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3POR ENER : 3Power Appoints Two Board Members with Distinguished Expertise in the Operation and Funding of Multibillion Dollar Sized Projects

09/14/2011 | 09:45am US/Eastern

3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB:PSPW)(Frankfurt:PSD) is pleased to announce the appointment of two new Board Directors to the Company. The Dubai based directors bring with them distinguished expertise in the operation and funding of multibillion Dollar sized projects. The company welcomes Mr. Sharif Rahman and Mr. Uma Balasubramaniam to the Board with immediate effect.

Mr. Sharif Rahman, is currently the CEO of the Falak Holding Group of companies, a Dubai based group involved in several diversified business sectors including as the initiator and a major shareholder of the $3.6 Billion Dubai sport city project - the world's largest sports themed real estate project.

A graduate major in commerce from Kerala University in India, he joined the Falaknaz Holding Group at its inception 36 years ago and has been the driving force behind the group's projects - from the startup stage through to full operation. He remains the personal investment and business advisor to Mr. Falaknaz and family, a prominent Dubai-based high net worth entrepreneur and the founder & owner of the Falak Holding Group.

Mr. Rahman brings to the company valuable expertise as an entrepreneur and senior executive with a history of involvement in multi-billion dollar projects. He also brings a well-established network of relationships in the affluent communities of the Arabian Gulf region and India.

In addition to his long-standing work with the Falak Holding Group, he is also the Founder and managing partner of International Expo Consults, one of the Middle East's leading exhibition and trade show organizers established in 1994, as well as Chairman and owner of a $25 million turnover business in India which he founded 20 years ago.

Mr. Uma Maheshwaran Balasubramaniam ("Bala") majored in economics and is qualified as a chartered accountant. He is a life member of the Cornell society of hotel men, an association of Cornell University. He brings into the company 35 years' major experience and top level relations especially in the Middle East and Asia as well as a distinguished expertise in developing and managing mega-size projects. This varies from overseeing major projects to managing start-up ventures from inception to operational assignments.

Until recently, Bala served as Chief Executive Officer and member of the executive committee of Dubai Sports City, the world's first purpose-built integrated sports city having joined at its inception in 2003. Key responsibilities involved overseeing the project management, development and prompt delivery of the $3.6 billion project.

Before joining Dubai Sports City, he was Group General Manager and Chief Operating Officer of The Gulf International Tourism Development Company, overseeing hotels, real estate and mergers & acquisitions, from June 1983. This leading role involved managing existing assets and pursuing business opportunities mainly in the United Arab Emirates and partly in the Gulf and Europe, focusing on acquisitions.

Prior to 1983, Bala was Head of Finance for Development with the ITC LTD (formerly the Imperial Tobacco Company), in collaboration with SHERATON in India. Working for the Development Division of the organization, he oversaw a number of hospitality-based projects - from the Greenfield stage right through to preparation for handover to operators.

"I believe that 3Power has the right business model and I'm eager to work with the management to support its activities. Mr. Bala is a colleague and we worked successfully together on other transactions. I am confident that we shall be able to meet the Company and shareholders expectations" Said Mr. Rahman.

"The renewable Energy sector is an area of business which simply makes sense. I am committed to contributing my expertise to support the business of 3Power and increase shareholder value. It has always been my mission and I'm pleased to make it again - especially with my long-time colleague Sharif Rahman" Said Mr. Bala.

The Company believes this to be a major step in enhancing its financial capabilities and in the provision of an alternative feasible credit line to finance the Company's project pipeline.

About 3Power Energy Group

3POWER is emerging as a world-wide independent major player in producing electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based upon these technologies. The Company plans to develop clean, sustainable power generation and become a trusted energy provider to utility companies and corporate entities around the world. The Company expects to establish its headquarters in London, with satellite offices and operations in North America, Latin America, Europe, and Asia. For further information: www.3powerenergy.com.

Forward Looking Statements

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to 3Power, its business and prospective development plans. These forward-looking statements can be identified by the use of terminology such as "subject to," "believe," "expects," "plan," "project," "estimate," "intend," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy. Although all of the forward-looking statements set forth in this press release are believed to be reasonable, actual results may differ materially from those expressed in forward-looking statements as a result of factors outside of the control of 3Power. 3Power cannot provide assurances that any prospective matters described in the press release will successfully close or otherwise be completed or that 3Power will realize the anticipated benefits of any such transactions. Important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in 3Power's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on forward-looking statements. 3Power does not undertake and specifically disclaims any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. All forward-looking statements should be regarded solely as 3Power's current plans, estimates and beliefs.

--END--

3Power Energy Group Inc.
Toby Durrant, Chief Executive Officer
Tel: +44 (0) 203 318 1995
Email: t.durrant@3powerenergy.com


© Business Wire 2011
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