MACCLESFIELD, UK, May 1, 2019 -- EuroSite Power Inc. (OTCPK: EUSP, the "Company") an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe, today announced expansion of its Executive Team with the appointment of Paul Hamblyn to the role of Chief Operating Officer and Chris Marsland joining the Company in the role of UK General Manager. As COO Hamblyn will lead the Company’s strategic and new business development while Marsland will lead the UK operational company and direct its operational and administrative functions.
Appointment of Hamblyn to the role of COO is part of the Company’s plan to focus senior management time on the primary strategic objectives of expanding its service offer and geographical reach while also exploiting its recent entry into the London Stock Exchange’s ELITE programme. Hamblyn will retain his role as Managing Director.
Until last year Marsland was Technical Director at Centrica Business Solutions, formerly ENER-G Combined Power Limited. During his near 20-year tenure he led a team responsible for developing and installing its cogeneration and other distributed power generation systems. During this time, he was also Chair of The Association for Decentralised Energy Commercial Forum and an Association Board Member. Marsland earned a first-class bachelor’s degree in electronic engineering and is both a Chartered Engineer and Fellow of the Institute of Engineering & Technology. He joins from GF Genovate where he held the role of Solutions Director.
“Chris joins EuroSite Power with a wealth of operational and management experience at both early-stage and mid-sized companies,” said Chief Executive Officer, Elias Samaras. “We are thrilled to have an experienced and steady hand at the helm of the operational business as Paul puts in place our plans to expand our range of technical solutions and broaden our customer offer.”
Speaking about his appointment Marsland said “EuroSite Power has established a good reputation and secured some great projects. It is also positioned ready for growth so it’s a tremendous pleasure to join Elias, Paul and the EuroSite Power team, and I am excited and eager to help further the company’s success.”
Future News Releases
News provided all financial results and news are only published on the Company’s website (http://investors.eurositepower.co.uk/news-releases).
Anyone wishing to receive notice of a news release should subscribe to the email alerts service provided within the Company’s investors pages (http://investors.eurositepower.co.uk/email-alerts).
Alternative Reporting Standard
The Company now files its financial statements under the Alternative Reporting Standard (ARS). Financial reports, which are prepared in accordance with US GAAP, are generally provided within 45 days of period end (90 days for fiscal year end results) and are reported to maintain at least the OTC Pink Limited Information tier.
Following corporate reorganisation and de-registration of the Company’s common stock, with effect from January 1, 2017 foreign exchange gains/losses are reported in the cumulative translation adjustment (CTA) account on the Company’s balance sheet.
Fiscal year-end financial reports for the operating company, EuroSite Power Limited are audited by a PCAOB registered firm and the Company provides current information for the purposes of SEC Rules 144(c)(2) and 10b-5 using the OTC Disclosure & News Service. Financial statements for EuroSite Power Limited are prepared in accordance with UK GAAP, and consequently differences in accounting treatment and presentation may arise.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
The Company provides institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user. More information can be found at www.eurositepower.co.uk.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in financial statements held by OTC markets for the fiscal year ended December 31, 2017. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.