Syntaris Signs Merger Agreement with U.S.-based Evergreen
Friday, September 24th, 2010Deal will increase development portfolio and provide expansion opportunities
NEWS RELEASE
September 24, 2010
Vancouver, British Columbia— Syntaris Power Corp., a private British Columbia company (“Syntaris”), is pleased to announce it has signed a merger agreement with Evergreen Power Corp., a private American-based renewable energy company (“Evergreen”). Management anticipates that the merged entity will boast an impressive development portfolio of 41 projects with an estimated total energy output of 622 megawatts.
“This merger will allow us to expand our business beyond British Columbia and Canada into the United States. We’re very excited about the new opportunity and the added resources it offers,” says Syntaris President and Chief Executive Officer, Robert Fraser. “We believe that this is the right move at the right time in our company’s development.”
In anticipation of closing, Evergreen’s Chief Financial Officer, Robert Abenante, joins Syntaris as Senior Vice President, Corporate Development. Abenante has significant experience in the development of projects in the United States and brings strong relationships with many renewable energy groups such as the American Council on Renewable Energy (“ACORE”) and the National Hydro Association (“NHA”). Abenante has regularly lectured at top tier universities and is currently developing renewable energy curriculum.
“I am pleased to join a team that has the experience, expertise and the potential to become a leader in the renewable energy industry in the Pacific Northwest,” says Abenante. “I look forward to uniting our efforts and developing the company as we move forward.”
Syntaris has engaged a North American-based financial investment company to lead a $50 million capital raise to acquire and develop renewable energy projects in Canada and the United States. Syntaris intends to develop a number of its near term projects through the provincial Standing Offer Program (“SOP”), which grants Energy Purchase Agreement’s to successful projects upon receipt of an environmental certificate and water license. Syntaris currently has 25 projects with an estimated total power output of 263 megawatts in its SOP development portfolio.
The merger, which is expected to close by the end of September, comes as Syntaris has submitted its Development Plan for the 15 megawatt Culliton Creek hydro project located near Squamish, British Columbia. The public process is expected to begin next month. Closing of the merger is subject to several conditions, and management cannot provide any assurance that such conditions will be satisfied or that the merger may close.
About Syntaris Power Corp.
Syntaris Power Corp. is a Vancouver-based green energy company committed to sourcing, developing and operating clean, renewable hydroelectric projects in the Province of British Columbia. The Company’s impressive development portfolio, representing approximately 622 MW of potential projects, can provide socio-economic benefits to First Nations and local communities. Successful development of these projects will help British Columbia achieve its required goal of energy self-sufficiency by 2016 and create a legacy of clean, renewable power for future generations. For more information about Syntaris Power, visit the company website, www.syntaris.com.
Forward Looking Information: The information contained in this news release may contain forward looking statements. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Note: This is not legal or tax advice. Individual investor financial circumstances will vary. Independent advice should be sought on the suitability of these types of investments.
