VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2013) -
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Zidane Capital Corp. (TSX VENTURE:ZZE.P) ("Zidane") and Grid Essence Holdings Inc ("Grid Essence") are pleased to announce that F. David Rounthwaite has agreed to serve as a director of Zidane following the completion of its proposed qualifying transaction with Grid Essence.
Mr. Rounthwaite has been practicing law since 1976 with an emphasis on securities and corporate governance law. He is currently and has been since 2011 the General Counsel & Corporate Secretary for eHealth Ontario. Mr. Rounthwaite was an associate and partner at McCarthy Tétrault LLP until 2004 where his practice involved nuclear power generation as well as all aspects of renewable energy development, financing and operation. In 2004 he became president of a specialized financial services company returning to the practice of law in 2007.
Since 2011, Mr. Rounthwaite has served as Director of Renewable Energy Developers Inc. (formerly Sprott Power Corp.), a TSX listed renewable energy company. From 1997 to 2010 he was a trustee of Northland Power Income Fund and was lead independent trustee in several transactions including its acquisition of Northland Power Inc. From 2004 until 2007 he was Chairman of the Board of Trustees of Arriscraft International Income Fund which was wound up after a successful sale of its business.
Mr. Rounthwaite holds his Bachelor of Laws from Osgoode Hall Law School, a Master of Science (Economics), International Relations, from the London School of Economics and Political Science, and a Bachelor of Arts Honours Degree in political science from Trinity College, University of Toronto.
About Grid Essence
Grid Essence was established to become an independent power producer producing energy from 100% renewable energy . Grid Essence's mission is to own and operate at least 1,000 MW of renewable energy generating plants within the next five years, initially focusing on solar generation.
Grid Essence currently has photovoltaics projects under contract totalling an aggregate of 22.5 megawatts ("MW"), with a further 130 MW of projects under binding option that are ready for construction.
Upon completion of the qualifying transaction, it is the intention of the parties that the resulting issuer will be renamed "Grid Essence Corporation".
All information contained in this news release with respect to Zidane and Grid Essence was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable, pursuant to the requirements of the TSXV, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed Transaction; the terms and conditions of the proposed Offering; future exploration and testing; use of funds; and the business and operations of the Resulting Issuer after the proposed transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of current exploration and testing. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Zidane and Grid Essence disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.