David Sasnett to Serve as New Chief Financial Officer for Consolidated Water Co. Ltd.
22 Maggio 2006 - 3:30PM
PR Newswire (US)
Leonard Sokolow to Join Board of Directors and Serve on Audit and
Compensation Committees GEORGE TOWN, Grand Cayman, Cayman Islands,
May 22 /PRNewswire-FirstCall/ -- Consolidated Water Co. Ltd.
(NASDAQ:CWCO), which develops and operates seawater conversion
plants and water distribution systems in areas where natural
supplies of drinking (i.e., potable) water are scarce, today
announced that David Sasnett will assume the position of Chief
Financial Officer of the Company effective June 3, 2006. The
Company's current CFO, Joe Pivinski, will resign his position as an
officer of the Company, but he will continue as an Advisor to the
Company until December 31, 2006. Mr. Sasnett is currently a member
of the Company's Board of Directors and is Chairman of the Audit
Committee. Effective June 3, 2006, he will step down as a member of
the Audit Committee when he assumes the position of CFO. Mr.
Sasnett has been a Member of the Board of Directors since December
2004. The Company also announced that Leonard J. Sokolow has agreed
to join the Board of Directors as an independent director, where he
will serve on the Audit and Compensation Committees. Mr. Sokolow
will be a Group III Director and entitled to serve until the annual
Shareholders' meeting in 2009. Mr. Sasnett recently served as Chief
Financial Officer of VoIP, Inc., a publicly-traded provider of
communication services utilizing Voice over Internet Protocol
("VoIP") technology. He is also President of Secure Enterprises,
LLC, a marketer and distributor of consumer products. During 2004,
he was Vice President of Finance and Controller of MasTec, Inc., a
publicly-traded specialty contractor and infrastructure provider.
Mr. Sasnett was employed by Catalina Lighting, Inc., a
publicly-traded manufacturer and distributor of residential
lighting and other consumer products, from 1994 to 2002, where he
served as CFO from 1996 to 2002. After leaving Catalina Lighting,
he was employed through 2002 in an executive and consulting
capacity by Platinum Products, Inc., a privately-held consumer
products importer and distributor. Mr. Sasnett, who is a Certified
Public Accountant, was employed for over 12 years by the
accounting, auditing and consulting firm of Deloitte & Touche,
LLP. "We are very pleased that David Sasnett has agreed to serve as
the Company's new CFO," stated Jeffrey Parker, Chairman of the
Board of Consolidated Water Co. Ltd. "David has extensive
experience in financial management for a number of publicly-traded
companies and has contributed greatly to the effectiveness of our
Board of Directors during the past 17 months. We expect him to play
a key role in the ability of Consolidated to continue to
successfully execute its growth strategy in coming years." "I would
also like to express the Board's appreciation for the contributions
that Joe Pivinski has made to the Company during the past year, and
we wish him the best in his future endeavors," added Mr. Parker.
Mr. Sokolow, who joins Consolidated's Board of Directors on June 1,
2006, is currently the CEO and President of vFinance, Inc.
(OTC:VFIN) (BULLETIN BOARD: VFIN) , a holding company engaged in
the financial services business with a strategic focus on servicing
the needs of high-net- worth and institutional investors and
high-growth companies. He co-founded vFinance, Inc. in November
1999. Mr. Sokolow also co-founded the Center for Innovation and
Entrepreneurship, a not-for-profit corporation established to
measure the impact that innovative entrepreneurship has on the
global economy. From 1994 to 1998, he was Chairman and CEO of the
Americas Growth Fund, Inc., a closed- end 1940 Act investment
management company. From 1988 until 1993, Mr. Sokolow was employed
by Applica, Inc., formerly Windermere Corporation, where in his
last position he served as Executive Vice President and General
Counsel. From 1982 until 1988, he practiced corporate, securities
and tax law and was one of the founding attorneys and a partner of
an international boutique law firm. From 1980 until 1982, he worked
with Ernst & Young and KPMG Peat Marwick. Mr. Sokolow, who is a
Member of the Florida Bar and a Certified Public Accountant, earned
a B.A. Degree in Economics with a minor in Accounting at the
University of Florida, a Doctor of Jurisprudence Degree at the
University of Florida School of Law, and an LL. M. Degree
(Taxation) at New York University Graduate School of Law. "We are
delighted to welcome Lenny Sokolow to our Board of Directors,"
noted Mr. Parker. "His experience in managing, directing and
supervising various aspects of multi-national public and private
companies should prove invaluable as Consolidated pursues an
aggressive growth strategy as a provider of potable and non-potable
water in a number of countries within and outside of the Caribbean
Basin." About Consolidated Water Co. Ltd. Consolidated Water Co.
Ltd. is engaged in the development and operation of seawater
conversion plants and/or water distribution systems in areas of the
world where naturally occurring supplies of potable water are
scarce or nonexistent. Consolidated currently operates water
production and/or distribution facilities in the Cayman Islands,
The British Virgin Islands, Barbados, Belize and the Commonwealth
of The Bahamas. The common stock of Consolidated Water Co. Ltd. is
traded on the NASDAQ National Market under the symbol "CWCO".
Additional information on the Company is available on its website
at http://www.cwco.com/. This press release includes statements
that may constitute "forward- looking" statements, usually
containing the words "believe," "estimate," "project," "intend,"
"expect" or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, continued acceptance of the Company's products and
services in the marketplace, changes in its relationship with the
Governments of the jurisdictions in which it operates, the ability
to successfully secure contracts for water projects in other
countries, the ability to develop and operate such projects
profitably, the Company's ability to manage growth and other risks
detailed in the Company's periodic report filings with the
Securities and Exchange Commission. By making these forward-looking
statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.
For further information, please contact: Frederick W. McTaggart,
President and CEO at (345) 945-4277 or via e-mail at
http://www.cwco.com/ or RJ Falkner & Company, Inc., Investor
Relations Counsel at (800) 377-9893 or via e-mail at DATASOURCE:
Consolidated Water Co. Ltd. CONTACT: Frederick W. McTaggart,
President and CEO of Consolidated Water Co. Ltd., +1-345-945-4277,
; or RJ Falkner & Company, Inc., +1-800-377-9893, , Investor
Relations Counsel for Consolidated Water Co. Ltd. Web site:
http://www.cwco.com/
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