Crius Energy Trust Confirms December 2012 Distribution
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Dec. 13, 2012 /CNW/ - At a meeting of the board of directors of Crius Energy Trust ("Crius Energy" or the "Trust") (TSX:KWH.UN) held in Toronto on December 13, 2012, the directors unanimously voted to confirm the initial December 2012 distribution of $0.1326 per trust unit to be paid on January 15, 2013 for the period from the closing of the initial public offering on November 13, 2012 to December 31, 2012. The distribution will be made to unitholders of record on December 31, 2012. Commencing January 2013, Crius Energy expects that the monthly cash distribution rate will be $0.0833 per trust unit. Crius Energy also reports that business operations based on preliminary third quarter results are in line with management's expectations and support the cash distributions as noted above. Third quarter results will be reported as part of the business acquisition report which Crius Energy expects to file on or about January 16, 2013. The business acquisition report will include, among other things, pro-forma financial statements of Crius Energy as well as third quarter results of the Trust's wholly-owned operating subsidiaries.
About Crius Energy
Crius Energy has been established to provide investors with a stable and consistent distribution-producing investment through the acquisition of an ownership interest in Crius Energy, LLC (the "Company") by an indirect wholly-owned subsidiary of Crius Energy. The Company is one of the largest independent energy retailers operating in the United States, with more than 500,000 residential customer equivalents. The Company serves residential and small to medium-size commercial customers in the United States and markets its products through a variety of sales channels and brand names. The Company currently sells electricity in 11 states and the District of Columbia and natural gas in five states.
Crius Energy is a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Crius Energy, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Crius Energy's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Crius Energy's objectives and status as a mutual fund trust and not a SIFT trust and Crius Energy's expectations and estimates regarding the payment of distributions to unitholders. Crius Energy cautions investors of Crius Energy's securities about important factors that could cause Crius Energy's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in this news release will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this news release and Crius Energy does not assume any obligation to update or revise them to reflect new events or circumstances.
SOURCE: Crius Energy TrustFor further information:
Chief Executive Officer
Chief Financial Officer