NEW YORK, June 11, 2012 /PRNewswire/ -- TurkPower Corporation (OTC.BB: TRKP - News) (the "Company"), which previously announced that it is changing its name to SibMet Corporation, announced today that Mr. Ilya Rogol has joined the Company as an advisor on Corporate Development and Mergers & Acquisitions, with the intention of joining the Company as an executive officer in the near future.
Mr. Rogol has extensive experience in doing business in Russia and North America. He was Project Manager - Mergers & Acquisitions of SIBUR, the leading petrochemical company in Russia and Eastern Europe (which was sold by Gazprom Group in 2011). His past experience in Russia also includes: member of the Board of Directors and Chief Financial Officer (CFO) of Perevest Group, one of Russia's largest real estate groups with additional business interests in banking, insurance, telecom and other industries in Russia. Prior to joining TurkPower, Mr. Rogol successfully advised and helped build a number of public companies in the Metals & Mining and Oil & Gas sectors, including companies such as South American Silver and IC Potash. Prior to his work in Russia, Mr. Rogol worked in New York, at top tier investment banks and premier auditing firms. Mr. Rogol holds Masters of Business Administration (MBA) in Finance, Economics, Business & Law from New York University - Stern School of Business. Mr. Rogol is fluent in English and Russian.
"Mr. Rogol has substantial experience and expertise in doing business in Russia, and also has a proven track record of helping build companies, combined with an extensive network in the Russian and International business and financial communities," said Ryan E. Hart, Chairman of TurkPower. "Mr. Rogol will play an important role in helping define and implement the Company's strategy, as well as identify new projects. Mr. Rogol is currently in Russia, where he is evaluating and analyzing the Company's assets and potential new projects."
About TurkPower Corporation
TurkPower Corporation (OTCBB: TRKP), which is changing it's name to SibMet Corporation, in order to reflect its main business, is an American junior mining company that has established two wholly owned subsidiaries – Sibcoal Commodities Trading Corp. and Sibcoal Mining Corp. Both subsidiaries are BVI companies. Sibcoal Commodities Trading shall focus on sales and marketing of metallurgical coking coal and Sibcoal Mining was established to acquire and develop mining interest, specifically and initially Zavyalov Square of the Toguchina Coal Field. TurkPower also owns a minority interest in an operational iron ore mine in Turkey. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Turkey, which will include protecting its shareholders interest in said mine.
Certain statements in this news release are forward-looking statements. Words such as "expects", "intends", "plans", "proposes", "may", "could", "should", "anticipates", "estimates", "likely", "possible", "potential", "believes" and words of similar import may identify forward-looking statements. Such statements are based on management's and the Company's independent mining consultant's current expectations, estimates and projections about the companies' businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company's ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals the company may seek to extract; political stability; and changes in governmental regulations, and financial capabilities of the Company. The Company's current assets which were purchased in a share exchange transaction, are held in escrow by the Company's legal counsel and which are not to be released prior to satisfactory proof of the seller meeting all release conditions set forth in the purchase agreement in full. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission. The Company encourages any current or potential shareholder to read all the public filings before making a decision to invest in the shares of any public company.
100 Park Avenue
New York, NY 10017 USA
T: +1 (212) 984-0628
F: +1 (212) 880-6499
SOURCE TurkPower Corporation