Impax Energy Services Income Trust
TSX VENTURE : MPX.UN

Impax Energy Services Income Trust

January 27, 2010 18:57 ET

Impax Energy Services Income Trust Announces Additional Court Order

CALGARY, ALBERTA--(Marketwire - Jan. 27, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Impax Energy Services Income Trust (TSX VENTURE:MPX.UN) (the "Trust") announces that Impax Energy Services Master Limited Partnership and Impax Energy Services Ltd. (collectively, "Impax") and its related entities have obtained an Order from the Alberta Court of Queen's Bench (the "Alberta Court") approving the previously announced resignations of all the trustees, directors, and officers, of the Trust, other than the Chief Financial Officer, who has agreed to temporarily remain as Chief Financial Officer to facilitate completion of certain outstanding sale and other miscellaneous matters. The resignations were effective January 26, 2010. The Court's Order also provides for an expansion of the court-appointed Monitor's responsibilities to facilitate completion of certain outstanding sale and other miscellaneous matters with assistance from the Chief Financial Officer of the Trust. In addition, Impax obtained an extension of creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA") until March 26, 2010. Further, the Alberta Court issued an order with respect to an interim distribution to the secured creditors of the Trust, as well as to fund corporate and professional fees.

The Trust has no remaining operating business units or material assets, and the benefit from realization of the Trust's remaining non-material assets is expected to go to the secured creditors who are still owed substantial sums. As the Trust does not have the minimum number of directors required by Exchange Policy, the trading halt imposed on the units of the Trust will be changed to a suspension, for failure to maintain Exchange Requirements. 

This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve known and unknown risks and uncertainties. Although the Trust has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's March 30, 2009 Annual Information Form filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. 

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Impax Energy Services Ltd.
    Karim Hirji
    Chief Financial Officer
    (403) 233-8110
    www.impaxenergy.com