Gloucester, MA (PRWEB) January 5, 2008
Free Flow Power Corporation announced today that Henry Dormitzer will join the Company as its Chief Financial Officer on February 4, 2008. Mr. Dormitzer is currently the Commissioner of Revenue for the Commonwealth of Massachusetts where he manages the Department of Revenue's staff of 2,300 public employees and is responsible for administering the state's tax laws, enforcing child support obligations, overseeing local budgets, and implementing parts of the state's new health care reform law. Mr. Dormitzer has also been central to Governor Deval Patrick's initiative to reform the corporate tax code and lower the corporate tax rate in Massachusetts. He joined the Patrick Administration as Under Secretary for Administration and Finance responsible for capital finance, tax policy, collective bargaining and information technology. Prior to joining the Administration, Mr. Dormitzer spent 15 years as an investment banker with UBS where he was the Managing Director responsible for the firm's Boston office. Mr. Dormitzer is treasurer of the board of trustees of Worcester Academy and has served as a member of the boards of MassDevelopment and the Massachusetts Educational Financing Authority. He is a graduate of Harvard College.
Daniel Irvin, Free Flow Power's CEO said Mr. Dormitzer's responsibilities will include structuring and placing $3 billion of project financing for Free Flow Power's hydrokinetic developments on the Mississippi River. "Henry has vast capital markets experience financing complex projects, strategic vision, serious management experience and genuine integrity. We want all of our senior mangers to be someone who can run the Company tomorrow, and Henry fits that description."
Free Flow Power is a leading hydrokinetic project development and turbine manufacturing company engaged in producing clean, renewable energy from moving water without dams or other adverse environmental impacts. The Company has developed a proprietary magnetic levitation turbine technology that can generate power cost-effectively in free flow environments. Free Flow Power is focusing on developing sites in major rivers, but its technology is also applicable to tidal and current energy. The company is also actively marketing its turbine technology to other developers of hydrokinetic projects and owners of existing dams and other infrastructure.