CUC announces fuel supply contracts
August 29 2012 - 6:10PM
PR Newswire (Canada)
Caribbean Utilities Company, Ltd. is listed for trading in United
States dollars on the Toronto Stock Exchange. GRAND CAYMAN, Cayman
Islands, Aug. 29, 2012 /CNW/ - Caribbean Utilities Company, Ltd.
("CUC" or "the Company") announced today that it has entered a
five-year primary diesel fuel supply contract with Rubis Cayman
Islands Limited ("Rubis") and a five-year secondary supply contract
with ESSO Cayman Ltd ("Esso") following completion of a competitive
tender process. Rubis, as CUC's primary supplier, shall provide
approximately 60% of the fuel required to operate the Company's
North Sound Plant. The award of the contracts following the
competitive tender process was approved by the Electricity
Regulatory Authority. CUC provides electricity to Grand Cayman,
Cayman Islands, under an Electricity Generation Licence expiring in
2029 and an exclusive Electricity Transmission and Distribution
Licence expiring in 2028. Further information is available at
www.cuc-cayman.com. Caribbean Utilities Company, Ltd. ("CUC" or
"the Company"), on occasion, includes forward-looking statements in
its media releases, Canadian securities regulatory authorities
filings, shareholder reports and other communications. Forward
looking statements include statements that are predictive in
nature, depend upon future events or conditions, or include words
such as "expects", "anticipates", "plan", "believes", "estimates",
"intends", "targets", "projects", "forecasts", "schedule", or
negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and
are subject to inherent risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Some of the important risks and
uncertainties that could affect forward looking statements are
described in the MD&A in the section labeled "Business Risks"
and include but are not limited to operational, general economic,
market and business conditions, regulatory developments and
weather. CUC cautions readers that actual results may vary
significantly from those expected should certain risks or
uncertainties materialize, or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the purpose
of providing information about management's current expectations
and plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise except as required by law. Caribbean
Utilities Company, Ltd. CONTACT: Contact: David WatlerVice
President - ProductionPhone: (345) 914-1242E-Mail: dwalter@cuc.ky
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