Le Lézard
Classified in: Business

Jade Power Announces Board and Management Changes and Filing of Q3 2022 Interim Financial Statements

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.

For further information, please contact:

David Barclay
Chief Executive Officer
+1 954-895-7217

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 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.

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 17:41
#PepsiKickOffShow -- This evening, Brazilian pop sensation Anitta and GRAMMY award-winning Nigerian superstar Burna Boy delivered an unforgettable co-headline performance at the UEFA Champions League Final Kick Off Show by...

at 16:05
The Finkel Firm, a leading employment law firm in Los Angeles, proudly announces a breakthrough victory in a disability discrimination case that has set a precedent for future litigation. On April 13, 2023, a federal court jury in Los Angeles...

at 15:42
UkraineThe Prime Minister will visit the Wall of Remembrance of the Fallen for Ukraine. He will be joined by the Deputy Prime Minister and Minister of Finance, Chrystia Freeland. The Prime Minister will participate in a bilateral meeting with the...

at 15:05
OnlineCheckWriter.com, powered by ZilMoney, a leading payment management platform, recently announced its comprehensive solution for Plastiq customers affected by the recent bankruptcy filing of the San Francisco-based lending and payments startup....

at 14:21
Slava Ukraini ? as Canadians say these words, we pledge to stand shoulder to shoulder with the people of Ukraine for as long as it takes. The Prime Minister, Justin Trudeau, today visited Kyiv, Ukraine. He was accompanied by the Deputy Prime Minister...

at 14:10
The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of SentinelOne, Inc. securities between June 1, 2022 and June 1, 2023, both dates inclusive (the "Class Period") have until August 7, 2023 to seek appointment as...

News published on and distributed by: