Maine Public Utilities Commission Approves Maine & Maritimes Corporation Acquisition by Emera
September 28 2010 - 2:08PM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) announced today
that the Maine Public Utilities Commission has approved the
acquisition of MAM by BHE Holdings Inc., a subsidiary of Emera Inc.
(TSX: EMA) and the parent company of Bangor Hydro Electric Company.
Details of today's approval are pending the final order from the
MPUC. The transaction was previously approved in July by MAM
shareholders. Approval from the Federal Energy Regulatory
Commission is still pending.
According to Brent M. Boyles, MAM President and CEO, "We are
pleased to have the approval of the Maine Public Utilities
Commission for the acquisition of MAM by Emera. We look forward to
approval from the Federal Energy Regulatory Commission in the near
future so we can proceed with joining the Emera family of
companies."
About Maine & Maritimes Corporation:
Maine & Maritimes Corporation (NYSE Amex: MAM) is the parent
company of Maine Public Service Company, a regulated electric
transmission and distribution utility serving approximately 36,000
electricity customer accounts in Northern Maine. MAM is also the
parent company of MAM Utility Services Group, an unregulated
corporation that provides electrical services, including
transmission line and substation design and construction. Corporate
headquarters are located in Presque Isle, Maine, and the corporate
website is www.maineandmaritimes.com.
About Emera:
Emera Inc. (TSX: EMA) (TSX: EMA.PR.A) is an energy and services
company with $5.7 billion in assets. Electricity is Emera's core
business. Approximately 94% of Emera's revenues are earned by Nova
Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and
the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated
electric utilities which together serve 603,000 customers. The
Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera
also owns 38% of Barbados Light and Power which serves 120,000
customers on the Caribbean island of Barbados, 19% of St. Lucia
Electricity Services Limited, which serves more than 50,000
customers on the Caribbean island of St. Lucia and 25% of Grand
Bahama Power Company which serves 19,000 customers on the Caribbean
island of Grand Bahama. In addition to its electric utility
investments, Emera owns Bayside Power, a 260 MW gas-fired power
plant in Saint John, New Brunswick; Emera Energy Services, a
physical natural gas and power marketing and asset management
business; a joint venture interest in Bear Swamp, a 600 megawatt
pumped storage hydro-electric facility in northern Massachusetts; a
12.9% interest in the Maritimes & Northeast Pipeline; and an
8.2% interest in Open Hydro. Visit Emera on the web at
www.emera.com.
Cautionary Statement Regarding Forward-Looking Information:
Except for historical information, all other information
provided in this news release consists of "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Although Maine & Maritimes Corporation
believes that such statements are based on reasonable assumptions,
any such statements involve uncertainties and risks that may cause
actual results to differ materially from those projected,
anticipated, or implied. MAM cautions that there are certain
factors that can cause actual results to differ materially from
forward-looking information that has been provided, including,
without limitation, the proposed transaction failing to close due
to a condition to closing not having been met or otherwise
potential changes in applicable laws and regulations, potential
changes in Management, its ability to raise necessary operating and
growth capital, increased interest costs, its ability to execute
its business plans in a timely and efficient manner, the loss of
customers and other factors that are more detailed in MAM's filings
with the Securities and Exchange Commission.
This press release contains forward-looking information and
forward-looking statements which reflect the current view of Emera
with respect to the Company's objectives, plans, financial and
operating performance, business prospects and opportunities.
Wherever used, the words "may", "will", "anticipate", "intend",
"expect", "estimate", "plan", "contemplate" and similar expressions
identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results, and will not necessarily be accurate
indications of whether, or the times at which, such events,
performance or results will be achieved. Emera disclaims any
intention or obligation to update or revise any forward-looking
information or forward-looking statements, whether as a result of
new information, future events or otherwise, except as required
under applicable securities laws.
MAM-G = General release
For More Information Contact: Virginia R. Joles Director of
Communications, Board Relations and Economic Development Tel:
207.760.2418 www.maineandmaritimes.com
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