|By Marketwired .||
|June 10, 2014 05:05 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/10/14 -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today that the Alberta Utilities Commission ("AUC") has approved MAXIM's application to convert the fuel source for the Milner Expansion Project ("M2") from coal to natural gas and to increase the generating capacity of the proposed expansion from 500 MW to 520 MW. MAXIM also announced today that it has entered into an agreement to sell Maxim Power (B.C.) Inc. ("Maxim BC"), which owns the Vancouver Landfill Power Project, and that Mr. Joel Lusman has elected to step down from the Board of Directors following completion of his term at the Annual General Meeting (effective June 4, 2014).
Milner Expansion Project
The AUC had granted MAXIM approval to develop a 500 MW coal-fired generating facility adjacent to the existing 150 MW Milner generating facility ("M1") on August 10, 2011. On September 12, 2012, the Government of Canada enacted new greenhouse gas legislation that limits the amount of carbon dioxide emitted by coal-fired generation facilities. As a result, MAXIM applied to amend the M2 permit to convert the fuel source from coal to natural gas and to increase the generating capacity to 520 MW. On June 4, 2014, the AUC approved MAXIM's application for these amendments (Approval No. U2014-242).
Maxim Power BC Inc. - Vancouver Landfill Project
MAXIM announced today that it is has entered into an agreement to sell its wholly-owned subsidiary, Maxim BC, to Village Farms International, Inc. for $4.5 million. Maxim BC owns and operates the Vancouver Landfill Power Project, a 7.4 MW electrical and 9.1 MW thermal energy landfill gas cogeneration project in Delta, BC. Closing of the transaction is not subject to financing conditions and is expected to close in the third quarter, subject only to customary closing conditions. MAXIM will utilize the proceeds from the sale for strategic corporate purposes.
Mr. Joel Lusman, a Director of MAXIM since March 22, 2012, has elected to step down from the Board of Directors following completion of his term at the 2014 Annual General Meeting (effective June 4, 2014). The Board and Management of MAXIM thank Joel for his guidance and significant contributions to the development and growth of MAXIM and wish him well in his future endeavours.
Based in Calgary, Alberta, MAXIM is an independent power producer which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, the United States and France, having 785 MW of electric generating capacity. 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