Interim Chief Financial Officer Named
TORONTO, ONTARIO–(Marketwire – Sept. 7, 2010) – The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust ("Trust") today announced that R. Stephen Bower, the Fund and Trust's Chief Financial Officer, has resigned effective today to pursue other interests.
"Mr. Bower has played a significant role in the Fund's development. We are grateful of his efforts and wish him well in his future endeavors", said John Macdonald, President and Chief Executive Officer.
The Fund and Trust also announced today that Chris Cawston will be appointed interim Chief Financial Officer on a six month contract basis effective September 8, 2010. The Fund and Trust have initiated a search for a permanent Chief Financial Officer.
Mr. Cawston is a Chartered Accountant with over 30 years of financial management and executive experience. Most recently, Mr. Cawston was President and Chief Executive Officer of SCI Ltd. ("SCI"), a provider of integrated communications and marketing connectivity platforms for the automotive, telecommunications/cable, health care, insurance and government markets. Prior to SCI, Mr. Cawston served as Chief Financial Officer and subsequently President of Magicuts and Premier Salons, a privately held, international owner/operator and franchisor of salons and spas. Mr. Cawston has also held the positions of Financial Director of Mitel Corporation (Ottawa) and Chief Financial Officer of a Canadian division of Unisys (Toronto).
About The Consumers' Waterheater Income Fund
The Fund and Trust own a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon Inc., a leading "smart" sub-metering company, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding the Fund and Trust, including their respective current Annual Information Forms, is available on SEDAR at www.sedar.com.
For further information: The Consumers’ Waterheater Income Fund
The Consumers’ Waterheater Operating Trust
President and Chief Executive Officer