SOURCE: Maine & Maritimes Corporation

Maine & Maritimes Corporation

September 28, 2010 14:08 ET

Maine Public Utilities Commission Approves Maine & Maritimes Corporation Acquisition by Emera

PRESQUE ISLE, ME--(Marketwire - September 28, 2010) -  Maine & Maritimes Corporation (NYSE Amex: MAM) announced today that the Maine Public Utilities Commission has approved the acquisition of MAM by BHE Holdings Inc., a subsidiary of Emera Inc. (TSX: EMA) and the parent company of Bangor Hydro Electric Company. Details of today's approval are pending the final order from the MPUC. The transaction was previously approved in July by MAM shareholders. Approval from the Federal Energy Regulatory Commission is still pending.

According to Brent M. Boyles, MAM President and CEO, "We are pleased to have the approval of the Maine Public Utilities Commission for the acquisition of MAM by Emera. We look forward to approval from the Federal Energy Regulatory Commission in the near future so we can proceed with joining the Emera family of companies." 

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:

Emera Inc. (TSX: EMA) (TSX: EMA.PR.A) is an energy and services company with $5.7 billion 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 38% of Barbados Light and Power which serves 120,000 customers on the Caribbean island of Barbados, 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. 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. Visit Emera on the web at www.emera.com.

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.

MAM-G = General release

Contact Information

  • For More Information Contact:
    Virginia R. Joles
    Director of Communications,
    Board Relations and Economic Development
    Tel: 207.760.2418
    www.maineandmaritimes.com