|By Marketwired .||
|August 20, 2013 04:53 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/20/13 -- 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.
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.
Maxim Power Corp.
John R. Bobenic
President and CEO
Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO