Federal Energy Regulatory Commission Approves Maine & Maritimes Corporation Acquisition by Emera
December 16 2010 - 11:49AM
PR Newswire (Canada)
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
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