TORONTO, July 4, 2018 /CNW/ - Canaccord Genuity
Acquisition Corp. ("CGAC") is pleased to announce that Spark Power
Corp. ("Spark Power"), a leading independent electrical power
services and solutions company, has acquired Bullfrog Power
("Bullfrog"). On June 11, 2018, CGAC
announced its proposed merger (the "Merger") with Spark Power. The
Merger will constitute CGAC's qualifying acquisition.
Bullfrog, based in Toronto,
Ontario, is Canada's
leading green energy provider, offering renewable energy solutions
that enable individuals and businesses to reduce their
environmental impact, support the development of green energy
projects in Canada and help create
a cleaner, healthier world. Since inception, Bullfrog has put more
than three million MWh of green electricity on the grid, injected
more than six million GJ of green natural gas on the pipeline and
put more than 700,000 litres of green fuel onto the Canadian fuel
system. Bullfrog has supported more than 140 community-based green
energy projects across Canada and
has displaced more than one million tonnes of carbon dioxide from
the environment.
"The race to develop both grid connected and 'behind-the-meter'
distributed energy resources is gaining momentum," said
Andrew Clark, co-CEO, Spark Power.
"The addition of Bullfrog to the Spark Power Group of Companies
gives us an integrated capability and depth of expertise to deliver
affordable and sustainable power solutions to the largest power
users and utilities markets in North
America."
"By combining with Spark Power, we are able to expand and evolve
our solutions offerings to now empower Canadians to conserve,
generate or store energy at home or with their business – while
helping to build a healthier energy system for future generations,"
said Ron Seftel, CEO, Bullfrog
Power. "In addition to providing green electricity, green natural
gas and green fuel – we will offer innovative solutions that
leverage emerging markets and technologies. Consumers want it; the
environment needs it; economic forces are driving it – we are
pleased to be joining the Spark Power Group of Companies to
continue to meet the needs of Canadians."
Spark Power, its subsidiaries, and Bullfrog will continue to
operate under their respective brand names and Bullfrog's
management team will remain as key members of the Spark Power
team.
About Canaccord Genuity Acquisition Corp.
CGAC is a special purpose acquisition corporation incorporated
under the laws of the Province of Ontario for the purpose of effecting an
acquisition of one or more businesses or assets, by way of a
merger, amalgamation, arrangement, share exchange, asset
acquisition, share purchase, reorganization, or any other similar
business combination involving CGAC.
About Spark Power Corp.
Spark Power is a leading independent electrical power services
and solutions company serving more than 4,500 industrial,
commercial, institutional, renewable and agricultural customers, as
well as utility markets including municipalities, universities,
schools and hospitals across North
America. For more information, visit us at
www.sparkpower.ca.
About Bullfrog Power
Bullfrog Power, Canada's
leading green energy provider, offers renewable energy solutions
that enable individuals and businesses to reduce their
environmental impact, support the development of green energy
projects in Canada and help create
a cleaner, healthier world. As a Certified B Corporation, Bullfrog
Power meets higher standards of social and environmental
performance, transparency, and accountability. Thousands of
individuals and businesses in Canada are doing their part to address climate
change and air pollution by choosing green energy with Bullfrog
Power. For more information, visit www.bullfrogpower.com.
Caution Regarding Forward-Looking Statements
Certain statements in this news release are prospective in
nature that constitute forward-looking information and/or
forward-looking statements within the meaning of applicable
securities laws (collectively, "forward-looking
statements"). Forward-looking statements include, but are not
limited to, statements concerning the completion and proposed terms
of, and matters relating to, the Merger and the expected impact of
the acquisition of Bullfrog on the business of Spark Power, as well
as other statements with respect to management's beliefs, plans,
estimates and intentions, and similar statements concerning
anticipated future events, results, outlook, circumstances,
performance or expectations that are not historical facts.
Forward-looking statements generally, but not always, can be
identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "could", "would", "will", "expect",
"intend", "estimate", "forecasts", "project", "seek", "anticipate",
"believes", "should", "plans" or "continue", or similar expressions
suggesting future outcomes or events and the negative of any of
these terms.
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information currently
available to management. With respect to the forward-looking
statements included in this news release, CGAC has made certain
assumptions with respect to, among other things, that the
acquisition of Bullfrog will have a positive effect on the business
of Spark Power, as well as assumptions concerning general economic
and market growth rates, and interest rates and competitive
intensity.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve known and unknown risks and uncertainties and
other factors that could cause actual results to differ materially
from those contemplated by such statements. Factors that could
cause such differences include, but are not limited to: the
potential benefits of the acquisition of Bullfrog not being
realized; risks related to the achievement of Spark Power's
business objectives; Spark Power not maintaining growth in the
future; and unfavourable economic conditions adversely affecting
Spark Power's operations. For a further description of these and
other factors that could cause actual results to differ materially
from the forward-looking statements included in this news release,
see the risk factors discussed under the heading "Risk Factors" in
CGAC's long form non-offering prospectus dated June 18, 2018 and as described from time to time
in the reports and disclosure documents filed by CGAC with the
Canadian securities regulatory agencies and commissions. These and
other factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements in this news
release. As a result of the foregoing and other factors, there can
be no assurance that actual results will be consistent with these
forward-looking statements.
All forward-looking statements included in and incorporated into
this news release are qualified by these cautionary statements.
Unless otherwise indicated, the forward-looking statements
contained herein are made as of the date of this news release, and
except as required by applicable law, CGAC does not undertakes any
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Canaccord Genuity Acquisition Corp.