CARIBBEAN UTILITIES COMPANY,
LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK
EXCHANGE.
GRAND CAYMAN, Cayman Islands, Nov.
20, 2014 /CNW/ - Caribbean Utilities Company, Ltd.
(TSX: CUP.U) ("CUC" or "the Company") today announced the issuance
of a new non-exclusive Electricity Generation Licence (the
"Generation Licence") by the Electricity Regulatory Authority
("ERA") to replace the Generation Licence granted on April 3, 2008 for operations in Grand
Cayman.
The granting of the new Generation Licence follows the ERA
announcement on October 3, 2014 that
CUC was selected to provide 39.7 MW of additional generation
capacity subsequent to an open and competitive bid
process In accordance with the Company's 2008
generation licence, if CUC is awarded the right to supply
additional generation pursuant to a generation solicitation
process, the Company's existing Generation Licence will be
cancelled and a new Generation Licence issued for a period to cover
the installation and expected life of the generating unit, up to a
maximum term of twenty-five years. In addition, the terms and
conditions of a new licence are not to be materially different from
the terms and conditions of the 2008 Generation Licence. The new
non-exclusive Generation Licence has been issued for a term of 25
years, expiring on November 20,
2039.
CUC provides electricity to Grand
Cayman, Cayman Islands,
under a non-exclusive Electricity Generation Licence expiring in
2039 and an exclusive Electricity Transmission and Distribution
Licence expiring in 2028. Further information is available at
www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"),
on occasion, includes forward-looking statements in its media
releases, Canadian securities regulatory authorities filings,
shareholder reports and other communications. Forward-looking
statements include statements that are predictive in nature, depend
upon future events or conditions, or include words such as
"expects", "anticipates", "plan", "believes", "estimates",
"intends", "targets", "projects", "forecasts", "schedule", or
negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward-looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and
are subject to certain risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Such risks and uncertainties include
but are not limited to operational, general economic, market and
business conditions, regulatory developments and weather
conditions. CUC cautions readers that actual results may vary
significantly from those expected should certain risks or
uncertainties materialize or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE Caribbean Utilities Company, Ltd.