Le Lézard
Classified in: Business

Jade Power Announces Director Resignation

TORONTO, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Jade Power Trust ("Jade Power" or the "Trust") (TSXV: JPWR.UN) announces the resignation of Amar Bhalla from the Board of Directors (the "Board") of Jade Power Administrator Inc., administrator of the Trust.

"On behalf of the Trust, I would like to thank Amar for his seven years of valuable contributions to the Board. We wish him all the best in his future endeavours," said Mr. Ravi Sood, Chairman of the Trust. In connection with his resignation from the Board, Mr. Bhalla said "Congratulations to Jade Power and management for a successful sale of all of the Trust's assets. It has been a pleasure serving on the Board for the past seven years and witnessing the development of the Jade Power business start to finish."

The Board is considering the Trust's options with respect to the future composition of the Board in light of the completion of the Trust's previously announced sale of all of its renewable energy operating assets (the "Sale Transaction") to Enery Power Holding GmbH ("Enery") and an affiliate thereof (the "Purchaser"), pursuant to the terms of the share sale agreement dated September 1, 2022 entered into among the Trust, Enery, the Purchaser and certain subsidiaries of the Trust.

For further information, please contact:

Ravi Sood
+1 647-987-7663
J. Colter Eadie
Chief Executive Officer
+40 736-372-724
Betty Soares
Chief Financial Officer
+1 416-803-6760

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 certain special distributions to holders of trust units of the Trust 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.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

These press releases may also interest you

at 07:15
Valvoline Inc. (the "Company"), a trusted leader in preventive automotive maintenance delivering quick and convenient service, today announced the preliminary results of its modified "Dutch auction" tender offer to repurchase up to $1.0 billion in...

at 07:09
The Blood Connection is celebrating World Blood Donor Day with the grand opening of its newest donation center in Anderson, SC. The center is now open at 101 Hanna Crossing in Anderson, SC ? across from T.L. Hanna High School. A ribbon cutting...

at 07:04
Caring Senior Service, a private-duty, non-medical home care services company, has expanded its reach into the California market with a new location in Orange County owned by missions pastor and businessman Dean White....

at 07:03
Phase 2 Partners, an investment firm focused on the financial services industry, today announced its support for ALL SIX WisdomTree, Inc. ("WisdomTree" or the "Company") director nominees ahead of the Company's upcoming 2023 Annual Meeting of...

at 07:02
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help journalists covering the finance industry stay on top of the week's most newsworthy and popular releases, here's a roundup of...

at 07:00
OTC Markets Group Inc. , operator of regulated markets for trading 12,000 U.S. and international securities, today announced Pine Cliff Energy Ltd. , a company engaged in the exploration, development and production of natural gas, crude oil and...

News published on and distributed by: