MXG Maxim Power Corp

Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") is confirming that
its guidance for 2011 remains unchanged from the guidance provided in MAXIM's
Management Discussion and Analysis dated March 25, 2011, as shown in the
following table:




----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                            For the year ending December 31,
(000's, except per share amounts)                                      2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted EBITDA  (1)                               $                 37,972
Funds from operations  (1)                         $                 34,853
Funds from operations per share - basic                                     
 and diluted  (1) (2)                              $                   0.65
Net income (loss)                                  $                  6,436
Net income per share - basic and                                            
 diluted   (2)                                     $                   0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) The following measures are not measures under Canadian Generally 
    Accepted Accounting Principles ("GAAP") and may not be comparable to 
    similar measures presented by other companies. Refer to MAXIM's MD&A 
    dated March 25, 2011 for a reconciliation of these non-GAAP measures.   
    - Adjusted EBITDA is a measure of earnings before interest, taxes, 
      depreciation and amortization, and certain other expenses    
    - Funds from operations is a measure of cash flow from operations before
      working capital requirements                                     
(2) Per share amounts are calculated using average weighted shares 
    outstanding. Refer to MAXIM's MD&A dated March 25, 2011 for assumptions 
    related to shares outstanding                                    


MAXIM anticipates that Adjusted EBITDA will be $38 million in 2011. Results to
date in Q3 and forecast for Q4 show significant improvement over Q2 2011 due to
improving Alberta wholesale electricity prices and the Corporation having
reduced the average cost of coal per megawatt hour at HR Milner for the balance
of 2011.


Milner Expansion 

On August 10, 2011, the Alberta Utilities Commission ("AUC") issued its final
decision to approve MAXIM's application to construct and operate the 500
megawatt ("MW") Milner Expansion Project ("M2").  


M2 has been under development by MAXIM since May 2005. A lengthy public
consultation and regulatory approval process has culminated in the project's
approval by the AUC. M2 will utilize supercritical, pulverized coal technology,
making it one of the cleanest and most fuel-efficient coal-fired power plants in
Canada that can meet Alberta's growing electric energy needs and allow for the
orderly retirement of a less efficient, less reliable and aging conventional
coal-fired fleet.  


The M2 design incorporates emission control equipment capable of achieving 60 to
80 percent reductions in sulphur dioxide, nitrogen oxides and mercury compared
to the conventional coal-fired power plants still operating in Alberta. The
highly efficient M2 design will also reduce carbon dioxide emissions by 20%
compared to these plants. M2 is a reliable and low-cost generation supply
solution for Albertans that is entirely consistent with federal and provincial
goals for emissions reductions. 


Expansion of Credit Facility 

MAXIM has expanded its credit facility with the Bank of Montreal ("BMO"). The
BMO credit facility has been amended by the addition of Facility E, which is a
$14 million revolving credit facility. Facility E may be used for the
construction of MAXIM's Mine 14 Project and is available to MAXIM until December
31, 2011.


About MAXIM 

Based in Calgary, Alberta, MAXIM is an independent power producer, which
acquires or develops, owns and operates innovative and environmentally
responsible power projects. MAXIM currently owns and operates 44 power plants in
western Canada, the United States and France, having 809 MW of electric and 117
MW of thermal net generating capacity. 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.

Maxim Power (TSX:MXG)
Historical Stock Chart
From Jun 2024 to Jul 2024

Maxim Power (TSX:MXG)
Historical Stock Chart
From Jul 2023 to Jul 2024