September 13, 2016 14:01 ET
CALGARY, ALBERTA--(Marketwired - Sept. 13, 2016) - Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today that it has entered into an agreement to sell 100% of its ownership interest in Comax France S.A.S. ("COMAX") and its parent, Maxim Power Europe B.V., to Vine Luxembourg SARL, an affiliate of Basalt Infrastructure Partners LP, for EUR47 million including the assumption of EUR23 million of net debt resulting in sales proceeds of approximately EUR24 million, EUR6 million of which is contingent on certain future events.
COMAX is MAXIM's wholly-owned subsidiary that owns and operates MAXIM's 32 natural gas-fired electric generation facilities in France. These facilities have an aggregate generating capacity of 176 megawatts.
The sale of COMAX is scheduled to close during the fourth quarter of 2016, subject to regulatory approvals and customary closing conditions. COMAX sale proceeds will be used to reduce net debt in MAXIM's North American operations.
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 39 power plants in Alberta, the United States and France, having 778 MW of electric 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.
Maxim Power Corp.Michael R. MayderSenior Vice President, Finance and CFO(403) 750-9311www.maximpowercorp.com
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