TORONTO, Jan. 28, 2013 /CNW/ - Sprott Power Corp. (TSX:SPZ) announces that it has decided to transition to internal management by way of a notice of termination, effective July 31 st, 2013, of its contract with Sprott Power Consulting LP, the outsourced management firm on which it has been relying for management services.
Sprott Power Corp. intends to work with Sprott Power Consulting LP to carry out the transition to a new management structure as provided in the existing Management Services Agreement.
"We accomplished a great deal with external management, but to maximize shareholder value, it's time for this rapidly-maturing company to transition to a new management structure," said John Varghese of Sprott Power Corp.'s Board of Directors.
The Corporation will continue the Strategic Review process it embarked upon earlier this month.About Sprott Power Corp. SPC is a Canadian based company dedicated to the development and financing of renewable energy projects. Through acquisitions, partnerships and joint ventures, SPC seeks to provide its shareholders with exposure to the power generation sector. For more information on SPC, please visit www.sprottpower.com. Forward-Looking Statements Certain information contained in this press release may constitute "forward-looking information" which reflects the current expectations of Sprott Power including its ability to complete its co-development agreements and the development of its projects, to effect a smooth transition from outsourced management to in-house management, and to carry out the strategic review process. This information reflects Sprott Power's current beliefs with respect to future events and is based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk Factors" in the Company's Annual Information Form dated March 26, 2012. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.