PowerStream Inc.

PowerStream Inc.
Town of Collingwood

Town of Collingwood
Collus PowerStream

Collus PowerStream

August 16, 2012 13:06 ET

New Name for Collingwood and PowerStream-owned Utility Unveiled

Completion of joint ownership agreement also celebrated with $50,000 donation to local area hospital

COLLINGWOOD, ONTARIO--(Marketwire - Aug. 16, 2012) -

Editors note: There is one photo associated with this press release.

The Town of Collingwood and PowerStream today celebrated the closing of an agreement the two parties signed in January to form a strategic partnership in the joint ownership of the local electric utility, formerly known as Collus Power, by unveiling a new name and logo for the company. The utility will now be branded as Collus PowerStream.

The celebratory event held at Collingwood Town Hall, which included the playing of a video to introduce the utility's new corporate identity, also featured a $50,000 cheque presentation to Collingwood General & Marine Hospital Foundation. The donation was made by Collus PowerStream officials and included proceeds from the Collingwood Mayor's Annual Golf Challenge Cup.

Under the terms of an agreement, approved by the Ontario Energy Board on July 12, the Town of Collingwood and PowerStream now each own a 50 percent interest in Collus PowerStream. Going forward, PowerStream will also be providing support for several of Collus PowerStream's operational areas under shared services agreements.

BACKGROUND INFORMATION

  • The Town of Collingwood's selection of PowerStream to be its strategic partner followed a comprehensive request for proposal process in which four proponents submitted responses. PowerStream was chosen based on several considerations including the ability to provide strategic and specialized resources, competitive distribution rates and cost structure, customer experience and satisfaction, community involvement, support for employees and their careers as well as the correct cultural and synergistic fit.

QUOTES

  • "This is a tremendous day for Collus PowerStream's customers and the communities it serves," said Town of Collingwood Mayor, Sandra Cooper. "The closing of this agreement is the culmination of a great deal of hard work by many individuals and we are very pleased with this announcement. Both I and members of council are appreciative of everyone's efforts to finalize this agreement that will help us be more efficient and cost-effective for customers being served by this new utility."

  • "PowerStream is pleased to welcome the Town of Collingwood as our partner in delivering utility services to customers in the area," stated PowerStream Board Chair and City of Markham Mayor Frank Scarpitti. "This is a new framework for collaboration that fulfills on our strategy, and it's made possible by great leadership by both organizations."

ABOUT POWERSTREAM

PowerStream is the second largest municipally-owned electricity distribution company in Ontario, providing service to more than 355,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. The company is jointly owned by the municipalities of Barrie, Markham and Vaughan.

ABOUT THE TOWN OF COLLINGWOOD

The Town of Collingwood is located in the heart of Ontario's finest four-season destination area. Easy to reach, Collingwood offers a combination of old time charm and history with the best recreation in Southern Ontario. Live, Work and Play!

LET'S CONNECT!

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To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20120816-ColllusPowerStream800.jpg.

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