SOURCE: Maine & Maritimes Corporation

August 03, 2005 09:00 ET

Maine & Maritimes CEO Says Rising Oil Costs Point to Immediate Need for Sustainability Measures

PRESQUE ISLE, ME -- (MARKET WIRE) -- August 3, 2005 -- J. Nick Bayne, President and CEO of Maine & Maritimes Corporation (AMEX: MAM), in a recent presentation stated his belief that "the overall fundamentals of the energy industry have permanently shifted based on changing environmental, infrastructure, demand and supply issues. Clearly market-based signals are underscoring these compelling shifts. As we move more into a global sea change in the industry, we can no longer divorce the demand for energy by China and newly industrializing nations from U.S. energy pricing and availability considerations. Consequently, energy efficiency and sustainability are rapidly becoming global issues facing multi-national corporations and impacting public policies. The reality is that all organizations must not only recognize, but must implement new forms of asset governance based on sustainability in order to control energy costs and usage, while protecting the environment and enhancing the viability of physical infrastructure."

"We believe there is an increasing sense of urgency for all organizations to adopt sustainability as their guiding principle," says Bayne. "Our continued growth strategy places the concept of sustainability at the forefront of what we do. Creating a sustainable society is critical for our continued quality of life and North America's well being."

Maine & Maritimes Corporation is the parent company of a group of companies that has integrated people, processes, assets and technologies in a family of businesses that support the continued viability of North America's infrastructure, while promoting environmental, economic, energy and social sustainability. The Maricor Group (US and Canada), Maricor Technologies and Maricor Properties continue to work with clients across New England and Atlantic Canada to provide strategic, sustainable advice to clients in various sectors including government, universities, institutions, and hospitals.

"Our increasing concentration of leadership in energy and environmental design (LEED) engineering skills, combined with sustainable facilities management experts and technologies are all geared towards making a difference that contributes to economic, environmental and societal values," says Bayne. "If organizations adopt these principles, rising energy costs can be offset through greater efficiencies, smarter developments, improved asset maintenance strategies and an increased awareness that something can, and must, be done."

Maine & Maritimes Corporation is the parent company of Maine Public Service Company, a regulated electric transmission and distribution utility, as well as The Maricor Group, its Canadian subsidiary, The Maricor Group, Canada Ltd, and its US subsidiary RES Engineering, Inc., both engineering, asset development and lifecycle asset management services companies; Maricor Properties Ltd, a Canadian real estate development and investment company, and its Canadian subsidiary Mecel Properties Ltd; and Maricor Technologies, Inc., a technology based subsidiary. MAM's headquarters are in Presque Isle, Maine and its subsidiaries maintain offices in Moncton and Saint John, New Brunswick, Canada; Halifax, Nova Scotia, Canada; Hudson and Boston, Massachusetts, and Portland, Maine. MAM's corporate website is www.maineandmaritimes.com

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