TORONTO, ONTARIO--(Marketwired - June 1, 2016) - Capstone Infrastructure Corporation ("Capstone" or the "Corporation") (TSX:CSE.PR.A) announced today that Michael Bernstein, the President & Chief Executive Officer and a director of Capstone, will be leaving Capstone effective 24 June, 2016.
The board of directors has asked Paul Malan, the chairman of Capstone's board of directors and Senior Partner of iCON Infrastructure LLP, to become executive chairman on an interim basis with effect from Michael Bernstein's departure.
Michael Smerdon, Capstone's Executive Vice President & Chief Financial Officer, has been appointed to the board of Capstone. Mr. Smerdon will play a key role at the executive and board levels in overseeing Capstone and together with Jack Bittan, Capstone's Executive Vice President of Business Development, will lead the growth in North America of the iCON Infrastructure LLP group, Capstone's ultimate shareholder.
In addition, key senior appointments have been confirmed for Capstone Power Corporation ("Capstone Power"), the Capstone subsidiary which owns, operates and develops Capstone's portfolio of thermal and renewable power generation facilities located in Canada. David Eva, previously Senior Vice President responsible for Capstone's power development business, has been appointed as Chief Executive Officer of Capstone Power. He will be supported in his role by Andrew Kennedy, currently Vice President Finance, who has been appointed as Chief Financial Officer of Capstone Power. Finally, Paul Smith, formerly Managing Director Generation at Scottish & Southern Energy plc's generation business, has agreed to become non-executive Chairman of Capstone Power with effect from August 2016.
"On behalf of Capstone's board of directors, I would like to thank Michael Bernstein for his exemplary service as Capstone's President & Chief Executive Officer since 2009. Under Michael's leadership, Capstone significantly increased its power generation portfolio in Canada, expanded its operations to Europe, and tripled total assets to over $2.5 billion. We wish him all the best in his future endeavours," said Paul Malan. "We are excited about the future for Capstone and look forward to working with the entire Capstone team to build on their excellent investment and operational track record."
He added: "Capstone Power is a fantastic business for Capstone which comprises an attractive portfolio of assets today and offers significant opportunities for future value creation and growth. We are privileged to have a team of the calibre of David Eva, Andrew Kennedy and Paul Smith to lead Capstone's core Canadian power business through its next phase of development."
About Capstone Infrastructure Corporation
Capstone owns Capstone Power, its 100% subsidiary which owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of net 482 megawatts, along with significant shareholdings in two utilities businesses in Europe, Bristol Water (50%) and Varmevarden (33.3%). Please visit www.capstoneinfrastructure.com for more information.
Notice to Readers
Certain of the statements contained within this document are forward-looking and reflect management's expectations regarding the future growth, results of operations, performance and business of Capstone Infrastructure Corporation (the "Corporation") based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "intend", "estimate", "plan", "believe" or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions.
The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
This document is not an offer or invitation for the subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of any investors. Before making an investment in the Corporation, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.