Reservoir Opens Subsidiary in Italy-REV Italia S.r.l.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/11/11 -- Reservoir Capital Corp. (TSX VENTURE: REO) ('Reservoir' or the 'Company') is pleased to announce that it has formed a new subsidiary Renewable Energy Ventures Italia S.r.l. ('REV Italia') with offices in Rome. REV Italia will assist the Company with negotiations with the Italian government on bilateral agreements, importing energy into the Italian market and support the development of the Company's hydroelectric projects in Serbia and the region. REV Italia will also seek to develop its own renewable energy projects in Italy and engage in energy trading and sales.
The Board of the new company comprises Mr. Antonio Mazza, Mr. Donatello Bertozzi and Ms. Miljana Vidovic, (President and CEO of Reservoir).
Mr. Mazza is an engineer and power industry veteran, currently engaged in developing and operating various renewable energy and biofuels projects in Italy, through his family business Part.En.One S.r.l. Previously Mr. Mazza was Chief Executive Officer of Rome-based utility ACEA Electrabel Energia S.p.A.
Mr. Bertozzi is Head of General Secretariat and Assistant to the Secretary General of the Confederazione Italiana Sindicati Lavoratori (CISL), Italy's second largest trade workers union with over 4.4 million members, and a member of the Supervisory Board and a Trustee of the Instituto Nazionale Previdenza Sociale (INPS) which provides pensions and other welfare benefits to 35 million people a year.
Miles Thompson, Chairman of the Company, commented: 'We are very happy to be taking this step to engage more directly with the Italian market in support of our hydroelectric development projects in Serbia and Bosnia, but also to be looking at new business opportunities in the country. We are very lucky to be able to count on the support of Antonio and Donatello and look forward to consolidating and further building our renewable energy business with them.'
About Reservoir
Reservoir is a renewable energy company, engaged in development of a 58.4 MW hydroelectric project at Brodarevo in southwest Serbia. Reservoir holds four geothermal exploration licenses in Serbia and has applied for three hydroelectric licenses on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32 MW project from an existing reservoir dam at Vrutci in Serbia. The Company holds a portfolio of 8 precious and base metal exploration properties in Serbia that, subject to approvals, are to be spun-out into a separately listed company. Reservoir's common shares trade on the TSX Venture Exchange (symbol 'REO') and on the Frankfurt and Berlin Exchanges (symbol 'ROC').
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Reservoir Capital Corp.
Chris MacIntyre
VP Corporate Development
1 416 703 0010
info@reservoircapitalcorp.com
www.reservoircapital.ca