Avista Corp. Shareholders Approve Holding Company; Elect Directors
May 11 2006 - 6:00PM
PR Newswire (US)
SPOKANE, Wash., May 11 /PRNewswire-FirstCall/ -- The shareholders
of Avista Corp. (NYSE:AVA) today approved a proposal to proceed
with a share exchange, which would change the company's
organization to a holding company structure. The proposal has been
approved by the Federal Energy Regulatory Commission, and pending
state regulator approvals, the company anticipates moving ahead
with the share exchange in the later half of 2006. Shareholders
elect directors In other actions, Avista directors John Kelly and
John Taylor were re-elected for three-year terms, Lura Powell was
re-elected for a two-year term, and Heidi Stanley, nominated to the
board in February 2006, was elected to a three-year term. Kelly is
the former chairman, president and chief executive officer of the
Alaska Air Group, Seattle, Wash. Taylor is the chairman and chief
executive officer of AIA Services Corp., Lewiston, Idaho. Powell is
president and chief executive officer of Advanced Imaging
Technologies, Richland, Wash. Stanley is director, vice chair and
chief operating officer of Sterling Savings Bank, Spokane, Wash.
"We are very fortunate to have a woman of Heidi's talents and broad
experience on our board," said Gary Ely. "She brings leadership
skills and business acumen that will be valuable to us as we take
our company forward." Stanley has held progressively responsible
positions of leadership at Sterling during her 20-year career. In
2004, U.S. Banker Magazine named Ms. Stanley one of the
"Twenty-Five Women to Watch in Banking." "To be a successful
director of a company, I think you have to have a passion about the
company and what it does," said Stanley. "Part of my role will be
to provide strategic advice on the direction of the company, input
on company initiatives and support for management in identifying
and managing through critical issues." Clack retires from board of
directors With this, his last annual meeting as an Avista director,
Dave Clack leaves the Avista Corp. board following 18 years of
service. Clack's retirement comes as he reaches the mandated board
retirement age of 70 years old. "It has been a great experience,"
Clack said recently. "When (former Avista chairman and president)
Paul Redmond invited me to join the board, I saw it as a wonderful
opportunity to be involved with a company that has been integral to
the economic vitality of this region for over 100 years. The
positive community impact that WWP/Avista has provided in its
service area is inestimable." "Avista has tremendous people," Clack
said "No matter what the challenge, Avista employees have
demonstrated their unique ability to overcome difficult situations.
The company is in very good hands, and I am confident in its
leadership." Avista Corp. is an energy company involved in the
production, transmission and distribution of energy as well as
other energy-related businesses. Avista Utilities is a company
operating division that provides service to 338,000 electric and
297,000 natural gas customers in three western states. Avista's
non-regulated subsidiaries include Avista Advantage
(http://www.avistaadvantage.com/) and Avista Energy
(http://www.avistaenergy.com/). Avista Corp.'s stock is traded
under the ticker symbol "AVA." For more information about Avista,
please visit http://www.avistacorp.com/. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO) NOTE:
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation.
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http://photoarchive.ap.org/ DATASOURCE: Avista Corporation CONTACT:
media, Hugh Imhof, +1-509-495-4264, or , or investors, Jason Lang,
+1-509-495-2930, or , or Avista 24/7 Media Access, +1-509-495-4174,
all of Avista Corporation Web site: http://www.avistacorp.com/
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