Telesource International, Inc. Completes Takeover of Fijian Power Plants under Long-Term Power Generation Contract.Business Editors LOMBARD, Ill.--(BUSINESS WIRE)--June 10, 2003 Telesource International, Inc. (www.telesource.org) announced today that 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 Telesource, Telesource Fiji, Limited ("TFL TFL, n tensor fascia lata; a muscle that originates from the anterior superior iliac spine and anterior portion of the iliac crest. Its primary functions include flexing and abducting the thigh. ") has completed the takeover of the operation and maintenance for two power plants located in Kinoya and Vuda, Fiji. Telesource and the Fiji Electric Authority ("FEA (Finite Element Analysis) A mathematical technique for analyzing stress, which breaks down a physical structure into substructures called "finite elements." The finite elements and their interrelationships are converted into equation form and solved mathematically. ") hosted a ribbon cutting ceremony A ribbon cutting ceremony is a public ceremony conducted to inaugurate the opening to the general public of a new building or business. Often, it is conducted in just the manner the name suggests: by tying a ceremonial ribbon across the main entrance of the building, which in Fiji on June 10, 2003 to celebrate the transfer of the operation and maintenance of these two power plants to Telesource. The ribbon cutting ceremony was attended by Fiji's Prime Minister, Laisenia Qarase Laisenia Qarase (born February 4, 1941) served as the Prime Minister of Fiji from 2000 to 2006. After the the military quashed the coup that led to the removal of Mahendra Chaudhry, Qarase joined the Interim Military Government as a financial adviser on June 9, 2000 until his , the Lt. Governor of the Commonwealth of Northern Marianna Islands, Diego T. Benavente, FEA's Executive Chairman, Joe Mar, Telesource's Chairman of the Board, Ralph Beck and Telesource's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , KJ Semikian. Telesource is now operating a 45.5 mega-watt ("MW") power plant located in Kinoya and a 20 MW power plant in Vuda under an energy conversion agreement ("ECA ECA See: Export Credit Agency ") with the Fiji Electric Authority ("FEA") for 20 years. In furtherance of its policy of employing local labor and bringing jobs to its local markets, Telesource has hired 60 former employees of the FEA who previously operated the Kinoya and Vuda power stations. Telesource has hired the new employees without any obligation for employment issues prior to the date of hire by Telesource. Telesource will continue to evaluate its option to takeover the operation and maintenance of the 12 MW power plant located in Labasa, Fiji. Telesource International's Chief Executive Officer, K.J. Semikian, stated, "Telesource is very excited to announce its takeover of these two power stations in Fiji and how it demonstrates that the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of power is an efficient means of providing power. The agreement with the FEA gives Telesource a firm long-term presence in Fiji and adds 65.5 MW of generation capacity to our portfolio for a term of 20 years, along with an option to takeover an additional 12 MW at Labasa. We now have a greater geographic balance for Telesource within the Pacific region and look forward to expanding our presence within the region by adding additional agreements to provide power services within the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. ." FEA's Executive Chairman, Joe Mar, stated "Telesource is an internationally recognized power plant operator. Its expertise in working with the latest technology will bring an increased efficiency to the operation of our power plants." About Telesource International Telesource International is a global company located in Lombard, Illinois. Telesource International effectively utilizes its subsidiaries to offer utility services, specialized construction and engineering services, project development and management, and plant operations. Telesource and its subsidiaries have offices in the Chicago area, on the Western Pacific islands of Tinian and Saipan, Guam and Palau and offices on the South Pacific island of Fiji. The Company's home page is at http://www.telesource.org. Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's Securities Commission filings. |
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