– FRANCE, Meyreuil – Global EcoPower (EPA: ALGEP), the French specialist in positive renewable energy production units, today announced that the Board of Directors, at its meeting initially scheduled for July 15, 2020, to review the financial statements for the year ending December 31, 2019, raised a number of technical and accounting inaccuracies, and in accordance with the Articles of Association, the Board of Directors requested explanations on these points from Jean-Marie Santander.
Mr. Santander tendered his resignation as Chairman of the Board, which was accepted, and consequently, the Board immediately appointed the current Vice-Chairman of the Board, Philippe Destenbert, as the new Board Chairman.
Philippe Destenbert then asked the Board for authorization to launch an audit for the end of August in order to have a precise picture of the situation of the company and the previous management, which the Board approved.
He then announced his intention to request the suspension of the share price pending the results of this audit.
The date of the closing of the accounts as well as the date of the general meeting to approve the accounts closed on 31 December 2019 will be communicated as soon as possible.
About Global EcoPower
GEP is a key player in the green industry, with two business lines:
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Its historical business is the construction of renewable power plants using wind, photovoltaic and biomass as energy sources. GEP has a presence across the value chain, from construction to power plant operations. So far, it has built and commissioned more than 10 power plants, representing over 150MW in installed power capacity.
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A new higher value-added activity building and developing Green Energy Business complexes, including an eco-business consuming high amounts of energy.
GEP is currently in the process of building France’s first “algo-solar” complex in Payra-sur-l’Hers (southern France), combining green energy and spirulina production. This complex not only enables the production site to be fully self-sufficient in terms of its energy needs, but it can also produce surplus power, which will have a significant positive impact on operating profitability. A second facility in Anjou is currently in the process of financing.
GEP is listed on the Euronext Growth stock exchange in Paris (ISIN code: FR0011289198 – Ticker: ALGEP). The company is eligible for the SME personal equity plan (PEA-PME).
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