Appointment of Vice-Chairman and President reflect the next steps in the companies' evolution
Vancouver, BC, October 16, 2007 - In recognition of the evolving nature of the company, the Board of Directors of Plutonic Power Corporation (PCC - TSX) today announced the appointment of a Vice-Chairman and a reorganization of its senior management team. Donald McInnes founder of Plutonic Power Corporation and previously President and Chief Executive Officer, has been appointed Vice-Chairman and CEO and Bruce Ripley has been promoted to President and Chief Operating Officer from his previous position as Executive Vice-President, Operations. Grig Cook, formerly Chief Operating Officer, has been appointed President of the Toba Montrose General Partnership. These changes to the organization are in recognition of the reality of Plutonic transforming into a company with both significant construction and development activities and in recognition of the work required to achieve the build-out of its 34 projects including the proposed Green Power Corridor.
Donald A. McInnes
Vice-Chairman and CEO
President and Chief Operating Officer
Grigor E. Cook, P.Eng
President of the Toba Montrose General Partnership
"The transformation of our executive team signifies we are moving to the next stage in our evolution as an organization to become the preeminent independent supplier of green energy in British Columbia," said McInnes. "To move from the vision to the reality of construction and delivery requires ensuring the right people with the right skills can provide the right management oversight."
"I am honoured to continue to work closely with Donald on the realization of Plutonic's legacy of renewable, reliable, made-in-BC clean energy," said incoming President and COO, Bruce Ripley. "Plutonic Power remains committed to its leadership in this industry, not only from a development perspective, but also in the strength of our community and First Nations partnerships."
McInnes' primary role as Vice-Chairman and CEO will be to maintain the vision and strategy of the organization, as well as oversee government, financial, community and First Nations relationships and remain as the public face of Plutonic Power Corporation. Bruce Ripley will manage the day-to-day operations and the execution of the vision and strategy.
Walter Segsworth will remain as Chairman of the company and will continue to be responsible for leading the Board of Directors and governance of the organization.
As construction activity increases on the 196 megawatt, $660 million East Toba River/Montrose Creek run-of-river hydroelectric project in the Toba Valley north of Powell River, additional oversight of the project will be required. Grig Cook, as President of the Toba Montrose General Partnership, will be responsible for managing the technical requirements and coordination of the project during the next three years of construction and start-up of operations.
Closure of the complete financing package from debt providers for the project is scheduled for late October. Commercial operation of the Toba site is expected by mid 2010 and Montrose by late 2010. Once operational the Toba Montrose facilities will generate enough electricity to meet the needs of over 75,000 homes.
About Plutonic Power Corporation
Plutonic Power is an emerging renewable energy producer in British Columbia. Its proposed 34 development projects have a design capacity of approximately 1,700 MW with the potential to generate approximately 5,500 GWh per annum of green energy, enough energy to meet the annual needs of about 550,000 homes. Included in the 34 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to catapult British Columbia to the forefront of green energy generation in North America. The completion of the Green Power Corridor could create over 4,500 person years of construction employment.
Plutonic is committed to becoming the pre-eminent supplier of green energy in British Columbia by working with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. This commitment will help British Columbia realize its goal of becoming electricity self-sufficient by 2016 and meet demand utilizing 90% clean domestic generation sources.
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The TSX does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.