Crius Energy Trust announces the acquisition of customer accounts in New Hampshire
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Feb. 11, 2013 /CNW/ - Crius Energy Trust ("Crius Energy" or the "Trust") (TSX:KWH.UN) announced that Crius Energy, LLC (the "Company"), through its wholly-owned subsidiary FairPoint Energy LLC, has entered into an agreement with PNE Energy Supply LLC to acquire a portfolio consisting of approximately 8,500 residential and small commercial customer accounts in New Hampshire (the "NH Acquisition"). FairPoint Energy is currently licenced to sell and market electricity in New Hampshire. The NH Acquisition closed on February 6, 2013. The Trust indirectly owns a 26.8% ownership interest in the Company.
Commenting on the NH Acquisition, Chief Executive Officer Michael Fallquist stated "this transaction represents an excellent opportunity to acquire customer accounts in a highly attractive market at accretive valuations. This acquisition demonstrates our ability to execute on our growth initiatives through opportunistic acquisitions and going forward we expect to see a strong pipeline of M&A activity in the retail energy industry."
This press release contains statements that are forward looking. Investors should read the section Forward-Looking Statements at the end of this news release. In this news release, references to "Crius Energy" or the "Trust" include the Trust and its 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 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.
About FairPoint Energy
FairPoint Energy, LLC is a subsidiary of the Crius Energy, LLC, a competitive energy provider that is unaffiliated with FairPoint Communications or its subsidiaries. FairPoint Energy is a local provider of affordable, retail energy that offers 100% green energy options to customers in Maine and New Hampshire. FairPoint Energy was created through a strategic relationship between Crius Energy, LLC and FairPoint Communications and uses the FairPoint Energy name under a license agreement with FairPoint Communications, Inc. FairPoint EnergySM is a service mark of FairPoint Communications, registration pending.
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, results of operations, financial position or cash flows, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, treatment under governmental regulatory regimes, distributable cash 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:
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Chief Executive Officer
Chief Financial Officer