3Power Energy Group Inc. (“3Power” and the “Company”) announces that the Company has expanded its management team and Board of Directors. The Board believes these additions will provide the Company with the expertise and leadership to advance the Company towards its goals of providing renewable energy to utilities and corporate clients.
Appointment of New Chief Executive Officer and Chief Financial Officer
The Board has appointed Mr. Uma Maheshwaran Balasubramaniam as its new Chief Executive Officer and has named Mr. Sharif Rahman as the Company’s new Chief Financial Officer. Each of these individuals has served on the Company’s Board since September 12, 2011.
Mr. Toby Durrant who completed his mission in overseeing the merger of Seawind with 3Power, previously held the positions of the Company’s Chief Executive Officer and Chief Financial Officer, as well as serving as a member of the Company’s Board of Directors, is stepping down from these positions.
Appointment of James Wilson to the Board
Mr. James Wilson has been appointed to the Board. Since 2001, Mr. Wilson has served as the co-founder, chief executive officer and director of Seawind Energy Limited (“SEL”) and Seawind Services Limited (“SSL”) (SEL and SSL together are referred to as the “Seawind Companies”). The Seawind Companies have been wholly-owned subsidiaries of 3Power since May of 2011. Prior to such positions, he worked as a Production and Mechanical Engineer in the marine, shipping and defense sectors in various capacities. He received his MBA in 1994 from Henley Management College.
Appointment of Mohammed Falaknaz to the Board
Mr. Mohammed Falaknaz has also been appointed to the Board. Mr. Falaknaz is currently the vice president and spokesperson of the Falak Holding Group (prominent Dubai based family investment company and major shareholder in the Dubai Sport City multi-billion dollar project) and the president of the UAE national Rugby Association. Mr. Falaknaz has initiated and led local and international events for the Falak Holding Group and the UAE rugby association. Mr. Falaknaz received a graduate degree in computer science from University of Nebraska. The company will benefit from his expertise, knowledge and key international relations especially in the Arabian Gulf and Middle East region.
The company anticipates these steps in management expansion to enhance the company growth plans.
About 3Power Energy Group
3Power is emerging as a world-wide independent player in producing electricity generated by solar, wind, hydro, biomass and other renewable energy resources and developing, build and operate power plants based upon these technologies. The Company plans to develop clean, sustainable power generation and become a trusted energy provider to utility companies and corporate entities around the world. The Company expects to establish its headquarters in London, with satellite offices and operations in North America, Latin America, Europe, and Asia.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to 3Power, its business and prospective development plans. These forward-looking statements can be identified by the use of terminology such as “subject to,” “believe,” “expects,” “plan,” “project,” “estimate,” “intend,” “may,” “will,” “should,” “can,” or “anticipates,” or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy. Although all of the forward-looking statements set forth in this press release are believed to be reasonable, actual results may differ materially from those expressed in forward-looking statements as a result of factors outside of the control of 3Power. 3Power cannot provide assurances that any prospective matters described in the press release will be successfully completed or that 3Power will realize the anticipated benefits of any such transactions. Important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in 3Power’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on forward-looking statements. 3Power does not undertake and specifically disclaims any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. All forward-looking statements should be regarded solely as 3Power’s current plans, estimates and beliefs. Various risk factors that may affect our business, results of operations and financial condition are detailed from time to time in the Annual Report on Form 10-K and in the Current Reports on Form 8-K and other filings made by 3Power with the U.S. Securities & Exchange Commission. 3Power undertakes no obligation to update information contained in this release.
[mappress]
Source: prnewswire, October 28, 2011