GENEVA, SWITZERLAND--(Marketwired - Nov. 4, 2013) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), a solar independent power producer, announces the appointment of Garrett Soden to the Board of Directors. Mr. Soden replaces John Craig who has resigned as a director.
Garrett Soden has experience across the natural resources sector in investment banking, government policy and public company management. He has worked with public companies associated with the Lundin family since 2007 and has extensive experience in the international capital markets, including mergers and acquisitions, debt and equity financings and restructurings. Mr. Soden is the Chairman of the Board and former Chief Executive Officer of RusForest AB. He holds a BSc honours degree from the London School of Economics and an MBA from Columbia Business School.
John Craig is a law partner at Cassels Brock & Blackwell LLP in Toronto and has served as an Etrion director since February 2008.
Ian Lundin, Etrion's Chairman, commented, "We thank John for his commitment to Etrion over the last six years, and we welcome Garrett to the Board. Garrett has worked successfully with several Lundin companies in the past. He will help us continue to create shareholder value."
Mr. Soden previously served as Chief Financial Officer of Etrion from December 2006 until March 2012. Effective November 7, 2013, he will serve in that capacity again on an interim basis during Cheryl Eversden's maternity leave.
Etrion Corporation is an independent power producer ("IPP") that builds, owns and operates utility-scale solar power generation plants. The Company owns 17 solar power plants in Italy with approximately 60 MW of installed capacity. The Italian operations generate more than US$40 million of annual earnings before interest, taxation, depreciation and amortization ("EBITDA"). Etrion is also developing solar power projects in Chile, including a 70 MW solar park in partnership with Total SA. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under the ticker symbol "ETX". Etrion's largest shareholder is the Lundin family, which owns approximately 25% of the Company's shares directly and through various trusts.
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current ("DC") basis, also referred to as megawatt-peak ("MWp").
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. 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 creation of shareholder value) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to acquire additional renewable energy projects, enter into power purchase agreements with industrial clients and obtain project financing on economic terms. Reliance should not be placed on forward-looking information. Forward-looking information is 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 information, 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 risk that the Company may not be able to identify and/or acquire other renewable energy projects.
Any forward-looking information 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 information, 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 information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.