Court Approves Recapitalization of Primary Energy Recycling Corporation



    OAK BROOK, IL, Aug. 12 /CNW/ - Primary Energy Recycling Corporation (TSX:
PRI.UN) (the "Company") announced today that the Supreme Court of British
Columbia has issued the final order approving a plan of arrangement relating
to a recapitalization transaction (the "Recapitalization") as described in the
Company's management information circular dated June 29, 2009. The Court
determined that the Recapitalization is fair and reasonable to the Company and
to its shareholders and noteholders.
    Once all other conditions to completion of the Recapitalization have been
satisfied, including securing funding for repayment of or amending or
extending the Company's existing credit facility (the "Credit Facility") on
terms acceptable to the Board, the Recapitalization will result in the
conversion of all of the Company's outstanding 11.75% subordinated notes into
newly issued common shares of the Company. The Recapitalization is expected to
be completed as soon as practicable after the satisfaction of all closing
conditions.

    Forward-Looking Statements

    When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar expressions are
intended to identify forward-looking statements. Such statements are subject
to certain risks, uncertainties and assumptions pertaining, but not limited,
to the successful completion of the Recapitalization and refinancing,
amendment or extension of the Credit Facility and the factors discussed in the
Company's public filings available on SEDAR at www.sedar.com. These
forward-looking statements are made as of the date of this press release and,
except as required by applicable securities laws, the Company assumes no
obligation to update or revise them to reflect new events or circumstances.

    About Primary Energy Recycling Corporation

    The Company owns a majority interest in Primary Energy. Primary Energy,
headquartered in Oak Brook, Illinois, indirectly owns and operates four
recycled energy projects and a 50 per cent interest in a pulverized coal
facility (collectively, the "Projects"). The Projects have a combined
electrical generating capacity of 283 megawatts and a combined steam
generating capacity of 1.8 MMlbs/hour. Primary Energy creates value for its
customers by capturing and recycling waste energy from industrial and electric
generation processes and converting it into reliable and economical
electricity and thermal energy for its customers' use. For more information,
please see www.primaryenergyrecycling.com.





For further information:

For further information: V. Michael Alverson, Chief Financial Officer,
Primary Energy Recycling Corporation, (630) 371-0639,
investorinfo@primaryenergy.com

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Primary Energy Recycling Corporation

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