ATCO Ltd.
TSX : ACO.PA
TSX : ACO.Y
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ATCO Ltd.

May 12, 2006 08:16 ET

ATCO Group Considering Strategic Alternatives for Midstream Assets

CALGARY, ALBERTA--(CCNMatthews - May 12, 2006) - ATCO Ltd. announced that Canadian Utilities Limited (the "Corporation") has determined to undertake an examination of strategic alternatives available for its gas gathering & processing and natural gas liquids midstream business, with the objectives of facilitating future growth opportunities and enhancing shareholder value.

The Board of Directors and management of Canadian Utilities intend to identify, examine and consider the alternatives available to Canadian Utilities for its midstream assets, which include, but are not limited to, a reorganization into a business trust or newly-created company, a sale to a third party or the continued operation under the current corporate structure. The Corporation has retained accounting, legal, financial and tax advisors to assist it in identifying and assessing alternatives. The Board of Directors of the Corporation has not made a decision on any particular alternative and there can be no assurance that the Board of Directors will determine to pursue any particular transaction.

Canadian Utilities Limited is part of the ATCO Group of companies. ATCO Group is an Alberta based, worldwide organization of companies with more than 7,000 employees actively engaged in Power Generation, Utilities and Global Enterprises. More information about ATCO Ltd. can be found on its website, www.atco.com.

Certain statements contained in this press release include statements relating to matters that are not historical facts. Such statements are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of ATCO Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • ATCO Ltd.
    K.M. (Karen) Watson
    Senior Vice President & Chief Financial Officer
    (403) 292-7502