TORONTO, Nov. 25, 2022 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV: JPWR.UN) announces the resignation of Amar Bhalla from the Board of Directors (the “Board”) of Jade Power Administrator Inc., administrator of the Trust.
“On behalf of the Trust, I would like to thank Amar for his seven years of valuable contributions to the Board. We wish him all the best in his future endeavours,” said Mr. Ravi Sood, Chairman of the Trust. In connection with his resignation from the Board, Mr. Bhalla said “Congratulations to Jade Power and management for a successful sale of all of the Trust’s assets. It has been a pleasure serving on the Board for the past seven years and witnessing the development of the Jade Power business start to finish.”
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The Board is considering the Trust’s options with respect to the future composition of the Board in light of the completion of the Trust’s previously announced sale of all of its renewable energy operating assets (the “Sale Transaction”) to Enery Power Holding GmbH (“Enery”) and an affiliate thereof (the “Purchaser”), pursuant to the terms of the share sale agreement dated September 1, 2022 entered into among the Trust, Enery, the Purchaser and certain subsidiaries of the Trust.
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About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power’s issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements included in this press release include risks related to the potential loss of the Trust’s status as a “mutual fund trust” following the payment of certain special distributions to holders of trust units of the Trust following the Sale Transaction. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive.
Details of additional risk factors relating to the Trust and its business, generally, are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2021, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.