Walton gone as hydro chair

Wholesale changes have been made at North Bay Hydro. More information is included in the following news release:

NORTH BAY HYDRO DISTRIBUTION LIMITED

At the February 16, 2004 meeting of Board of Directors of North Bay Hydro Holdings Ltd. (HOLDCO, the owner of North Bay Hydro), six City Councillors were appointed as new members of the Board of Directors of North Bay Hydro Distribution Limited (DISTCO).

The new members are Councillors Mac Bain, Daryl Vaillancourt, Tom Mason, Dave Mendicino, Mike Anthony and Peter Chirico.

This action was taken in order to ensure continuity as a result of receiving correspondence from the current DISTCO Board members. It is anticipated that these appointments will be of a short duration as the HOLDCO Board will be advertising publicly for new members to replace them.

Today, Wednesday February 25, 2004 the Board of Directors for North Bay Hydro Distribution Limited elected Councillor Mac Bain as their new Chairman, replacing Bill Walton.

Councillor Daryl Vaillancourt was elected Vice Chair to fill the vacancy left with end of the term of Anthony Koziol.

Additionally the services of Mr. Ron Ross, General Manager, have been discontinued immediately. Mr. Jim Snider, Manager of Operations and Engineering, has accepted the appointment as Interim General Manager.

The Board has further stated their commitment to advertise for a new General Manager who will work positively and cooperatively in leading the future development of the Corporation.

Mac Bain, Chair of North Bay Hydro Distribution Ltd confirms to customers and employees that these actions are intended to result in positive new leadership, and will not affect the regular operation of the Corporation.