Maxim Power Corp. Enters Agreement to Sell Hartland Landfill Project
21 August 2013 - 6:53AM
Marketwired
Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation")
announced today that it has agreed to sell the 1.6 MW Hartland
Landfill Project to the Capital Regional District ("CRD") for $1.8
million including the termination of a lease agreement with a value
of $0.9 million, resulting in net sales proceeds of $0.9 million.
The CRD is the regional government for the 13 municipalities and
three electoral areas that are located on the southern tip of
Vancouver Island.
The Hartland Landfill Project is a landfill gas generation
project in the CRD, located approximately 14 kilometers northwest
of Victoria, BC. The project was commissioned in February 2004 to
utilize the gas produced by the CRD landfill to generate
electricity which is delivered to BC Hydro.
The sale is expected to close during the third quarter of 2013,
subject to customary closing conditions. MAXIM will utilize the
proceeds from the sale for strategic corporate purposes.
About MAXIM
Based in Calgary, Alberta, MAXIM is an independent power
producer that acquires or develops, owns and operates innovative
and environmentally responsible power and power related projects.
MAXIM currently owns and operates 41 power plants in western
Canada, the United States and France, having 804 MW of electric
generating capacity. As announced on August 6, 2013, MAXIM has
entered into an agreement to sell 100% of its ownership interest in
Maxim Power (USA), Inc. ("MUSA"). MUSA owns five power plants which
collectively have 446 MW of electric generating capacity and
represent MAXIM's entire investment in the United States. The
transaction is expected to close in Q4 2013. MAXIM trades on the
TSX under the symbol MXG. For more information about MAXIM, visit
our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions,
expectations or predictions, or which relate to matters that are
not historical facts are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or
achievements of MAXIM to be materially different from any future
results, performances or achievements expressed in or implied by
such forward-looking statements. MAXIM may update or revise any
forward-looking statements, whether as a result of new information,
future events or changing market and business conditions and will
update such forward-looking statements as required pursuant to
applicable securities laws.
Contacts: Maxim Power Corp. John R. Bobenic President and CEO
(403) 750-9300 Maxim Power Corp. Michael R. Mayder Vice President,
Finance and CFO (403) 750-9311 www.maximpowercorp.com
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