BOSTON, Nov. 25, 2014 /CNW/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced the appointment of Teresa M. Ressel to its Board of Directors and a
continued focus to expand the board.
"I would like to welcome Teresa M.
Ressel to our Board and look forward to her contributions as
we continue to execute on our business plan to deliver sustainable,
long-term value for all shareholders," said Irving Gerstein, Chairman of Atlantic
Power. "As we continue the process to augment the depth and
expertise of our Board, we remain committed to enhancing the value
of Atlantic Power's existing assets, including the recruitment of a
new CEO, optimization of investments and commercial activities,
de-levering the Company's balance sheet to improve both its cost of
capital and ability to compete for new investment, and utilizing
the Company's core competencies to create investment
opportunities."
Ms. Ressel has 25 years of direct experience across highly
regulated industries combined with significant experience at the
board of director level. She currently serves on the board of
directors of ON Semiconductor. Ms. Ressel brings senior
corporate, investment banking and public sector experience,
including having served in various executive roles for UBS
Investment Bank, which she joined in 2004 as Chief Operating
Officer of the Americas group and was, in 2007, also named Chief
Executive Officer of UBS Securities LLC. In these roles, Ms.
Ressel managed a broad array of supervisory control, regulatory,
compliance and logistics functions covering the Americas.
From 2001 until 2004, Ms. Ressel served in the U.S. Treasury
Department. She was confirmed by the U.S. Senate as Assistant
Secretary for Management of the U.S. Department of the Treasury and
designated, by Presidential directive, as the Chief Financial
Officer of the department, where she served in both
capacities. Prior to the U.S. Treasury, Ms. Ressel previously
held senior positions covering an array of risk management,
compliance and regulatory management, program management, and
corporate audit across Kaiser Permanente and Hewlett Packard.
The appointment of Ms. Ressel has been as a result of
consultation with certain of the Company's large shareholders and
at the recommendation of Clinton Group Inc. who, together with its
affiliates and funds, beneficially owns common shares of the
Company. In conjunction with the appointment of Ms. Ressel to
the Board, the Company has signed a customary standstill and
support agreement with Clinton Group Inc. pursuant to which the
parties have agreed, among other things, that the Company will
appoint an additional director to its Board mid December.
With the agreement, based on shareholder input, to add new
members, the Board remains committed to creating shareholder
value. The Board will assess the standalone business plan of
the management team who will continue optimization initiatives to
improve plant performance. Consistent with our previous
statements, the Board will also evaluate potential asset sales or
divestitures aimed at creating long-term shareholder value.
If our broad evaluation of the standalone business plan, asset
sales or divestitures dictate as such, or if circumstances
surrounding the Company change, the Board will revisit other
options, including a sale process, in its efforts to create
additional value for our shareholders.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Its
power generation projects in operation have an aggregate gross
electric generation capacity of approximately 2,945 MW in which its
aggregate ownership interest is approximately 2,024 MW. Its
current portfolio consists of interests in twenty-eight operational
power generation projects across eleven states in the United States and two provinces in
Canada.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT and on the Toronto Stock Exchange under the symbol
ATP. For more information, please visit the Company's website
at www.atlanticpower.com or contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power" or on Atlantic
Power's website.
Cautionary Note Regarding Forward-Looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate", "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited,
to statements with respect to:
- the Company's ability to execute its business plan and deliver
sustainable, long-term value for all shareholders, including the
objectives of enhancing the value of Atlantic Power's existing
assets, including the recruitment of a new CEO, optimization of
investments and commercial activities, de-levering the Company's
balance sheet to improve both its cost of capital and ability to
compete for new investment, and utilizing the Company's core
competencies to create investment opportunities;
- the augmentation of the depth and expertise of its board of
directors, including the ability to add new directors and the
identification and appointment of an additional director by early
December;
- the ability to continue optimization initiatives to improve
plant performance; and
- the evaluation of the standalone business plan, potential asset
sales or divestitures aimed at creating shareholder value, and if
such evaluation dictates or if circumstances surrounding the
Company change, revisiting other options, including a sale process,
in an effort to create additional value for shareholders.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the Company,
including, without limitation, the Company's ability to evaluate
and/or implement potential options, including asset sales or joint
ventures to raise additional capital for growth and/or potential
debt reduction, and the impact any such potential options may have
on the Company or the Company's stock price. Although the
forward-looking statements contained in this news release are based
upon what are believed to be reasonable assumptions, investors
cannot be assured that actual results will be consistent with these
forward-looking statements, and the differences may be
material. The Company's ability to achieve its longer-term
goals, including those described in this news release, is based on
significant assumptions relating to and including, among other
things, the general conditions of the markets in which it operates,
revenues, internal and external growth opportunities, its ability
to sell assets at favorable prices or at all and general financial
market and interest rate conditions. These forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, the Company assumes no
obligation to update or revise them to reflect new events or
circumstances.
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SOURCE Atlantic Power Corporation