ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - July 9, 2007) - Fortis Inc. (TSX:FTS) today announced the appointment of Mr. Eddinton Powell as President and Chief Executive Officer of its indirect wholly owned subsidiaries, P.P.C. Limited and Atlantic Equipment & Power (Turks and Caicos) Ltd. (collectively referred to as Fortis Turks and Caicos), effective August 1, 2007. Fortis Turks and Caicos serves approximately 7,700 customers, or 80% of electricity users, in the Turks and Caicos Islands.
During his 25-year tenure with Caribbean Utilities, Mr. Powell has held a number of successively progressive positions. Currently, he serves as Senior Vice-President Finance & Corporate Services and Chief Financial Officer of Caribbean Utilities. Fortis owns an approximate 54 per cent controlling interest in Caribbean Utilities. The Company is the sole provider of electricity on Grand Cayman, Cayman Islands, serving approximately 23,000 customers.
"We welcome Eddinton to the helm of Fortis Turks and Caicos as President and Chief Executive Officer," says Stan Marshall, President and Chief Executive Officer, Fortis Inc. "His utility and financial expertise will help guide Fortis Turks and Caicos as the Company remains focused on meeting the growing energy needs of its customers," adds Marshall.
Fortis Inc., the largest investor-owned distribution utility in Canada, serves almost two million gas and electric customers and has approximately $10 billion of assets. Its regulated holdings include a natural gas utility and electric utilities in five Canadian provinces and three Caribbean countries. Fortis Inc. owns non-regulated hydroelectric generation assets across Canada and in Belize and upper New York State. It also owns hotels and commercial real estate in Canada. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com or www.sedar.com.
Fortis Inc. may include forward-looking statements in this release which reflect management's expectations regarding the Corporation'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 Corporation's management. By their very nature, forward-looking statements are based on underlying factors or assumptions which are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, regulation, the integration of Terasen Gas, energy prices, general economic conditions, weather and seasonality, natural gas distribution operating risks, natural gas supply, derivatives and hedging, capital resources, loss of service area, licences and permits, environment, insurance, labour relations, human resources and liquidity risk. Fortis 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 Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities including those factors described under the heading "Business Risk Management" in the Management Discussion and Analysis for the year ended December 31, 2006 and in the Management Discussion and Analysis for the three months ended March 31, 2007. The Corporation 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