SOURCE: Maine & Maritimes Corporation

January 27, 2006 16:30 ET

The Maricor Group and Steven Winter Associates Mutually Agree to Terminate Proposed Acquisition

PRESQUE ISLE, ME and NORWALK, CT -- (MARKET WIRE) -- January 27, 2006 --The Maricor Group ("TMG"), a subsidiary of Maine & Maritimes Corporation (AMEX: MAM) and Steven Winter Associates, Inc. ("SWA") released today a joint statement ending their acquisition discussions. J. Nick Bayne, President of TMG and Steven Winter, President of SWA, stated, "After conducting our mutual due diligence review, we jointly concluded that the differences in our market focus, product offerings, and market geography would limit the operating and economic synergies that MAM and SWA desire. Accordingly, we have decided not to pursue the acquisition transaction."

Maine & Maritimes Corporation (AMEX: MAM) is the parent company of The Maricor Group and its subsidiaries, The Maricor Group New England, Inc. and The Maricor Group, Canada Ltd, all engineering, energy asset development and lifecycle asset management consulting services companies with an emphasis on Leadership in Energy and Environmental Design (LEED®). Maine & Maritimes Corporation is also the parent company of Maricor Technologies, Inc., an information technology development subsidiary providing asset lifecycle management and capital planning software tools; Maricor Properties Ltd, a Canadian real estate development and investment company, and its Canadian subsidiary Mecel Properties Ltd, which are focused on sustainable urban redevelopment and investments; and Maine Public Service Company, a regulated electric transmission and distribution utility serving portions of Northern Maine. Maine & Maritimes Corporation is headquartered in Presque Isle, Maine, with subsidiary offices in Boston, Massachusetts, Portland, Maine, Moncton and Saint John, New Brunswick, Canada; and Halifax, Nova Scotia, Canada. Maine & Maritimes Corporation's corporate website can be found at www.maineandmaritimes.com, and The Maricor Group's website can be found at www.maricorgroup.com.

Contact Information

  • Contacts:

    Maine & Maritimes Corporation / The Maricor Group

    Annette N. Arribas
    Vice President
    Investor Relations & Treasurer
    Maine & Maritimes Corporation
    (207) 760-2402
    Email Contact

    OR

    Michael Randall
    Vice President
    Marketing, Communications & Gov't Relations
    Maine & Maritimes Corporation
    (506) 852-7523
    Email Contact