SOURCE: Maine & Maritimes Corporation

Maine & Maritimes Corporation

Maine & Maritimes Corporation

December 16, 2010 12:49 ET

Federal Energy Regulatory Commission Approves Maine & Maritimes Corporation Acquisition by Emera

HALIFAX, NS and PRESQUE ISLE, ME--(Marketwire - December 16, 2010) - Emera Inc. (TSX: EMA) and Maine & Maritimes Corporation (NYSE Amex: MAM) announced today that the Federal Energy Regulatory Commission has approved the acquisition of Maine & Maritimes Corporation (MAM) by BHE Holdings Inc., a subsidiary of Emera Inc. and the parent company of Bangor Hydro Electric Company. This is the last approval needed to complete the transaction. The transaction was previously approved by MAM shareholders in July, 2010 and by the Maine Public Utilities Commission in September, 2010. The parties expect to close the transaction on or about December 21, 2010.

Cautionary Statement Regarding Forward-Looking Information:
Except for historical information, all other information provided in this news release consists of "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Maine & Maritimes Corporation believes that such statements are based on reasonable assumptions, any such statements involve uncertainties and risks that may cause actual results to differ materially from those projected, anticipated, or implied. MAM cautions that there are certain factors that can cause actual results to differ materially from forward-looking information that has been provided, including, without limitation, the proposed transaction failing to close due to a condition to closing not having been met or otherwise potential changes in applicable laws and regulations, potential changes in Management, its ability to raise necessary operating and growth capital, increased interest costs, its ability to execute its business plans in a timely and efficient manner, the loss of customers and other factors that are more detailed in MAM's filings with the Securities and Exchange Commission.

This press release contains forward-looking information and forward-looking statements which reflect the current view of Emera with respect to the Company's objectives, plans, financial and operating performance, business prospects and opportunities. Wherever used, the words "may," "will," "anticipate," "intend," "expect," "estimate," "plan," "contemplate" and similar expressions identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. Emera disclaims any intention or obligation to update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

About Maine & Maritimes Corporation:
Maine & Maritimes Corporation (NYSE Amex: MAM) is the parent company of Maine Public Service Company, a regulated electric transmission and distribution utility serving approximately 36,000 electricity customer accounts in Northern Maine. MAM is also the parent company of MAM Utility Services Group, an unregulated corporation that provides electrical services, including transmission line and substation design and construction. Corporate headquarters are located in Presque Isle, Maine, and the corporate website is www.maineandmaritimes.com.

About Emera:
About Emera Emera Inc. (TSX: EMA) (TSX: EMA.PR.A) is an energy and services company with $5.8 billion Canadian dollars in assets. Electricity is Emera's core business. Approximately 94% of Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia, 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama and 38% of Light & Power Holdings, which serves 120,000 customers on the Caribbean island of Barbados through its regulated electric utility, The Barbados Light and Power Company. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro.

MAM-G = General release

Contact Information

  • For More Information Contact:

    Emera - Investor Relations:
    Jennifer Nicholson, CA
    Senior Director, Stakeholder Relations
    (902) 428-6347

    Emera - Media Relations:
    Sasha Irving
    Director, Corporation Communications
    (902) 428-6685

    MAM
    Virginia R. Joles
    Director of Communications and Economic Development
    Tel: 207.760.2418
    www.maineandmaritimes.com