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Schneider Power Inc.: Schneider Power Announces Management Changes

^{Published on 2009-08-22 13:02:06, Last Modified on 2009-11-02 11:48:26 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - Schneider Power Inc. (TSX VENTURE:SNE) announced that effective today, the Board of Directors have appointed Lewis T. Reford, currently an independent director of the Company, to serve as Chief Executive Officer on an interim basis. Mr. Reford replaces Jonathan Lundy, who tendered his resignation as CEO on August 18, 2009. Mr. Lundy will continue to serve as a non-executive director of Schneider.

"We wish Jon all the best in a new role that he will be taking up with a large Canadian energy corporation. During his tenure as Schneider's CEO, Jon achieved a number of significant milestones, including a successful IPO during one of the most challenging periods in recent capital markets history. The Company is very pleased to be able to benefit from Jon's ongoing insight and experience as a board member", said Mr. Reford.

Reford, 48, has more than 20 years of financial and energy industry experience, most recently as a consultant to Israel's Gazit Group in the renewable energy sector. Prior to his consulting role, Mr. Reford spent over 15 years in the investment banking and financial services industry, serving as President and CEO of MGI Securities Inc., a boutique investment dealer and subsidiary of Jovian Capital Corporation and before that as Managing Director at J.P. Morgan Securities, the investment banking division of one of the world's leading financial institutions. Prior to his career in investment banking, Mr. Reford worked in business development with energy multinational Total S.A. Lewis will assume day-to-day management of the Company for an as-yet-to-be-determined period of time.

"We're bullish about the future of Schneider," said CEO Reford. "Despite the challenging economic environment, the Company will be adding significantly to its operating asset base over the coming twelve months through a number of wind farm construction projects that have been developed by Schneider and subsequently joint-ventured through our partnership model. The related development fees will provide immediate cash flow to the Company as we await the start-up of incremental commercial wind farm operations in 2010 and beyond. These important achievements position the firm very competitively as we move forward and as the market improves."

About Schneider Power:

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.