Calpine Power Income Fund Announces Change to Board.CALGARY, Alberta -- Calpine Power Income Fund (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CF.UN) (the "Fund") announced today that the representatives of Calpine Corporation who sit on the board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. that effectively governs the Fund, have resigned to avoid the potential for conflicts of interest that may arise due to the liquidity situation facing Calpine Corporation. The Fund is effectively governed by the board of trustees of Calpine Commercial Trust ("CCT CCT Circuit CCT Commission Canadienne du Tourisme (Canadian Tourism Commission) CCT Correlated Color Temperature CCT Common Customs Tariff (EU) CCT Certificate of Completion of Training ), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Fund. Calpine Canada Power Ltd., a wholly owned subsidiary of Calpine Corporation, administers the Fund and manages CCT, and is entitled to appoint three representatives to the CCT board. The public unitholders of the Fund are entitled to appoint five independent trustees to CCT. CCT will continue to be governed by the existing five independent trustees, and the resignations of the Calpine representatives are not expected to have an adverse effect on the management or corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. of the Fund or CCT or their operations. Calpine Canada Power Ltd. will continue to administer the Fund and manage CCT including the day to day operations of the Fund. The representatives of Calpine, Toby Austin, John Austin, John, 1790–1859, English jurist. He served (1826–32) as professor of jurisprudence at the Univ. of London, and his lectures were published (with additional material) as The Province of Jurisprudence Determined (1832, repr. 1967, 3 vol. King and Eric Pryor, indicated to the Fund that they were resigning to avoid the potential for any conflicts of interest that may arise between their serving on the board of trustees of CCT and their employment with and responsibilities to Calpine Corporation and its affiliates. Calpine Canada Power Ltd. remains entitled to re-appoint up to three nominees to the CCT board at any time. The independent trustees of CCT are Murray Birch, Larry Folks, Robert Hodgins, Alan Moon and John Roy John Roy (1930-2001) was a noted professor in the Art Department at the University of Massachusetts, Amherst. His work included pointilism and photorealism and he created a quite remarkable and highly original body of work that represents an important contribution to the history of . Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in power generating facilities in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Alberta and California. In addition, the Fund owns a participating loan interest in a power plant in Ontario and has made a loan to Calpine Canada Power Ltd. Certain information in this press release is forward-looking and subject to risks and uncertainties. The results or events predicted in this information may differ from actual results or events. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of the Fund and the Partnership to successfully implement the Fund's strategic initiatives and whether such strategic initiatives will yield the expected benefit, the availability and price of energy commodities, regulatory decisions, competitive factors in the power industry, and the prevailing economic conditions in North America. The Fund and CCT each disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Calpine Power Income Fund trust units are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CF.UN. For further information on the Fund, please visit our website at www.calpinepif.com. Calpine Power Income Fund (TSX:CF.UN) |
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