Just Energy Exchange Corp.

Just Energy Exchange Corp.

December 02, 2009 12:32 ET

Just Energy Exchange Corp. Announces December Dividend

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2009) - Just Energy Exchange Corp. (the "Corporation") (TSX:JEX) filed notice with the Toronto Stock Exchange today announcing its regular dividend for December. A dividend of $0.06889/exchangeable share, series 1 (the "Exchangeable Shares") ($0.82667 annually) will be paid on December 31st, 2009 to holders of Exchangeable Shares of record at the close of business on December 15th, 2009. In accordance with the articles of the Corporation, the amount of this dividend is equal to 66 2/3% of the amount of the distribution declared on December 2, 2009 by Just Energy Income Fund ("Just Energy") on its trust units ("Trust Units") on a per unit basis. The Exchangeable Shares trade on the Toronto Stock Exchange under the symbol "JEX".

Just Energy Exchange Corp.

On July 1, 2009, Just Energy Exchange Corp., a wholly owned subsidiary of Just Energy, acquired all of the issued and outstanding common shares ("Universal Shares") of Universal Energy Group Ltd. ("Universal") pursuant to an arrangement (the "Arrangement") under section 192 of the Canada Business Corporations Act and subsequently amalgamated with Universal to form the Corporation. Under the Arrangement, Universal shareholders received 0.58 of an Exchangeable Share for each Universal Share held. Each Exchangeable Share is exchangeable for a Trust Unit of Just Energy on a one-for-one basis at any time at the option of the holder.

Just Energy's business involves the sale of natural gas and/or electricity to residential and commercial customers under long-term fixed-price and price-protected contracts through its subsidiaries. By fixing the price of natural gas or electricity under its fixed-price or price-protected program contracts for a period of up to five years, Just Energy's customers offset their exposure to changes in the price of these essential commodities. Just Energy, which commenced business in 1997, derives its margin or gross profit from the difference between the fixed price at which it is able to sell the commodities to its customers and the fixed price at which it purchases the associated volumes from its suppliers.

Just Energy also offers "green' products through its Green Energy Option (GEO) program. The electricity GEO product offers the customer the option of having all or a portion of his or her electricity sourced from renewable green sources such as wind, run of the river hydro or biomass. The gas GEO product offers carbon offset credits which will allow the customer to reduce or eliminate the carbon footprint for their home or business. Management believes that these products will not only add to profits, but also increase sales receptivity and improve renewal rates.

In addition, through National Home Services, Just Energy sells and rents high efficiency and tankless waterheaters and produces and sells wheat-based ethanol through its subsidiary Terra Grain Fuels.

Forward-Looking Statements

The Corporation's press releases may contain forward-looking statements including statements pertaining to dividend payments, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect the Corporation's operations, financial results or dividend levels are included in Just Energy's annual information form and other reports of Just Energy and the Corporation on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com or through Just Energy's website at www.je-un.ca.

The Toronto Stock Exchange has neither approved nor disapproved of the contents of this release.

Contact Information

  • Just Energy Exchange Corp.
    Ms. Rebecca MacDonald
    Executive Chair
    (416) 367-2872
    Just Energy Exchange Corp.
    Ken Hartwick C.A.
    President and Chief Executive Officer
    (905) 795-3557
    Just Energy Exchange Corp.
    Beth Summers C.A.
    Chief Financial Officer
    (905) 795-4206