SOURCE: Turkpower

May 04, 2011 09:00 ET

TurkPower Corporation Appoints Former Chairman of NYMEX Holdings, Inc., Mr. Richard Schaeffer, to Its Board of Directors

NEW YORK, NY--(Marketwire - May 4, 2011) - TurkPower Corporation (OTCBB: TRKP) (the "Company") is pleased to announce the appointment of Richard Schaeffer to its Board of Directors. Mr. Schaeffer is the retired Chairman of NYMEX Holdings, Inc. and the New York Mercantile Exchange, which went public at a valuation of $13bn under his lead in 2006. He served as a member of the NYMEX Board of Directors from March 1990 to 2008; was the Treasurer of the Exchange from 1993 to 2004, Vice Chairman from 2004 to 2006, and Chairman from 2006 to 2008. Mr. Schaeffer has been a NYMEX member and seat owner since 1981.

Mr. Schaeffer has served as a director on the board of directors of the leading Norwegian financial derivatives exchange IMAREX as well as on the board of the Montreal Stock Exchange, and held a seat on the board of directors of the University of Maryland's Robert H. Smith School of Business. Presently Mr. Schaeffer serves as a special advisor to General Atlantic and as a director to two public companies. Mr. Schaeffer graduated from the Robert H. Smith School of Business at the University of Maryland in 1974, where he delivered the school's commencement address in 2006. Richard was also the Chairman of the NYMEX charitable Foundation's Board and is currently a board member of the Museum of American Finance and the Tribeca Film Festival.

"It's a pleasure and honor to join TurkPower and its team of professionals," Mr. Schaeffer said. "I strongly believe TurkPower to be perfectly positioned to become a major mining and energy company in Turkey, the second fastest growing economy and energy market in the world. I look forward to helping the Company execute its business plan and to working closely with TurkPower's management and board of directors in the coming years."

TurkPower Chairman Ryan E. Hart commented: "Richard is a well known and respected person in the finance and commodity industry, with vast business experience and a track record that speaks for itself. We are very pleased and proud to have Richard join our board of directors and help us grow TurkPower to a major mining and energy player in Turkey. The Company will benefit from his experience, knowledge and contacts which he acquired and built in the past 30 years in the finance and commodity industries."

About TurkPower Corporation
TurkPower Corporation (OTCBB: TRKP) is a Turkish-American consulting and service operations firm with a strong focus on the booming Turkish energy and mining industries. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar and coal power plants in Turkey. In addition to its energy business, TurkPower aims at becoming a substantial player in the Turkish mining industry by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns.

Safe Harbor Statement
The statements by our officers, and other statements regarding optimism related to the business, consulting, service operations, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business and subject to successful financing. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.

Contact Information

  • TurkPower Corporation
    100 Park Avenue
    New York, New York 10017
    T 212-984-0628
    F 212-880-6499