TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.UN) announces changes to the composition of the board (the “Board”) of directors of Jade Power Administrator Inc. (the “Administrator”), administrator of the Trust, and management of the Trust.
J. Colter Eadie, Chief Executive Officer of the Administrator, and Ravi Sood, Chairman of the Administrator, have resigned from all of their director and officer positions with each of the entities within the Jade Power organization (collectively, the “Jade Affiliates”) and Gabriel Mihai has resigned as a director of the Administrator. As a result of such resignations, David Barclay, a director of the Administrator, has been appointed as Chief Executive Officer of the Administrator and each of David Barclay and John Huxley have been appointed as directors and officers of the Jade Affiliates to replace Messrs. Eadie and Sood as applicable.
The above-noted Board and management changes were completed in light of the fact that the Trust shall no longer be carrying on active operations as a result of the closing of the Trust’s previously announced sale of all of its renewable energy operating assets to Enery Power Holding GmbH (the “Sale Transaction”).
“On behalf of the Trust, I would like to thank each Messrs. Eadie, Sood and Mihai for their dedicated years of service to the Trust and Unitholders,” said Mr. Barclay, Chief Executive Officer of the Trust. “Colter and Ravi were instrumental to the growth and development of Jade Power from the time of the Trust’s first acquisition of its Romanian hydro assets in 2014 to the completion of the Sale Transaction and declaration of the related special distribution to Unitholders, each of which was completed just a few days ago. Their vision for the Trust and unwavering commitment to that vision will not be forgotten and the current members of the Board wish them the best in their future business ventures,“ Mr. Barclay continued.
Q3 2022 Interim Financial Statements and MD&A
The Trust also announces the filing of its Q3 2022 interim financial statements and related management discussion and analysis for the three and nine month periods ended September 30, 2022 which are available on Jade Power's SEDAR profile at www.sedar.com.
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About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power's issuer profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements included in this press release include risks related to the potential loss of the Trust’s status as a “mutual fund trust” following the payment of the special distribution to unitholders following the Sale Transaction. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive.
Details of additional risk factors relating to the Trust and its business, generally, are discussed under the heading “Business Risks and Uncertainties” in the Trust's annual Management's Discussion & Analysis for the year ended December 31, 2021, a copy of which is available on Jade Power's SEDAR profile at www.sedar.com. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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