Maine & Maritimes Corp. (AMEX:MAM)
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HALIFAX and PRESQUE ISLE, ME, Dec. 16 /CNW/ --
HALIFAX and PRESQUE ISLE, ME, Dec. 16 /CNW/ - Emera Inc. (EMA:TSX) and
Maine & Maritimes Corporation (NYSE Amex: MAM) announced today that the
Federal Energy Regulatory Commission has approved the acquisition of
Maine & Maritimes Corporation (MAM) by BHE Holdings Inc., a subsidiary
of Emera Inc. and the parent company of Bangor Hydro Electric Company.
This is the last approval needed to complete the transaction. The
transaction was previously approved by MAM shareholders in July, 2010
and by the Maine Public Utilities Commission in September, 2010. The
parties expect to close the transaction on or about December 21, 2010
Cautionary Statement Regarding Forward-Looking Information:
Except for historical information, all other information provided in
this news release consists of "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Although Maine & Maritimes Corporation believes that such statements
are based on reasonable assumptions, any such statements involve
uncertainties and risks that may cause actual results to differ
materially from those projected, anticipated, or implied. MAM cautions
that there are certain factors that can cause actual results to differ
materially from forward-looking information that has been provided,
including, without limitation, the proposed transaction failing to
close due to a condition to closing not having been met or otherwise
potential changes in applicable laws and regulations, potential changes
in Management, its ability to raise necessary operating and growth
capital, increased interest costs, its ability to execute its business
plans in a timely and efficient manner, the loss of customers and other
factors that are more detailed in MAM's filings with the Securities and
Exchange Commission.
This press release contains forward-looking information and
forward-looking statements which reflect the current view of Emera with
respect to the Company's objectives, plans, financial and operating
performance, business prospects and opportunities. Wherever used, the
words "may", "will", "anticipate", "intend", "expect", "estimate",
"plan", "contemplate" and similar expressions identify forward-looking
statements and forward-looking information. Forward-looking statements
and forward-looking information should not be read as guarantees of
future events, performance or results, and will not necessarily be
accurate indications of whether, or the times at which, such events,
performance or results will be achieved. Emera disclaims any intention
or obligation to update or revise any forward-looking information or
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
About Maine & Maritimes Corporation:
Maine & Maritimes Corporation (NYSE Amex: MAM) is the parent company of
Maine Public Service Company, a regulated electric transmission and
distribution utility serving approximately 36,000 electricity customer
accounts in Northern Maine. MAM is also the parent company of MAM
Utility Services Group, an unregulated corporation that provides
electrical services, including transmission line and substation design
and construction. Corporate headquarters are located in Presque Isle,
Maine, and the corporate website is www.maineandmaritimes.com.
About Emera:
About Emera Emera Inc. (EMA and EMA.PR.A -TSX) is an energy and services
company with $5.8 billion Canadian dollars in assets. Electricity is
Emera's core business. Approximately 94% of Emera's revenues are earned
by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE)
and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated
electric utilities which together serve 603,000 customers. The
Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera
also owns 19% of St. Lucia Electricity Services Limited, which serves
more than 50,000 customers on the Caribbean island of St. Lucia, 25% of
Grand Bahama Power Company which serves 19,000 customers on the
Caribbean island of Grand Bahama and 38% of Light & Power Holdings,
which serves 120,000 customers on the Caribbean island of Barbados
through its regulated electric utility, The Barbados Light and Power
Company. In addition to its electric utility investments, Emera owns
Bayside Power, a 260 MW gas-fired power plant in Saint John, New
Brunswick; Emera Energy Services, a physical natural gas and power
marketing and asset management business; a joint venture interest in
Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in
northern Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline; and an 8.2% interest in Open Hydro.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/December2010/16/c5917.html
table valign="top" border="0"trtdEmera - Investor Relations:br/ Jennifer Nicholson, CAbr/ Senior Director, Stakeholder Relationsbr/ (902) 428-6347/td/tr trtd /td/tr trtdEmera - Media Relations:br/ Sasha Irvingbr/ Director, Corporation Communicationsbr/ (902) 428-6685/td/tr trtd /td/tr trtdMAMbr/ Virginia R. Jolesbr/ Director of Communications and Economic Developmentbr/ Tel: 207.760.2418br/ a href="http://www.maineandmaritimes.com/" target="_blank"www.mai/aa href="http://www.maineandmaritimes.com/" target="_blank"neandmaritimes.com/a/td/tr trtd /td/tr trtdMAM-G = General release/td/tr trtdSOURCE: Emera Inc./td/tr trtdSOURCE: Maine & Maritimes Corporation/td/tr trtda href="http://www.maineandmaritimes.com/"http://www.maineandmaritimes.com/a/td/tr/table