Maxim Power Corp.

Maxim Power Corp.

March 02, 2010 19:27 ET

Maxim Power Corp. Has Amalgamated With EarthFirst Canada Inc.

CALGARY, ALBERTA--(Marketwire - March 2, 2010) - Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced that it has concluded its amalgamation with EarthFirst Canada Inc. ("EarthFirst") through a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Closing of the Arrangement had been subject to certain conditions including completion of the previously announced sale by EarthFirst of its Dokie I project, a vote by MAXIM shareholders in favour of the Arrangement, approval of the Arrangement Agreement by the Court of Queen's Bench of Alberta pursuant to EarthFirst's ongoing CCAA proceedings, and customary court and regulatory approvals (including those of the Toronto Stock Exchange). All such conditions have been satisfied and MAXIM has invested $5.9 million plus closing costs to consummate the Arrangement.

The amalgamation with EarthFirst provides MAXIM with a strategic Alberta power project development opportunity. The Buffalo Atlee Power Project ("Buffalo Atlee"), situated near Brooks, Alberta, has the potential for over 200 megawatts of wind generation capacity. Wind data has been collected on the site for four years and Buffalo Atlee holds an exploratory Crown land permit with a term of four years, expiring on January 1, 2011. The addition of wind generation to MAXIM's existing portfolio of assets would diversify MAXIM's generation fuel types and provide the potential to offset the impact of possible carbon legislation. MAXIM intends to invest further in the development of this site and explore other wind generation opportunities. At closing, EarthFirst had no material liabilities and $117.4 million in Canadian tax pools related to the power business.


Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 44 power plants in western Canada, United States and France, having 809 MW of electric and 117 MW of thermal net generating capacity. Approximately 80% of MAXIM's current portfolio is comprised of clean burning natural gas, high efficiency cogeneration, waste heat and landfill gas fuelled generation. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward looking statements as required pursuant to applicable securities laws.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 263-3021
    Maxim Power Corp.
    Michael R. Mayder
    Vice President, Finance and CFO
    (403) 263-3021