Primary Energy Recycling Corporation Announces Resignation Of John Prunkl, President of the Manager
OAK BROOK, IL, April 17 /PRNewswire-FirstCall/ -- Primary Energy Recycling Corporation (TSX: PRI.UN) (the "Company") announced today that Mr. John Prunkl has tendered resignation of his position as President of the Manager of the Company. The resignation is effective May 12, 2008.
"Presiding over the Company has been exciting, challenging, and at times difficult," said John Prunkl. "Throughout my term as President I have been constantly sustained by the talent and commitment of our employees, Board members, investors and customers. I am satisfied that I leave the company on solid footing, well positioned to grow and prosper." "John has been critical in positioning the Company for the future, particularly by completing the Harbor Coal amendment and putting a new business development team in-place for the Manager. He has been responsible for much of the success of the Company and his contributions will continue to serve the Company well into the future" said Michel Lavigne, Chairman of the Board of the Company. "Mike Alverson, the Chief Financial Officer of the Manager, will become interim president in addition to his present duties effective May 12, 2008 to assure continuity until there is a permanent replacement. He has been involved with all of the Company facilities since their inception and held various senior responsibilities over time, including engineering, construction, operations, general administration and finance for the Manager and the facilities' previous owners."
Mr. Prunkl will continue to stand for re-election to the Board of Directors of the Company at the April 24, 2008 Annual General Meeting. The Company owns a majority interest in Primary Energy Recycling Holdings LLC ("Primary Energy"). Primary Energy, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50% interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8 MMlbs/hour. Primary Energy creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for its customers' use. For more information, please visit us at www.primaryenergyrecycling.com.
CONTACT: V. Michael Alverson, Chief Financial Officer, Primary Energy
2008-04-17 22:42:56 0339316 PRNEWSWIRE
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