"The armed forces couldn't plug its ears or close its eyes as the movement and demands of the masses calling for them to play a national role, not a political role as the armed forces themselves will be the first to proclaim that they will stay away from politics.
The armed forces sensed - given their sharp vision - that the people sought their support, not power or rule but for general services and necessary protection of the demands of the revolution. This is the message that the armed forces received from all over urban Egypt, its cities, and its villages; it (the military) recognized the invitation, understood its intentions, appreciated its necessity and got closer to the national scene hoping, willing and abiding by all limits of duty, responsibility and honesty.
The armed forces have exerted lots of efforts over the past few months, directly and indirectly, to contain the internal situation and carry out a national reconciliation among all political forces including presidency starting on November 2012. It started with a call for national dialogue that all political forces responded to and was rejected by the presidency at the last moment. Then invitations and initiatives followed and continued since this time until this date.
The armed forces presented more than once their strategic assessment of the situation internally and outside the country, including the challenges and the dangers that are facing the nation on the security, economic, political and social levels along with the vision of the armed forces as a national institution on how to contain the causes of the social divisions and remove the causes of congestion and confront the challenges and the dangers to get out of the current crisis.
As part of the follow up to the current crisis, the general command of the armed forces held a meeting with the president of the republic at the Qasr al-Qobba presidential palace on June 22, 2013, during which it presented the opinion of the general command and its rejection of harming the national and religious state institution. And it assured its rejection of terrorizing and threatening the masses of the Egyptian people.
There was hope of achieving national reconciliation, developing a future plan and providing causes of confidence, assurances and stability to the people in order to achieve their ambitions and hopes. But the president's speech last night and before the end of the 48-hour ultimatum didn't meet or agree with the demands of the people. The situation prompted the armed forces, given their national and historic responsibility, to consult with some of the symbols of the national, political and youth forces without excluding or alienating anyone. The participants agreed on the future plan, which includes the initial steps to achieve a strong, coherent Egyptian society that doesn't alienate of its sons and movements and end the state of struggle and divisions.
“We look forward to building on the combined strengths of our organizations,” said Michael Bernstein, President and Chief Executive Officer of Capstone. “These include ReD’s operating wind power facilities and development pipeline and team, and Capstone’s sizable Canadian power portfolio, proven financing capability and broad network of relationships in Canada and internationally. In addition, by combining our companies, we will further bolster Capstone’s ability to successfully source, pursue and execute earlier-stage power opportunities. With ReD’s advanced-stage development projects, which are expected to enter into construction in 2013, and the surplus cash Capstone is building up over 2013 and 2014, we see this transaction as a solid strategic match that will contribute to cash flow growth for Capstone. We are confident about the combined team’s ability to realize long-term value for shareholders from our collective businesses.”
Jeffrey Jenner, ReD’s President and Chief Executive Officer, said, “By combining Capstone and ReD, we are creating a unique company with almost 550 MW of operating and contracted power development assets in Canada. We see this as a strong and complementary fit for both our assets and our team. Capstone’s diversified asset base delivers strong stable cash flow that will allow us to build out our existing development projects and position our combined company for growth in the years ahead.”
Following the completion of the Transaction, it is anticipated that Mr. Uwe Roeper, currently a member of ReD’s Board of Directors, will join Capstone’s Board of Directors. Since 1999, Mr. Roeper has served as President of ORTECH Consulting Inc., a consulting and advisory business that provides technical consulting services related to development and operation of wind power and water power facilities. From 2000 to 2005, he served as Director and Co-founder of Canadian Renewable Energy Corporation, a developer, builder and operator of a hydroelectric project in Ontario and numerous other projects, including several hundred megawatts of wind and small hydro developments. Mr. Roeper currently serves on the boards of several private power project development companies. He holds a Bachelor of Science degree in Geological Engineering and Master of Science degree in Water Resource Engineering from the University of Manitoba and is a Professional Engineer.
Capstone expects to integrate members of ReD’s team to help oversee the development of the combined company’s project pipeline and to fulfil asset management responsibilities at the operating facilities. ReD’s President and Chief Executive Officer, Jeffrey Jenner, will support the integration of the two businesses and continue to oversee development and delivery of the project pipeline for the balance of 2013. The current executive management team of Capstone, including Michael Bernstein as President and Chief Executive Officer and Michael Smerdon as Executive Vice President and Chief Financial Officer, will be unchanged.
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