NOVI, Mich., Nov. 30, 2015 /PRNewswire/ -- ITC Holdings
Corp. (NYSE: ITC), in response to recent media reports, announced
today that the Company's Board of Directors has commenced a review
of the Company's strategic alternatives. This review may
result in the Company's possible sale or pursuit of other
initiatives to maximize value for shareholders.
"Our Board of Directors is focused on creating value for our
shareholders and so we are conducting a review of strategic
alternatives to ensure that we are doing that," said Joseph L. Welch, chairman, president and CEO of
ITC. "While the Board conducts this review, we will remain
focused on operational excellence across our entire company and on
executing our business plan."
The Board of Directors has not made a decision to enter into any
transaction at this time, and there are no assurances that the
consideration of strategic alternatives will result in any
transaction. The Company does not expect to make further public
comment regarding these matters unless and until the Board makes a
decision with respect to a specific action or otherwise concludes
its review.
About ITC Holdings Corp.
ITC Holdings Corp.
(NYSE: ITC) is the nation's largest independent electric
transmission company. Based in Novi,
Michigan, ITC invests in the electric transmission grid to
improve reliability, expand access to markets, lower the overall
cost of delivered energy and allow new generating resources to
interconnect to its transmission systems. Through its regulated
operating subsidiaries ITCTransmission, Michigan Electric
Transmission Company, ITC Midwest and ITC Great Plains, ITC owns
and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load
exceeding 26,000 megawatts along approximately 15,600 circuit miles
of transmission line. ITC's grid development focus includes growth
through regulated infrastructure investment as well as domestic and
international expansion through merchant and other commercial
development opportunities. For more information, please visit ITC's
website at www.itc-holdings.com (ITC-itc-F).
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electricity
transmission industry based upon information currently available.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Wherever
possible, we have identified these forward-looking statements by
words such as "will," "may," "anticipates," "believes," "intends,"
"estimates," "expects," "projects" and similar phrases. These
forward-looking statements are based upon assumptions our
management believes are reasonable. Such forward looking statements
are subject to risks and uncertainties which could cause our actual
results, performance and achievements to differ materially from
those expressed in, or implied by, these statements, including,
among others, the risks and uncertainties disclosed in our annual
reports on Form 10-K, quarterly reports on Form 10-Q and other
filings made with the Securities and Exchange Commission.
Because our forward-looking statements are based on estimates
and assumptions that are subject to significant business, economic
and competitive uncertainties, many of which are beyond our control
or are subject to change, actual results could be materially
different and any or all of our forward-looking statements may turn
out to be wrong. Forward-looking statements speak only as of the
date made and can be affected by assumptions we might make or by
known or unknown risks and uncertainties. Many factors mentioned in
our discussion in this release and in our annual and quarterly
reports will be important in determining future results.
Consequently, we cannot assure you that our expectations or
forecasts expressed in such forward-looking statements will be
achieved. Except as required by law, we undertake no obligation to
publicly update any of our forward-looking or other statements,
whether as a result of new information, future events, or
otherwise.
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SOURCE ITC Holdings Corp.