Crius Energy Trust Appoints Industry Veteran Chaitu Parikh as Chief Operating Officer

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Aug. 7, 2013 /CNW/ - Crius Energy Trust (TSX:KWH.UN) ("Crius Energy" or the "Trust") has appointed Chaitu Parikh to the position of Chief Operating Officer, effective August 19, 2013. Mr. Parikh is a 16-year veteran of the retail energy industry.

"Mr. Parikh is an outstanding addition to the Crius Energy management team and brings a wealth of industry-specific knowledge to our company," said Michael Fallquist, President and Chief Executive Officer, Crius Energy Trust. "He has extensive financial and operational experience, having served in a variety of senior executive positions throughout his career, and has a proven track record of increasing margins and reducing operating costs. He is a strategic thinker with a significant depth of retail energy industry expertise, and he has worked extensively with Boards and leadership teams to develop and execute strategic plans. Mr. Parikh's extensive experience in the integration of acquired businesses will complement our management team's ongoing efforts to grow Crius Energy through consolidation within the industry and help us maximize the potential of our family-of-brands platform."

Prior to joining Crius Energy, Mr. Parikh spent ten years with MXenergy, a leading supplier of power, natural gas and energy products and services for homes and businesses across North America, where he served as Executive Vice-President and Chief Financial Officer before being appointed President and CEO in 2011. His accomplishments included developing business strategy and overseeing a multi-office operation with locations throughout North America. Prior to this, Mr. Parikh served as Vice-President and Corporate Controller with The New Power Company, a retail energy and related services company, where he was responsible for all external financial reporting, filings and tax reporting. Earlier in his career, Mr. Parikh held executive positions with AES Power Direct and Alliance Gas Management, where he gained experience in retail and wholesale energy marketing, equity issues and structured asset sales.

"I am truly excited to join a dynamic organization that has clearly differentiated itself within the retail energy industry through its unique multi-channel marketing strategy," said Mr. Parikh. "I look forward to partnering with the talented management team at Crius Energy to continue to expand its' brands into new markets, and build on the strong customer growth the company has achieved since its inception last year."

About Crius Energy

Crius Energy has been established to provide investors with a stable and consistent distribution-producing investment through the acquisition of a 26.8% ownership interest in Crius Energy LLC (the "Company"). The Company is one of the largest independent energy retailers operating in the United States, with approximately 590,000 residential customer equivalents. The Company serves residential and small to medium-size commercial customers in the United States and markets its products through a variety of sales channels and brand names. The Company currently sells electricity in 11 states and the District of Columbia and natural gas in seven states and the District of Columbia. 

SOURCE Crius Energy Trust