Confirmation the deal is going to happen....Making room for big money boys on the BOD.....this one is getting exciting
September 30, 2009 4:33 PM EDT
CELEBRATION, Fla., Sept. 30, 2009 (GLOBE NEWSWIRE) -- International Power Group, Ltd. (Pink Sheets: IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announced today that Peter N. Toscano, its Chief Financial Officer, Secretary and Treasurer and member of its Board of Directors, is retiring. Mr. Toscano will remain as a consultant and key advisor to the board of directors and will assist in the future execution of development projects. Mr. Toscano's decision is based in part on his belief that he has achieved the vision of IPWG as a Waste to Energy development company and its financial security to achieve this milestone. Further, Mr. Toscano is providing his seat on the board of directors to IPWG's new financial partner, which should provide IPWG with a great amount of security for the future.
IPWG's CEO Mr. John Benvengo stated, "Mr. Toscano has been a stabilizing force in IPWG for many years and has brought forth many of the opportunities that IPWG now has the financing to execute." Mr. Benvengo added, "Mr. Toscano has helped to secure the financing that will fulfill his vision of IPWG as a Waste to Energy developer and technology provider. I would like to extend our thanks to Mr. Toscano for all of his contributions and wish him the very best of luck in all his future endeavors."
Mr. Toscano added, "I am confident that IPWG's future is now bright and secure given the involvement of IPWG's new financial partner, and I am confident in IPWG's current management and its ability to now execute on the opportunities that I have spent the last several years nurturing and securing for the benefit of IPWG and its shareholders." Mr. Toscano continued, "I am excited about the future of IPWG, a company I worked to develop over the last several years, but I would now like to focus my attention on certain legacy issues that have caused harm to IPWG and its shareholders and IPWG's ability to succeed in the past. I will now be focusing my efforts on pursuing those individuals and institutions that have caused harm to IPWG and its share value. By working with IPWG and its counsel I intend to use my historical knowledge of IPWG to recover lost value for IPWG and its shareholders."
IPWG further announced that the board seat that is vacant will be filled with a representative of IPWG's new financial partner and the company is currently undertaking a search for a new Chief Financial Officer to assist IPWG. In the interim, the CEO will fulfill all responsibilities of the Chief Financial Officer position until a suitable person is found.
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