July 12, 2001
Americas Power Partners Announces Management Changes and Issuance of Convertible Preferred Stock
Hinsdale, IL, July 12, 2001 -
Americas Power Partners, Inc.(APP)(OTCBB: APPN)
announced today that Gordon Mendelson has replaced Thomas Smith as President
of the company. Mr. Mendelson will serve as President, Chief Operating Officer
and Director of APP. Mr. Mendelson previously was Senior Vice President of
Armstrong Service, Inc., a division of Armstrong International, Inc., APP's strategic
industry partner and the company's largest shareholder.
Mr. Mendelson has over 30 years of experience in developing and managing capital-intensive
power projects. He began his professional career at Westinghouse in 1966 where he worked in
various managerial positions until 1988 and was responsible for total contract management
of $2 Billion of international fossil and nuclear turnkey power projects. As director of
worldwide independent power projects for Babcock & Wilcox from 1989 to 1995, he had the
responsibility for the successful development of several independent power projects aggregating 150 MW.
Mark A. Margason, a founder of the company was appointed Chairman and CEO. Mr. Margason has served
as a Vice President for Citicorp N.A. and Mellon Bank with over 20 years of project financing experience.
He has direct power generation development expertise and equity investment expertise in multifaceted energy
projects both domestic and international.
The company also announced the election of two new directors, Mr. Don A. Etheredge and Mr. James F. Purser.
Etheredge and Purser fill two open seats on APP's 7-member board, one of which was created by the retirement
of David W. Pequet, an original APP founder, from the board in June of 2001. Mr. Etheredge is founder and
President of Exolink Co., a successful business consulting company servicing Fortune 500 utility companies.
Mr. Etheredge received a B.S. degree from Texas Tech University. Mr. James Purser has a financial background
in the energy industry serving as CFO with Atmos Energy Corporation and Executive Vice
President for Southern
Union Company. Mr. Purser received a B.B.A. in Finance from the University of North Texas and is a C.P.A.
Purser has previously served on two NYSE listed companies' Board of Directors.
In addition, the board of directors authorized the issuance of 3,000,000 shares of convertible preferred stock
to Armstrong International Inc. in return for financing and other services that are being provided to the company.
Fully diluted, including all options and convertible securities, the Company will have
approximately 15,341,808 common shares issued and outstanding.
APP intends to become a leading independent power producer engaged in the business of developing, owning and managing
the operation of energy systems including cogeneration plants which produce electricity and thermal energy for sale
under long term contracts with industrial, commercial and government users.
The Private Securities Litigation
Reform Act of 1995 provides a "safe-harbor" for forward-looking
statements. Certain information included in this press release (as well
as information included in oral statements or other written statements made
by or to be made by the Company) contains statements that are
forward-looking, such as statements relating to plans for future
expansion. Such forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future; and accordingly, such results may differ from those expressed in
any forward-looking statement made by or on behalf of the Company. These
risks and uncertainties include, but are not limited to, completion of
definitive purchase agreements, ability to obtain needed capital, those
relating to development activities, dependence on existing management,
leverage and debt service, domestic or global economic conditions, and
changes in customer preferences and attitudes. For more information,
review the Company's filings with the Securities and Exchange Commission.