TORONTO, ONTARIO--(Marketwired - April 6, 2015) - Transeastern Power Trust ("Transeastern" or the "Trust") (TSX VENTURE:TEP.UN) today announces the appointment of Michael Murphy as Chief Financial Officer of the Trust, effective immediately. Mr. Murphy replaces the existing Chief Financial Officer Ashish Kapoor who has agreed to stay with the Trust as a consultant for a transition period.
Mr. Murphy has been vice president and controller of Allied Nevada Gold Corp. for the last two years and prior to that was a senior manager of audit at PwC Canada. Mr. Murphy has over 16 years of experience in leading professional teams and advising both public and private corporations with a focus on advising venture companies through development phase capitalization and the acquisition of key operating assets.
Mr. Michael Murphy, Chief Financial Officer, commented, "I am very excited to take on the role and look forward to working with a great senior management team and Board of Directors as we continue to develop and expand our asset portfolio and execute on the strategic goals of the Trust."
Mr. J. Colter Eadie, Chief Executive Officer of Transeastern, commented, "We thank Ashish for his invaluable assistance in establishing Transeastern and seeing us through our initial public offering and first year of operation. We are looking forward to Mr. Murphy joining us and adding his wealth of experience to the Transeastern team."
Mr. Murphy's appointment is subject to the approval of the TSX Venture Exchange.
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been 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 seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on hydroelectric power.
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 Transeastern's issuer profile at www.sedar.com.
Transeastern Power Trust
J. Colter Eadie
Chief Executive Officer and Director