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.
About International Power Group, Ltd.
International Power Group, Ltd. is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the Pink Sheets.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, statements regarding the ability to recover lost shareholder value, the future of IPWG and its financial security, IPWG's ability to achieve the vision as a waste to energy development company and IPWG's ability to execute opportunities. All forward-looking statements in this press release are made as of the date of this press release, and IPWG assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk factors discussed in the Business and Management's Discussion and Analysis sections in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.