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LOMBARD, Ill., June 13, 2003 -- Telesource International Inc. that its subsidiary, Telesource Fiji, Ltd (TFL) has completed the takeover of the operation and maintenance for two power plants located in Kinoya and Vuda, Fiji.
Telesource and the Fiji Electric Authority (FEA) hosted a ribbon cutting ceremony in Fiji on June 10, 2003 to celebrate the transfer of the operation and maintenance of these two power plants to Telesource.
The ribbon cutting ceremony was attended by Fiji's Prime Minister, Laisenia Qarase, the Lt. Governor of the Commonwealth of Northern Marianna Islands, Diego T. Benavente, FEA's Executive Chairman, Joe Mar, Telesource's Chairman of the Board, Ralph Beck and Telesource's President and CEO, KJ Semikian.
Telesource is now operating a 45.5 MW power plant located in Kinoya and a 20 MW power plant in Vuda under an energy conversion agreement (ECA) with the Fiji Electric Authority (FEA) for 20 years.
In furtherance of its policy of employing local labor and bringing jobs to its local markets, Telesource has hired 60 former employees of the FEA who previously operated the Kinoya and Vuda power stations. Telesource has hired the new employees without any obligation for employment issues prior to the date of hire by Telesource. Telesource will continue to evaluate its option to takeover the operation and maintenance of the 12 MW power plant located in Labasa, Fiji.
Telesource International's Chief Executive Officer, K.J. Semikian, stated, "Telesource is very excited to announce its takeover of these two power stations in Fiji and how it demonstrates that the privatization of power is an efficient means of providing power. The agreement with the FEA gives Telesource a firm long-term presence in Fiji and adds 65.5 MW of generation capacity to our portfolio for a term of 20 years, along with an option to takeover an additional 12 MW at Labasa. We now have a greater geographic balance for Telesource within the Pacific region and look forward to expanding our presence within the region by adding additional agreements to provide power services within the Pacific Rim."
FEA's Executive Chairman, Joe Mar, stated "Telesource is an internationally recognized power plant operator. Its expertise in working with the latest technology will bring an increased efficiency to the operation of our power plants."
About Telesource International
Telesource International is a global company located in Lombard, Illinois. Telesource International effectively utilizes its subsidiaries to offer utility services, specialized construction and engineering services, project development and management, and plant operations. Telesource and its subsidiaries have offices in the Chicago area, on the Western Pacific islands of Tinian and Saipan, Guam and Palau and offices on the South Pacific island of Fiji. The Company's home page is at http://www.telesource.org.
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