CWP Clipper Reg S

 

TIDMCWP 
 
RNS Number : 2811I 
Clipper Windpower Plc 
09 March 2010 
 

Clipper Windpower Plc - Announces New CEO and Director Appointments 
 
London (UK), Carpinteria, CA (USA) - March 9, 2010.  Clipper Windpower Plc 
("Clipper" or the "Company") announces the following management changes 
effective immediately: 
 
·    Doug Pertz has resigned as President and CEO. 
·    The Board of Directors appoints Mr. Mauricio F. Quintana as the new 
President and CEO. Mr. Quintana most recently has served as Director, Corporate 
Strategy and Development at United Technologies Corporation ("UTC") for the 
prior two years. 
·    The Board of Directors also has appointed Michael E. Keane, the Company's 
current Chief Financial Officer, to join the Board of Directors. 
 
Mr. Pertz was appointed to the CEO position in September 2008, after serving 
five months in the role of Chief Operating Officer. Mr. Pertz guided Clipper 
through a transitional period in the Company's growth and through the 
financially challenging period of economic and industry downturn during late 
2008 and 2009. He contributed significantly in refining operational processes 
and placing Clipper on a strengthened footing for future growth and 
profitability. 
 
Jim Dehlsen, Chairman, said, "We offer a hearty expression of appreciation to 
Doug for his tireless efforts over the past 18 months.  From the time Doug 
assumed the CEO role, he has faced challenging economic and industry conditions. 
 We recognize his contribution to Clipper's success and wish him the best in all 
his future activities." 
 
After consideration of alternatives, the Board of Clipper has unanimously 
selected and appointed Mauricio Quintana, aged 42, to the President and CEO 
positions effective immediately. Mr. Quintana has also been appointed to the 
Board of Directors.  As previously stated, Mr. Quintana most recently has served 
as Director, Corporate Strategy and Development at UTC for the prior two years; 
he has terminated all employment ties with UTC to accept the Clipper 
appointment. Prior to joining UTC in 2007, Mr. Quintana was Chief Operating 
Officer at the Stone Suppliers division of Cosentino USA, an international 
fabrication business, and a Senior Associate with Booz Allen Hamilton, a leading 
strategy and technology consulting firm. His prior experience also includes 
engineering management and technical positions with Enron Energy Services, S&B 
Technical Products, Inc. and BLH Electronics, Inc. (Pharos de Costa Rica). 
 
Mr. Quintana holds a Licentiate in Mechanical Engineering from Universidad de 
Costa Rica, a Masters in Mechanical Engineering from Stevens Institute of 
Technology and an MBA from MIT Sloan School of Management. 
 
Jim Dehlsen further stated, "We welcome Mauricio and his passion for the Clipper 
opportunity and its technology drive.  He has been integrally involved in UTC's 
assessment of Clipper's technologies, markets and its operations, which resulted 
in their $275 million investment (by way of subscription and tender offer) in 
January 2010. Mauricio brings a keen insight to the tasks of extending Clipper's 
technology advantage in building the business for both the onshore and offshore 
markets." Dehlsen added, "We are appreciative of the cooperation received from 
UTC during Mauricio's career move into the Clipper leadership role. We believe 
this offers added advantages as the Clipper/UTC technology and operational paths 
align and Clipper moves toward major global markets." 
 
The Board of Directors also has appointed Michael E. Keane, aged 54, the 
Company's current Chief Financial Officer, to join the Board of Directors.  Mr. 
Keane joined Clipper in September 2008 and has contributed greatly to 
strengthening both financial and operating matters.  Prior to joining Clipper, 
Michael served as CFO for a number of publicly-listed companies over the past 12 
years, including Western Atlas Inc., Unova, Inc., and Computer Sciences 
Corporation. He currently serves on the boards of MRV Communications, Inc. and 
The City of Hope, and previously served on the board of Zix Corporation.  With 
Mr. Keane's appointment, the Clipper Board now consists of 12 Directors, five of 
whom have been nominated by UTC. 
 
