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.