SOURCE: Central Vermont Public Service Corporation

Central Vermont Public Service Corporation

July 12, 2011 07:23 ET

Central Vermont Public Service to Hold Teleconference for Investment Community to Discuss Acquisition Announcement

RUTLAND, VT--(Marketwire - Jul 12, 2011) - Central Vermont Public Service (NYSE: CV) will hold a teleconference this morning at 10:00 a.m. ET to discuss the announcement on July 12, 2011 that it has entered into a definitive agreement with Gaz Metro LP for the purchase by Gaz Metro of all of the outstanding common shares of CVPS for an aggregate purchase price of approximately $702 million (U.S.), including the assumption of approximately $230 million (U.S.) of debt. The all-cash transaction will provide CVPS shareholders $35.25 per share, a 45 percent premium over the CVPS common share closing price of $24.32 on Friday, May 27.

Interested parties may listen to the conference call live on the Internet by selecting the "CVPS Investor Update" link on the investor relations section of the company's website at www.cvps.com. The dial-in number is: (Toll Free) 877-407-9205 or (International) 201-689-8054. An audio archive of the call will be available at approximately 2:00 p.m. EDT at the same location or by dialing (Toll Free) 877-660-6853 or (International) 201-612-7415 and entering Account #: 286 and Conference ID #: 375735.

CVPS is Vermont's largest electric utility, serving approximately 159,000 customers statewide. CVPS's non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.

Forward-Looking Statements
Statements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995. Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Actual results will depend upon, among other things, the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets and our ability to maintain our current credit ratings. These and other risk factors are detailed in CV's Securities and Exchange Commission filings. CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release.

Contact Information

  • Investor Relations Contact:
    Pamela Keefe
    (802) 747-5435


    Media Contact:
    Steve Costello
    (802) 747-5427
    (802) 742-3062 (beeper)