CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) - FortisAlberta Inc., a wholly owned subsidiary of Fortis Inc. (TSX:FTS), announced today that Philip G. Hughes, President and Chief Executive Officer will be retiring effective May 1, 2007. The Board of FortisAlberta Inc. has appointed Karl Smith to succeed Mr. Hughes as President and Chief Executive Officer of FortisAlberta Inc. on May 1, 2007.
Mr. Hughes became President and Chief Executive Officer of FortisAlberta Inc. contemporaneously with the acquisition of the former Aquila Networks (Alberta) Inc. by Fortis on May 30, 2004. He led the Fortis team through the acquisition process and guided FortisAlberta's successful evolution as a Fortis subsidiary. Mr. Hughes was Vice President, Finance of Maritime Electric Company, Limited when it was acquired in 1994 and subsequently served as President and Chief Executive Officer of both Maritime Electric and Newfoundland Power.
"Philip made a major contribution to the growth of Fortis through his leadership of Maritime Electric, Newfoundland Power, FortisBC and FortisAlberta," said Stan Marshall, Chair of the Board of Directors of FortisAlberta Inc. and President and Chief Executive Officer of Fortis Inc. "We wish to thank him for his leadership and dedication and extend our best wishes to him and his wife, Thelma, on his retirement."
Karl Smith is President and Chief Executive Officer of Fortis wholly owned subsidiary, Newfoundland Power Inc. He is a chartered accountant and commerce graduate of Memorial University of Newfoundland. He has served as Vice President Finance and Chief Financial Officer of Fortis Inc. and was appointed President and Chief Executive Officer of Newfoundland Power Inc. on January 1, 2004.
"Karl has demonstrated capable leadership at Newfoundland Power and will guide FortisAlberta's continued growth while delivering safe, reliable service to its customers," said Marshall.
FortisAlberta Inc. is an electric distribution company with approximately 430,000 customers and more that 104,000 kilometers of power lines. It is a wholly owned indirect subsidiary of Fortis Inc. - a diversified, international distribution utility holding company with assets exceeding $5.4 billion and annual revenues of approximately $1.5 billion. Fortis has holdings in regulated electric distribution utilities in Alberta, British Columbia, Newfoundland, Ontario, Prince Edward Island, Belize, Grand Cayman and the Turks and Caicos Islands. It has non-regulated generation operations in Belize, Ontario, Newfoundland, British Columbia and Upper New York State. Fortis also has investments in real estate and hotels through its wholly owned non-utility subsidiary.
The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E; First Preference Shares, Series F and Subscription Receipts of Fortis are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E, FTS.PR.F and FTS.R, respectively. Fortis information can be accessed at www.fortisinc.com.
FortisAlberta Inc. may include forward-looking statements in media releases which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" and similar expressions have been used to identify the forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to the Company's management. Forward-looking statements involve significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, regulation, energy prices, general economic conditions, weather, derivatives and hedging, capital resources, loss of service area, licences and permits, environment, insurance, labour relations, human resources and liquidity risk. FortisAlberta Inc. cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Vice President Finance & Chief Financial Officer