3Power Energy Group: Merger Closing with Seawind Services Limited
May 16 2011 - 8:04AM
Business Wire
3Power Energy Group Inc. (“3Power” and “the Company”) (OTCBB:
PSPW) (Frankfurt: PSD) is pleased to announce the closing of the
acquisitions of Seawind Energy Ltd. and Seawind Services Ltd. (the
“Seawind Companies”).
First disclosed on January 26 2011, the merger will create a
combined company with the historical revenues, management expertise
and project pipeline to place 3Power at the forefront of
sustainable renewable energy development. The Company has filed a
Form 8-K (the “Super 8-K”) with the U.S. Securities & Exchange
Commission setting forth comprehensive disclosures and audited
financial statements regarding the acquisition of the Seawind
Companies and 3Power has ceased to be a shell company. As a result
of the acquisitions, 3Power has also appointed the following new
officers and directors of the Company;
The Company has appointed Mr. Dimitris Kazantzis as Chief
Engineering Officer and director. Mr. Kazantzis has served as the
co-founder, chief executive officer and engineering director of
Hellenic Technologies Ltd., a company organized in Greece since
1988. He has over 25 years’ experience in complete engineering and
implementation development cycles (from the design stage to
production/commissioning) for products and systems projects in
Europe, South East Asia and the Gulf States. Prior to such
activities, he worked in engineering aspects of the food industry
and defence sectors in various engineering capacities.
The Company has appointed Mr. Riccardo Valentini as a member of
the Company’s Board and as Vice President of Project Development.
Mr. Valentini is a partner in CR&P Holding S.p.A., an Italian
investment group which has provided a $50 million credit facility
to the Company. From August 2008 through the present Mr. Valentini
has served as a managing partner of CRP Merchant Corporation in the
areas of investment banking, mergers and acquisitions. Mr.
Valentini has primarily worked on development of energy assets with
particular focus on energy production and storage in Dominican
Republic, Italy, Mexico, Peru and Panama. From June of 2007 through
August 2008 Mr. Valentini was employed by Credit Suisse Private
Banking in Zurich, Switzerland where he was responsible for
developing significant global assets under management for
international clients.
The Company has appointed Mr. Antonio Conte as a member of the
Company’s Board. From 2007 to the present, Mr. Conte has been
affiliated with CR&P Holding S.p.A. and its predecessors, an
Italian investment group which has provided a $50 million credit
facility to the Company. CR&P Holding S.p.A. is a diversified
investment company based in Rome, Italy, with portfolio holdings in
real estate and renewable energy with recent asset valuations in
excess of 323 million Euros.
3Power is assembling a world-class management team with
significant depth and breadth of expertise to fully implement and
execute the Company’s business plans and expects to announce
further appointments imminently.
The Company anticipates commencing steps for the acquisition of
58MW of development projects in Latin America from Seawind’s
existing pipeline and intends to develop up to 3 GW of renewable
energy projects over the next 3 years. 3Power’s combined project
pipeline covers wind, solar, hydro and biomass development
opportunities in Chile, Ecuador, Peru, France, Italy, Greece and
Albania. The Company is currently in the process of securing rights
for the development of an aggregate of 300 MW of renewable energy
generation during the course of 2011.
About 3Power Energy Group
3POWER is emerging as a world-wide independent major player in
producing electricity generated by solar, wind, hydro, biomass and
other renewable energy resources and to develop, 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. For further information:
www.3powerenergy.com.
Forward Looking Statements
This 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 successfully close or otherwise
be 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.
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