MXG Maxim Power Corp

Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") is pleased to
announce the release of financial and operating results for its first quarter of
2008. The unaudited consolidated financial statements, accompanying notes and
Management's Discussion and Analysis ("MD&A") will be available on SEDAR on May
13, 2008 and on MAXIM's website. All figures reported herein are in Canadian
dollars unless otherwise stated.




FINANCIAL HIGHLIGHTS

----------------------------------------------------------------------------
                                                               Three Months
                                                             Ended March 31
($ in thousands except per share amounts)               2008           2007
----------------------------------------------------------------------------

Revenue                                            $  47,469      $  34,052
EBITDA (1)                                            15,362         10,001
Net income                                             5,956          3,322
 Per share diluted                                 $    0.13      $    0.08
Cash provided by operations                           32,031         22,013
 Per share diluted                                 $    0.72      $    0.50

Electricity Deliveries (MWh)                         295,546        247,696
Net Generation Capacity (MW) (2)                         492            482
Average Alberta Prices ($ per MWh)                 $      77      $      64

(1) EBITDA is earnings before interest, taxes, depreciation and amortization
    and is not a measure under Canadian Generally Accepted Accounting
    Principles ("GAAP") and may not be comparable to similar measures
    presented by other companies. Refer to Non-GAAP measure section of the
    MD&A for an explanation and reconciliation.
(2) Net generation capacity is manufacturer's nameplate capacity net of
    minority ownership interests of third parties.



OPERATING RESULTS

The first quarter results of 2008 was MAXIM's best first quarter ever in terms
of revenue, EBITDA, cash provided by operations and net income. The record first
quarter 2008 results compared to the first quarter of 2007 were: revenue of
$47.5 million versus $34.1 million for an increase of $13.4 million or 39.4%;
EBITDA of $15.4 million versus $10.0 million for an increase of $5.4 million or
53.6%; cash provided by operations of $32.0 million versus $22.0 for an increase
of $10.0 million or 45.5%; net income of $6.0 million versus $3.3 million for an
increase of $2.7 million or 79.3%; and electrical generation was 295,546 MWh
versus 247,696 MWh, an increase of 47,850 MWh or 19.3%.


The improved quarter over quarter performance was driven by higher average
Alberta power prices of $77 per MWh during the first quarter of 2008 versus $64
per MWh during the same period in 2007, the acquisition of eight cogeneration
plants in France during 2007 which added 45 MW of generation capacity, and
increased production at Milner. Milner commenced its 2008 turnaround on March
28, 2008 which is twenty one days later than the commencement date of March 7
for the 2007 turnaround. As a result, production from Milner during the quarter
was 224,375 MWh, which is an increase of 43,467 MWh or 24.0% compared to
production of 180,908 MWh during the first quarter of 2007.


Milner Turnaround

The Milner facility continues to undergo its scheduled major turnaround, which
began on March 28, 2008. It is expected that the cumulative expenditures
associated with the turnaround will approximate the budgeted amount of $17.3
million and the turnaround is expected to be completed within the budgeted time
frame. The turnaround is approximately eight weeks in duration and will have a
significant impact on the operating results for the second quarter. Over the
long term, the turnaround will improve reliability of the facility and extend
the life of certain key components.


ACQUISITIONS

Forked River

On April 17, 2008 the Corporation announced it had closed the purchase of the 86
MW Forked River Power Station in Ocean County, New Jersey for cash consideration
of US$20.0 million. This asset acquisition was financed with cash on hand and
included a ten year tolling agreement with an affiliate of the vendor for the
entire capacity of the plant. In addition to the 12 acres of land to which the
power plant is situated, the acquisition also included an additional 31 acre
parcel of vacant land which, given the existing infrastructure, could support
future development of additional generating capacity.


Pittsfield

MAXIM announced on April 15, 2008 that it had agreed to acquire the Pittsfield
Generating Company and its 170 MW electric power plant in Pittsfield,
Massachusetts, for US$52.9 million. This facility is contracted under a
Reliability Must Run Agreement with ISO New England ("ISO-NE") until June 1,
2010. Under this agreement, the plant is available to provide power to the
regional power grid when requested by ISO-NE. Following expiration of the
Reliability Must Run Agreement, the facility will be eligible for Forward
Capacity Market Payments from the ISO-NE, as well as the sale of energy into the
day-ahead and real-time energy markets of ISO-NE. Once this acquisition closes,
MAXIM's generating portfolio in the North Eastern region of United States will
include 4 power plants having a total of 383 MW of electric generating capacity,
all of which will be entitled to capacity payments.


Somal

On April 1, 2008, Comax France S.A.S., MAXIM's wholly-owned subsidiary, closed
the purchase of the Somal facility in France for $3.4 million (2.2 million
Euro). This acquisition was financed substantially through the assumption of an
existing capital lease. This acquisition adds 7 MW of electricity and thermal
generating capacity, bringing MAXIM's generating portfolio of assets in France
to 21 power plants having a total of 129 MW electric and 121 MW thermal
installed generating capacity.


DEVELOPMENT INITIATIVES

MAXIM continues to explore and invest in various acquisition and development
projects in Western Canada, the United States and France. MAXIM is currently
waiting for approval of regulatory applications to construct and operate the
Deerland peaking station and to develop three Milner coal leases. MAXIM also
continues to proceed with preliminary engineering and environmental studies to
support preparation of regulatory applications relating to the Milner expansion
project.


CONFERENCE CALL AND WEBCAST FOR Q1 2008 RESULTS

MAXIM will host a conference call for analysts and investors on May 15, 2008 at
9:00 am MT (11:00 am ET). The call will be hosted by John Bobenic, MAXIM's
President and Chief Executive Officer and Mike Mayder, Vice President, Finance
and Chief Financial Officer.


To participate in this conference call, please dial (800) 733-7571 or (416)
646-3095 in the Toronto area. It is recommended that participants call at least
ten minutes prior to start time.


A recording of the conference call will be available from 11:00 am MT (1:00 pm
ET) on May 15, 2008 until May 22, 2008 at 9:59 pm MT (11:59 pm ET). To access
this replay, please dial (877) 289-8525 or (416) 640-1917 followed by the
passcode 21272104#. In addition, the webcast will be available commencing May
16, 2008 in the Investor Relations section of MAXIM's web site at
www.maximpowercorp.com.


About MAXIM

Based in Calgary, Alberta, MAXIM is an Independent Power Producer, which
acquires or develops, owns and operates innovative and environmentally
responsible power plants. MAXIM now owns and operates 34 power plants in Western
Canada, United States and France, having 585 MW of electric and 132 MW of
thermal generating capacity. Upon closing the acquisition of the Pittsfield
Power Plant, MAXIM will own 35 power plants having 755 MW of electric and 132 MW
of thermal generating capacity. MAXIM will continue to execute on its strategy
as an Independent Power Producer and is targeting significant growth through
acquisitions and development of power projects which utilize hydrocarbon based
fuels and renewables in the markets of Western Canada, United States and France.
MAXIM trades on the TSX under the symbol "MXG". For more information about
MAXIM, visit our website at www.maximpowercorp.com.


Statements in this release which describe MAXIM's intentions, expectations or
predictions, or which relate to matters that are not historical facts are
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances
or achievements of MAXIM to be materially different from any future results,
performances or achievements expressed in or implied by such forward-looking
statements. MAXIM may update or revise any forward-looking statements, whether
as a result of new information, future events or changing market and business
conditions and will update such forward looking statements as required pursuant
to applicable securities laws.

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