Maxim Power Corp.
TSX : MXG

Maxim Power Corp.

February 29, 2012 18:37 ET

Maxim Power Corp. Closes Sale of the Alberta Power Project

CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) - Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today that it has closed the sale of its 26 MW Alberta Power Project facilities to AltaGas Pipeline Partnership for $12.95 million. The agreement to sell the assets was previously announced on January 25, 2012. MAXIM will utilize the proceeds from this sale to advance its development projects in Alberta - the 190 MW Deerland peaking station, the 500 MW Milner Expansion project, and the Mine 14 metallurgical coal mine project.

MAXIM also advises that the Corporation will be reporting its results for 2011 on March 22, 2012, with the investor conference call to be scheduled the following week. Details of the conference call will be provided on March 22nd.

About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 41 power plants in western Canada, United States and France, having 788 MW of electric and 117 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward looking statements as required pursuant to applicable securities laws.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 263-3021

    Maxim Power Corp.
    Michael R. Mayder
    Vice President, Finance and CFO
    (403) 263-3021