NEW YORK, March 18, 2013 /PRNewswire/ -- 3Power Energy
Group Inc. ("3Power" and "the Company") (OTCBB: PSPW), a developer
and operator of hydroelectric power plants in Albania, has announced that the Board of
Directors of 3Power Energy Group has selected Mr. Sharif Rahman as the Company's new Chief
Executive Officer. Mr. Rahman, who is currently the CFO of 3Power
Energy Group and will remain in this interim position until a new
CFO is appointed, began his new role with the Company effective
March 14, 2013.
Prior to joining 3Power as a Director in September 2011, Mr. Rahman was formerly the CEO
of the Falak Holding Group of companies, a Dubai based group involved in several
diversified business sectors. This included being a major
shareholder of the $3.6 billion Dubai
Sport City project—the world's largest sports themed real estate
project. After graduating with a major in commerce from Kerala
University in India, Mr. Rahman
joined the Falaknaz Holding Group upon its inception 36 years ago
and has led the group's projects from the startup stage to full
operation.
Mr. Rahman remains the personal investment and business advisor
to Mr. Falaknaz, a prominent Dubai-based high net worth entrepreneur and
the founder and owner of the Falak Holding Group. In addition to
his work with the Falak Holding Group, he was also the Founder and
Managing Partner of International Expo Consults, one of the
Middle East's leading exhibition
and trade show organizers.
Mr. Rahman stated, "I am honored to have been selected as
3Power's new CEO and look forward to working with all key
stakeholders to meet our strategic objectives. As Albania's economy develops and its existing
energy infrastructure ages, we believe we are well-positioned as
one of the few companies in the country that is working to meet its
future power needs. We will continue to focus on the Shala River,
where there has been a strong track record of successful
hydroelectric power generation. This factor, coupled with our
expertise and knowledge of the capital markets, will ensure that we
develop assets that yield a high rate of return on investment while
providing reliable service to the people of Albania."
About 3Power Energy Group, Inc.
3Power Energy Group, Inc. focuses on developing, constructing,
and operating wind energy power plants, solar photovoltaic power
plants, biomass power plants, and other renewable technologies in
Europe. The Company plans to sell
its power to private and utility customers. The core approach of
the Company's business is to deliver energy in markets where there
is an inherent energy gap between supply and demand, or where there
exists long term, stable, government back by financial support for
development of renewable energy.
Forward Looking Statement
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company's financing plans;
(ii) trends affecting the Company's financial condition or results
of operations; (iii) the Company's growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words "may," "would," "will," "expect," "estimate," "anticipate,"
"believe," "intend," and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
Contact:
KCSA Strategic Communications
Phil Carlson / Brad Nelson
212-896-1233 / 1217
pcarlson@kcsa.com / bnelson@kcsa.com
SOURCE 3Power Energy Group Inc.