HALIFAX and
PRESQUE ISLE, ME, Dec. 16 /PRNewswire-FirstCall/ - 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.
SOURCE EMERA INC.
Copyright . 16 PR Newswire