About UTC 
UTC is a global provider of high technology products and services to the 
building systems and aerospace industries. Its principal operating units include 
Otis, Carrier, UTC Fire & Security, Pratt & Whitney, Hamilton Sundstrand and 
Sikorsky. Otis, Carrier and UTC Fire & Security serve customers in the 
commercial and residential property industries worldwide. Carrier also serves 
commercial, industrial, transport refrigeration and food service equipment 
customers. Pratt & Whitney, Hamilton Sundstrand and Sikorsky primarily serve 
commercial and government customers in both the original equipment and 
aftermarket parts and services markets of the aerospace industry. Hamilton 
Sundstrand and Pratt & Whitney also serve customers in certain industrial 
markets, including power generation. UTC employs approximately 210,000 people 
and operates in more than 180 countries. UTC is quoted on the New York Stock 
Exchange with a market capitalization of approximately $67 billion. For the year 
ended December 31, 2008, UTC revenues were $59.8 billion. 
 
About Clipper 
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy 
technology, turbine manufacturing, and wind project development.  The Company 
designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine, 
and actively develops wind power generating projects in the Americas and Europe. 
Clipper's headquarters are in the United Kingdom and in California, USA.  The 
Company's 330,000 square foot manufacturing and assembly facility for land-based 
wind turbines is located in Cedar Rapids, Iowa; its development center for 
offshore wind turbine development is located in Blyth, UK.  Clipper is a public 
company listed on AIM of the London Stock Exchange. Clipper's ticker symbol is 
CWP. 
 
The ordinary shares of Clipper Windpower Plc are traded on AIM of the London 
Stock Exchange and are not registered under the U.S. Securities Act of 1933, as 
amended. Such shares may not be offered or sold to residents of the United 
States or to persons acting on their behalf, or to other persons who are "United 
States Persons" within the meaning of Regulation S as promulgated under the 
Securities Act of 1933, unless such shares have been registered under the 
Securities Act or there is an available exemption from registration. 
 
 
This press release contains statements about the Company that are or may be 
forward looking statements. All statements other than statements of historical 
facts included in this press release may be forward looking statements. Without 
limitation, any statements preceded or followed by or that include the words 
"targets," "plans," "believes," "expects," "aims," "intends," "will," "may," 
"anticipates," "estimates," "projects," or words or terms of similar substance 
or the negative thereof, are forward looking statements. Forward looking 
statements include statements relating to the following: future capital 
expenditures, expenses, revenues, earnings, synergies, economic performance, 
indebtedness, financial condition, losses and future prospects, business and 
management strategies and the expansion and growth of the Company's operations 
and potential synergies between the Company and UTC . 
 
Such forward looking statements involve risks and uncertainties that could 
significantly affect expected results and are based on certain key assumptions. 
Many factors could cause actual results to differ materially from those 
projected or implied in any forward looking statements. Due to such 
uncertainties and risks, readers are cautioned not to place undue reliance on 
such forward looking statements, which speak only as of the date hereof. The 
Company disclaims any obligation to update any forward looking or other 
statements contained herein, except as required by applicable law. 
 
All subsequent written and oral forward looking statements attributable to the 
Company or persons acting on the Company's behalf are expressly qualified in 
their entirety by the cautionary statements above. The forward looking 
statements included herein are made only as of the date of this press release. 
The Company does not intend, and does not undertake any obligation, to update 
these forward looking statements. 
 
Contacts 
 
Investors: 
Clipper Windpower Plc 
Jenny Matthews 
Investor Relations 
Tel: +44 207 840 9581 
 
J.P. Morgan Cazenove (Nominated Adviser and Corporate Broker to Clipper) 
Patrick Magee / Alex Yule-Smith 
Tel: +44 (0)20 7588 2828 
 
Financial Press: 
M:Communications 
Patrick d'Ancona / Charlotte Kirkham 
Tel: +44 (0)20 7920 2347 / 2331 
 
Business and Trade: 
Mary Gates 
 Director, Global Communications 
 +1 661 
301 0400 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOASSLSEUFSSESD 
 

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