Maine International Trade Center Honors Brascan Corporation with Foreign Investor of the Year Award
June 09 2004 - 6:30PM
PR Newswire (US)
Maine International Trade Center Honors Brascan Corporation with
Foreign Investor of the Year Award TORONTO, June 9
/PRNewswire-FirstCall/ -- The Maine International Trade Center
today announced that Brascan Corporation
(NYSE:BNNNYSE:TSX:NYSE:BNN.A) will receive the 2004 Foreign
Investor of the Year Award. Maine Governor John Baldacci will
present the award during Maine International Trade Day, June 10, at
a 5:30 p.m. ceremony, Portland Marriott-Sable Oaks. The Foreign
Investor of the Year Award was created to recognize foreign owned
companies that have made a strategic decision to invest in Maine by
either opening a plant or enhancing their existing operations. "We
are very proud to congratulate Brascan Corporation on this
achievement," said Richard Coyle, president of the Maine
International Trade Center. "I can think of no other foreign
investment in this state that has had such a dramatic impact in the
past year as Brascan's purchase of the Great Northern mills and
woodlands in Millinocket. It demonstrates Brascan's belief in the
Maine workforces and business environment. We believe their
decisions will serve as an excellent example for other foreign
companies to similarly invest in Maine." "We are very humbled by
this great honor," said Richard Legault, president and chief
operating officer of Brascan Power Corporation, who will be
accepting the award. "Our guiding principles of investment include
acquiring assets on a value basis, attracting and retaining
high-caliber, local people for the long haul, and building
relationships based on honesty and integrity. Maine is a perfect
fit for us." Highlights of Brascan's investments in Maine include:
- January 2002--Acquisition of six hydroelectric generating
facilities in Maine from Great Northern Paper Company for US $160
million. Now operated by Brascan's Great Lakes Hydro America
operation. - April 2003--Purchase of Great Northern Paper Company
and its woodlands for approximately US $100 million. Now operated
by Brascan affiliates Katahdin Paper Company, LLC, and Katahdin
Timberlands, LLC, this acquisition represented an excellent
opportunity to expand Brascan's market presence in the Northeast;
leverage its operating and financial expertise to return the
company to financial stability; meet the needs of the region; and
provide strong returns for respective shareholders. - May
2003--Expansion of transmission capacity for Brascan's northern
Maine power operations, a US $17-million project. Constructed by
Great Lakes Hydro America, this project expanded transmission
capability, fueled the area's economy, and strengthened the
flexibility, reliability of energy for the region's industrial
base. - Recently Approved--A US $14-million overhaul of Brascan's
18-megawatt Weldon Generating Facility, on the Penobscot River,
south of Millinocket. Two Maine-based engineering firms and one
Maine general contractor are involved with construction scheduled
to begin this summer and completed in 2005. - June 2004
Completion--A US $0.8-million rebuild of Abol Bridge by Katahdin
Forest Management, LLC (Owned by Katahdin Timberlands, LLC). As a
responsible corporate citizen, Brascan strongly supports various
civic and non-profit organizations and community activities in the
Katahdin Region including an annual $25,000 contribution to the
Millinocket Area Growth and Investment Council and a $50,000
corporate gift to the United Way of Eastern Maine earmarked to
benefit the people of the region. Both financial commitments are
shared and supported by active, local leadership provided by Great
Lakes Hydro America. Great Lakes Hydro America also supports the
Annual Wooden Canoe Festival in Millinocket, the Bangor YMCA, and a
children's reading program sponsored by the Millinocket Memorial
Library, among other charitable initiatives. During the summer of
2002, Brascan made a major investment in Maine's outdoor heritage,
granting the state of Maine a renewable conservation easement on
2,365 acres of land and 80 miles of shorefront on four lakes and
ponds in Piscataquis County in northern Maine. Other examples of
Brascan's environmental commitment in Maine include monitoring and
maintaining a 2,300-acre wildlife management area, stocking brook
trout for anglers, deploying floating nest platforms for loons,
monitoring and maintaining a 1,600-acre wetland area, operating and
maintaining an artificially-created spawning and nursery habitat
area for salmon and brook trout, and operating and monitoring
upstream and downstream fishways for Atlantic salmon. Brascan's
long-term commitment to sustainable hydroelectric power is evident
in Maine. Brascan intends to invest US $92 million in hydro
facility upgrades over the next 20 years, recognizing hydropower as
a diverse, clean, renewable energy. "To be chosen as Foreign
Investor of the Year by the Maine International Trade Center-an
organization that demonstrates the leadership it takes to create
positive, sustainable economic growth and development-is among the
highest honors we have received," said Legault. (x) (x) (x) (x) (x)
(x) (x) (x) (x) (x) (x) (x) Maine International Trade Center is a
dues-based membership organization, with offices in Portland,
Lewiston and Bangor, providing international trade development
assistance to Maine businesses through individual counseling, an
ongoing educational seminar series, and coordinated trade missions.
For more information, visit their website at http://www.mitc.com/ .
Brascan Corporation is an asset management company. With a focus on
real estate and power generation, the company has direct
investments of $17 billion and a further $7 billion of assets under
management. These include 55 premier office properties and upon
completion of the recently announced acquisition of a portfolio of
New York assets, a total of 120 power generating plants. The
company is listed on the New York and Toronto stock exchanges under
the symbol BNN and BNN.a, respectively. DATASOURCE: BRASCAN
CORPORATION CONTACT: Richard Legault, President and Chief Operating
Officer, Brascan Power Corporation, (819) 561-8677, ; please visit
our web site at http://www.brascancorp.com/
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