DEDHAM, Mass., May 21, 2015
/CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP)
("Atlantic Power" or the "Company") today announced that the
Company will appoint Gilbert S. Palter to its Board of Directors
following the Annual General Meeting on June 23. With the
addition of Mr. Palter, the Board of Directors will consist of nine
members, eight of whom are independent and four of whom have been
appointed since November 2014.
Mr. Palter has a nearly 20-year track record of value creation
in private equity as the Co-Founder and Chief Investment Officer of
EdgeStone Capital Partners, one of Canada's leading private equity firms.
Mr. Palter is a graduate of the University of
Toronto and the Harvard Graduate School of Business
Administration, as a Baker Scholar. He has served as a
director and as Chair of numerous public and private company
boards, and currently serves on the boards of EdgeStone Capital
Partners Inc., Aurigen Reinsurance Limited (Chair), Specialty
Commerce Corp. (Chair), Eurospec Manufacturing Inc., Stephenson's
Equipment Rental, and Tunnel Hill Partners, LP.
"On behalf of the entire Board of Directors, I would like to
welcome Gil Palter to our Board," said Irving Gerstein, Chairman of Atlantic
Power. "We believe that his considerable strategic,
operational and financial expertise will make him a valuable
addition to the Board, and we look forward to his
contributions."
The appointment of Mr. Palter has been at the recommendation of
Mangrove Partners, the Company's largest shareholder. In
conjunction with the appointment of Mr. Palter to the Board, the
Company has signed a customary standstill and support agreement
with Mangrove.
"As we discussed earlier this month, we plan to deploy the cash
proceeds from our wind portfolio sale to optimize our capital
structure to the benefit of shareholders," said James J. Moore, Jr., President and Chief
Executive Officer of Atlantic Power. "We intend to engage a
financial advisor to help in the evaluation of our debt reduction
options. We have been considering input from Mangrove
Partners and other shareholders in this process. We have
previously indicated that our plan for the wind sale proceeds would
be to redeem our 9% senior unsecured notes; while that currently
remains our expectation, there is no assurance that this evaluation
process will not lead to an alternate debt reduction approach. Our
goal is to strengthen our balance sheet in a manner that reduces
our risk and helps to achieve our goal of growth in intrinsic value
per share."
Today's announcement does not affect any of the matters to be
voted on by shareholders at the Company's Annual General Meeting to
be held on June 23, 2015, as set
forth in the Company's Management Information Circular and Proxy
Statement dated April 30, 2015.
The Company also announced that it plans to reduce the number of
directors to seven by the 2016 Annual General Meeting.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Pro
forma for the expected sale of the Wind Projects, Atlantic Power's
power generation projects in operation have an aggregate gross
electric generation capacity of approximately 2,137 megawatts
("MW") in which its aggregate ownership interest is approximately
1,502 MW. The Company's current portfolio consists of
interests in twenty-three operational power generation projects
across nine states in the United
States and two provinces in Canada.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT and on the Toronto Stock Exchange under the symbol
ATP.
For more information, please visit the Company's website at
www.atlanticpower.com or contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com.
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power" or on Atlantic
Power's website.
Cautionary Note Regarding Forward-Looking
Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A
of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, and under Canadian securities law (collectively,
"forward-looking statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate," "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited,
to statements with respect to the following:
- the Company's expectations regarding the sale of its wind
portfolio, including the timing of the closing of such sales and
the amount and use of expected proceeds therefrom;
- the augmentation of the depth of expertise of the Company's
board of directors and the expected appointment of Gilbert S.
Palter to the board of directors following the 2015 Annual General
Meeting;
- the Company's intent to engage a financial advisor to help in
the evaluation of its debt reduction options, and the outcome of
such evaluation, including any effect on the Company's planned use
of proceeds from the sale of its wind portfolio;
- the Company's goal of strengthening its balance sheet in a
manner that reduces its risk and helps to achieve its goal of
growth in intrinsic value per share; and
- the Company's plan to reduce the number of directors serving on
its board of directors to seven by the 2016 Annual General
Meeting.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the
Company. Although the forward-looking statements contained in
this news release are based upon what are believed to be reasonable
assumptions, investors cannot be assured that actual results will
be consistent with these forward-looking statements, and the
differences may be material. These forward-looking statements
are made as of the date of this news release and, except as
expressly required by applicable law, the Company assumes no
obligation to update or revise them to reflect new events or
circumstances. The Company's ability to achieve its
longer-term goals, including those described in this news release,
is based on significant assumptions relating to and including,
among other things, the general conditions of the markets in which
it operates, revenues, internal and external growth opportunities
and general financial market and interest rate conditions.
The Company's actual results may differ, possibly materially and
adversely, from these goals. Readers are cautioned that such
information may not be appropriate for other purposes.
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SOURCE Atlantic Power Corporation