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
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
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.
3Power Energy Group Inc.
Toby Durrant, Chief Executive Officer
+44 (0) 203 318 1995