Atlantic Power Corporation Announces Resignation of Chief Financial Officer Effective June 10, 2011
04 Mai 2011 - 3:30PM
Business Wire
Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (the “Company”)
today announced the resignation of Patrick J. Welch, the Company’s
Chief Financial Officer, to be effective June 10, 2011. Mr. Welch
has served in the Chief Financial Officer’s role since May 2006 and
is departing to accept a position with another company. To ensure a
smooth transition, Mr. Welch has agreed to provide support in the
preparation and filing of the Company’s quarterly report for the
quarter ending June 30, 2011 and with respect to the transition to
a new Chief Financial Officer. The Company thanks Mr. Welch for his
years of service and wishes him well in the future.
“Pat has been a dedicated executive of our Company since 2006
and we greatly appreciate his efforts and contributions,” said
Barry E. Welch, President and Chief Executive Officer. “On behalf
of our Board of Directors and Atlantic Power, I want to thank Pat
for his service to the Company.”
Mr. Patrick Welch also expressed his appreciation: “I have been
proud to work for a company with such a high level of integrity and
commitment to its shareholders. I am grateful for the guidance and
support from my colleagues and the board of directors.”
The Company is in the process of engaging an executive search
firm to assist in identifying qualified successor candidates for
the Company’s Chief Financial Officer position.
About Atlantic Power
Atlantic Power Corporation owns and operates a diverse fleet of
power generation and infrastructure assets in the United States.
Our power generation projects sell electricity to utilities and
other large commercial customers under long-term power purchase
agreements, which seek to minimize exposure to changes in commodity
prices. Our power generation projects in operation have an
aggregate gross electric generation capacity of approximately 1,962
megawatts in which our ownership interest is approximately 878 MW.
Our corporate strategy is to generate stable cash flows from our
existing assets and to make accretive acquisitions to sustain our
dividend payout to shareholders, which is currently paid monthly at
an annual rate of Cdn$1.094 per share. Our current portfolio
consists of interests in 13 operational power generation projects
across ten states, one biomass project under construction in
Georgia, and a 500 kilovolt 84-mile electric transmission line
located in California. Atlantic Power also owns a majority interest
in Rollcast Energy, a biomass power plant developer with several
projects under development.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT, on the Toronto Stock Exchange under the symbol ATP and
has a market capitalization of approximately $1.0 billion. For more
information, please visit the Company’s website at
www.atlanticpower.com.
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