Jan 18, 2002

Poseidon Resources Names New President and CEO

The Board of Directors of Poseidon Resources Corporation have selected Scott Pearce, senior vice president and project developer to replace retiring president Walter Q. Howard.

Pearce joined Poseidon in 1997 and was responsible for developing the Tampa Bay Desal seawater desalination project. This first of its kind and largest desalination facility in the U.S. is under construction and on track for start-up by the end of 2002. The plant will produce 25 million gallons per day for Tampa Bay Water, the regional wholesaler, serving 2 million people, and is expandable to 35 million gallons.

"Given increasing demand for high quality, affordable drinking water, there is a tremendous market opportunity to develop seawater desalination projects in the U.S. Engineering advances are demonstrating that ocean desalination is a viable and cost competitive option," Pearce said. "International and domestic interest in Tampa Bay Desal demonstrates how Poseidon Resources is well positioned to deliver on this value proposition."

Howard H. Newman, a director of the Poseidon Board, said, "Recognizing the need for alternative sources of water supply; we believe Poseidon will be a valuable player in this emerging market." Newman is Vice Chairman of Warburg Pincus, a private equity firm that made the initial investment in Poseidon and is an active investor in the energy and natural resource sectors.

Jacek Makowski, Chairman of the Board of Poseidon, said, "We would especially like to thank Walt Howard for the vision and contributions that he has made to Poseidon and wish him well in his future entrepreneurial endeavors. As the company prepares to take advantage of its various emerging opportunities, we are excited that someone of Scott’s integrity, leadership, and track record will be taking the helm."

Poseidon Resources Corporation is a private company that develops and invests in water supply and wastewater treatment infrastructure projects around the world.