Kingstown Capital Funds Acquire Common Shares Of Primary Energy Recycling Corporation

NEW YORK, Sept. 16, 2011 /CNW/ - Kingstown Capital Management L.P. ("Kingstown Capital") announced today that on September 15, 2011, funds managed by it acquired ownership of an aggregate of 466,429 common shares of Primary Energy Recycling Corporation ("Primary Energy"), representing 1.04% of the outstanding common shares of Primary Energy.  The common shares were acquired on the Toronto Stock Exchange at a price of Cdn$3.904957 per common share.  Kingstown Capital is the investment manager of Kingstown Partners II LP ("Kingstown II"), Kingstown Partners Master LTD ("Kingstown Master") and Ktown LP ("Ktown", and together with Kingstown Capital, Kingstown II and Kingstown Master, the "Kingstown Entities"), and exercises control and direction over the securities directly acquired by each of them.  Of the 466,429 common shares of Primary Energy acquired on September 15, 2011, Kingstown Capital acquired ownership of 111,349 common shares representing 0.25% of the outstanding common shares, Kingstown II acquired ownership of 38,228 common shares representing 0.09% of the outstanding common shares, Kingstown Master acquired ownership of 292,982 common shares representing 0.66% of the outstanding common shares and Ktown acquired ownership of 23,870 common shares representing 0.05% of the outstanding common shares.  As a result of the acquisitions, the Kingstown Entities, together with their joint actors, collectively hold 5,900,000 (13.20%) of the outstanding common shares of Primary Energy.

The common shares were acquired for investment purposes only. Kingstown Capital and Kingstown Capital, on behalf of the Kingstown Entities and the other funds managed by it, may acquire additional common shares of Primary Energy or dispose of some or all of the common shares of Primary Energy currently held by the Kingstown Entities or such other funds.

SOURCE Kingstown Capital Management LP

For further information:

Mark Rosenthal
Kingstown Capital Management
100 Park Avenue, 21st Floor
New York, NY 10017
212-319-1309

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Kingstown Capital Management LP

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