BOSTON, MASSACHUSETTS--(Marketwire - June 30, 2010) - Atlantic Power Corporation (TSX:ATP)(TSX:ATP.DB)(TSX:ATP.DB.A) (the "Company") today announced the appointment of two new members to the Board of Directors and an update on its planned listing of its common shares on the New York Stock Exchange ("NYSE").
Two New Directors Elected
The Company is pleased to announce the election of Mr. R. Foster Duncan and Ms. Holli Nichols to Atlantic Power's Board of Directors. Both Mr. Duncan and Ms. Nichols were approved by shareholders at the Company's annual and special meeting of shareholders held on June 29, 2010.
Mr. Duncan is currently the Managing Director of Advantage Capital Partners, a Director of North American Energy Alliance Holdings, LLC and SensorTran Inc. and is also on the Board of Advisors of GridPoint, Inc. He has more than 30 years of senior corporate, investment banking, and private equity experience, including as Executive Vice President and Chief Financial Officer at the US utility holding companies Cinergy Corporation and LG&E Energy, and as an Advisor at Kohlberg Kravis Roberts & Co. Ms. Nichols is currently Executive Vice-President and Chief Financial Officer of Dynegy, Inc., a large independent power company listed on the NYSE, and is a certified public accountant. Ms. Nichols has over 10 years of industry experience at Dynegy, including strategic planning, corporate development, risk management and investor relations. She was previously a Senior Audit Manager with PricewaterhouseCoopers.
"We are very pleased to welcome these two experienced senior executives to the Company's Board of Directors, a further testament to our commitment to the highest levels of corporate governance. We look forward to working with them to build shareholder value over the long term," commented Irving Gerstein, Chairman of the Board.
NYSE Listing
Atlantic Power also provided an update on its planned listing on the NYSE. The Company's application to list has been approved by the NYSE and the U.S. regulatory approval process is in its final stages. It is expected that the listing will become effective shortly and the Company's trading symbol on the NYSE will be AT.
"We believe our new listing will bring a number of benefits to Atlantic Power, including enhanced trading liquidity and increased access to competitively-priced capital to finance our growth strategies," commented Barry Welch, President and CEO.
Certain statements in this news release may constitute "forward-looking statements", which reflect the expectations of the Company regarding the Company's expectations about its planned NYSE listing. Such forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to the anticipated timing of the planned NYSE listing in accordance with the Company's expectations. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. In addition to the assumptions described above, reference should also be made to the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 29, 2010. Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
About Atlantic Power
Atlantic Power Corporation is an independent power producer that owns interests in a diversified fleet of power generation and transmission projects located in the United States. Atlantic Power's objectives are to maintain the stability of dividends to its shareholders and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Atlantic Power Corporation
Patrick Welch
(617) 977-2700
info@atlanticpower.com
www.atlanticpower.com
Source: Atlantic Power Corporation