Mirant Announces Investor Communications Plan
June 16 2006 - 9:25AM
PR Newswire (US)
ATLANTA, June 16 /PRNewswire-FirstCall/ -- Mirant Corporation
(NYSE:MIR) today announced a continuation of communications with
shareholders including one-on-one meetings to be held in New York
and Boston late next week. Mirant Chairman and Chief Executive
Officer Edward R. Muller said, "The discussions we have had with
shareholders over the past several weeks have been beneficial and
played a role in the decision to withdraw our NRG acquisition
proposal. The NRG proposal was unique in its value creation for
shareholders; however, our analysis of other company acquisitions
shows that they would not create value and, as a result, are not
being considered. "We reiterate that progress continues in the
efforts to recapitalize our business in the Philippines. We expect
to close the transaction in July. "We always value communication
with our shareholders and look forward to a productive dialogue in
the coming weeks and months regarding the creation of shareholder
value." The meetings will be held in New York on Wednesday, June
21st and Thursday, June 22nd and in Boston on Friday, June 23rd and
will include as many large shareholders as possible. Mirant is a
competitive energy company that produces and sells electricity in
the United States, the Caribbean, and the Philippines. Mirant owns
or leases approximately 17,300 megawatts of electric generating
capacity globally. The company operates an asset management and
energy marketing organization from its headquarters in Atlanta. For
more information, please visit http://www.mirant.com/ . Some of the
statements included herein involve forward-looking information.
Mirant cautions that these statements involve known and unknown
risks and that there can be no assurance that such results will
occur. There are various important factors that could cause actual
results to differ materially from those indicated in the
forward-looking statements, such as, but not limited to,
legislative and regulatory initiatives regarding deregulation,
regulation or restructuring of the electric utility industry;
changes in state, federal and other regulations (including rate
regulations); changes in, or changes in the application of,
environmental and other laws and regulations to which Mirant and
its subsidiaries and affiliates are or could become subject; the
failure of Mirant's assets to perform as expected; Mirant's pursuit
of potential business strategies, including the acquisition of
additional assets or the disposition or alternative utilization of
existing assets; changes in market conditions, including
developments in energy and commodity supply, demand, volume and
pricing or the extent and timing of the entry of additional
competition in the markets of Mirant's subsidiaries and affiliates;
increased margin requirements, market volatility or other market
conditions that could increase Mirant's obligations to post
collateral beyond amounts which are expected; Mirant's inability to
access effectively the over- the-counter and exchange-based
commodity markets or changes in commodity market liquidity or other
commodity market conditions, which may affect Mirant's ability to
engage in asset management and proprietary trading activities as
expected; Mirant's inability to enter into intermediate and
long-term contracts to sell power and procure fuel, including its
transportation, on terms and prices acceptable to Mirant; weather
and other natural phenomena, including hurricanes and earthquakes;
war, terrorist activities or the occurrence of a catastrophic loss;
environmental regulations that restrict Mirant's ability to operate
its business; deterioration in the financial condition of Mirant's
customers or counterparties and the resulting failure to pay
amounts owed to Mirant or to perform obligations or services due to
Mirant; the disposition of the pending litigation described in
Mirant's Form 10-K for the year ended December 31, 2005, and Form
10-Q for the quarter ended March 31, 2006, filed with the
Securities and Exchange Commission; political factors that affect
Mirant's international operations, such as political instability,
local security concerns, tax increases, expropriation of property,
cancellation of contract rights and environmental regulations; the
inability of Mirant's operating subsidiaries to generate sufficient
cash flow and Mirant's inability to access that cash flow to enable
Mirant to make debt service and other payments; the resolution of
claims and obligations that were not resolved during Mirant's
Chapter 11 proceedings that may have a material adverse effect on
Mirant's results of operations and other factors discussed in
Mirant's Form 10-K for the year ended December 31, 2005, and its
Form 10-Q for the quarter ended March 31, 2006. DATASOURCE: Mirant
Corporation CONTACT: Media contact, David Reno, Jonathan
Gasthalter, Brooke Morganstein of Citigate Sard Verbinnen,
+1-212-687-8080; or Investor Relations contacts, Mary Ann Arico,
+1-678-579-7553, or , or Sarah Stashak, +1-678-579-6940, or , both
of Mirant Corporation, or Stockholder inquiries, +1-678-579-7777
Web site: http://www.mirant.com/
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