute/Legacy Pharmaceuticals since May 2005. Prior to that, he was Chief Financial Officer and Vice President Finance and Administration of Gennum Corporation, a TSX listed semiconductor company, from 2000 through to 2005. He was also previously a CFO for two private corporations in the pharmaceutical industry.

Brennan Mulcahy CEO stated: "Peter Bloch brings a wealth of experience to Energy Savings. He has been a CFO of a TSX index company and has extensive experience maintaining financial controls as CFO of companies in a growth mode. Peter not only brings substantial experience to Energy Savings, but he is also a very strong fit within our management team. He is committed to maintaining the exceptional track record of growth Energy Savings has brought to the capital markets."

Executive Chair Rebecca MacDonald added: "Peter fills an important gap in our management team. His joining the Energy Savings team will allow Ken Hartwick to continue to focus on his role as President. I want to thank Ken for his effort in the dual role of President and CFO over the past months."

The Fund

Energy Savings' business involves the sale of natural gas and electricity to residential, small to mid-size commercial and small industrial customers under long-term, irrevocable fixed price contracts (price protected for electricity). Energy Savings offers natural gas in Manitoba, Quebec, British Columbia, Illinois and Indiana and both gas and electricity in Ontario, Alberta and New York as well as electricity only in Texas. By securing the price for natural gas or electricity under such contracts for a period of up to five years, Energy Savings' customers reduce or eliminate their exposure to changes in the price of these essential commodities.

Forward-Looking Statements

The Fund's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect the Fund's operations, financial results or distribution levels are included in the Fund's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at or through the Fund's website at

The Toronto Stock Exchange has neither approved nor disapproved of the contents of this release.

Contact Information

  • Energy Savings Income Fund
    Ms. Rebecca MacDonald
    Executive Chair
    (416) 367-2872
    Energy Savings Income Fund
    Mr. Brennan Mulcahy
    Chief Executive Officer
    (905) 795-4200
    Energy Savings Income Fund
    Mr. Ken Hartwick, C.A.
    (905) 795-3557