LUXEMBOURG--(BUSINESS WIRE)--Regulatory News:
3W Power Holdings S.A. (Amsterdam:3WP)(AEG PS)(Euronext: 3WP, Deutsche Börse Frankfurt: 3W9), the holding company of AEG Power Solutions (AEG PS) announces changes to its board of directors
The board of 3W Power has resolved to coopt two members to the board to fill vacancies left by the resignations of Messrs. Tim Collins and Leonhard Fischer. The board coopted Mr. Christopher Minnetian and Mr. Harris Williams to sit on the board until the annual general meeting of the shareholders on 15 May 2011. Messrs. Minnetian and Harris are employees of Ripplewood Holdings, the private equity fund controlled by Tim Collins.
The board further resolved to appoint Mr. Williams to the Audit Committee of the board to replace Mr. Fischer. The Compensation Committee of the board will now consist of Mr. Minnetian and Mr. Mark Wössner.
About 3W Power/AEG Power Solutions
3W Power Holdings S.A. is the holding company of AEG Power Solutions Group. Shares and Warrants in the company are admitted to trading on NYSE Euronext, Amsterdam (ticker symbol: 3WP and 3WPW, respectively). Additionally, the shares are traded on the Frankfurt Stock Exchange (ticker symbol: 3W9)
AEG Power Solutions is a world provider of premium power electronics. It offers one of the world’s most comprehensive product and service portfolios in power conversion and control, for customers spanning the infrastructure markets of energy, telecom, lighting, transportation and general industrial sectors. System solutions from AEG PS are designed to interface with the electrical power grid and to offer power solutions for mission-critical applications in harsh environments, such as power plants, offshore oil rigs, chemical refineries, and utility-scale renewable energy plants. The company has developed a full range of products for the solar energy industry, from solar inverters to turnkey solutions and is investing in solutions that will enable distributed power generation and smart micro-grids. Renowned for engineering excellence, the company’s customers benefit from over a century of expertise.
Headquartered near Amsterdam, AEG PS generated revenue of €400 million in 2009 with more than 1,500 employees around the world.
AEG Power Solutions became a public company in 2009 following a business combination with 3W Power Holdings Ltd. (formerly Germany1 Acquisition Ltd). Shares in the combined company are listed on the Frankfurt stock exchange (ticker: 3W9) and Euro next Amsterdam (ticker: 3WP).
This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.