Corix

Corix

August 10, 2009 06:00 ET

Corix Acquires Fairbanks Sewer & Water Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) - Corix announced today it has acquired the remaining 50% interest in Fairbanks Sewer & Water Inc. (FSW) located in Fairbanks, Alaska.

This acquisition includes two utilities that FSW owns in full, Golden Heart Utilities, Inc. (GHU) and College Utilities Corporation (CUC) and one utility in which FSW holds a 50% interest, Doyon Utilities, LLC. These utilities provide sewer, water, heat, electrical and gas service in Alaska. Corix had previously purchased a 50% interest in FSW in 2004.

"This acquisition allows us to fulfill a key part of our corporate strategy," said Brett Hodson, President and CEO, Corix. "As part of our plan to increase diversification in our business mix, FSW is a proven investment and as a regulated utility offers a stable source of income. They have a strong team and a solid foundation from which to grow and leverage existing competencies."

"This is an exciting milestone for us as it increases the financial capability of FSW to fund growth in GHU, CUC and Doyon Utilities, LLC," said Dan Gavora, President of FSW. "The financial commitment made to acquire 100% of FSW will help build on Corix's existing presence and commitment to Alaskan communities such as Fairbanks where Corix has been a part of the community since 2001."

FSW is the parent company of six subsidiaries, and holds a 50% ownership interest in Doyon Utilities LLC. The other 50% interest of Doyon Utilities LLC is owned by Doyon Properties, an Alaska Native Regional Corporation and the largest private land owner in the State of Alaska.

The Corix Group of Companies - based in Vancouver, B.C. - specializes in providing sustainable infrastructure solutions in the water, wastewater and energy sectors. It has over 1400 employees in 50 locations across North America. Corix is a private company whose primary owners are the BC Investment Management Corporation and CAI Capital Management Inc., two large and stable members of the Canadian investment community who specialize in public pension funds.

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