/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, June 27 /CNW/ - Creststreet Power & Income Fund LP (the
"Partnership") (TSX: CRS.UN, CRS.DB, CRS.DB.A) announced that it has completed
the sale to an affiliate of FPL Energy, LLC of the shares of the Partnership's
two operating subsidiaries, being Mount Copper Wind Power Energy Inc. (54MW)
and Pubnico Point Wind Farm Inc. (30.6MW), for $121.6 million.
In addition, the Partnership announces that it has received
$51.19 million from its subordinated note investment in Kettles Hill Wind
The Partnership expects to give notice to redeem its outstanding 7% and
8% convertible debentures and announce the final distribution to unitholders
by July 4, 2008. The convertible debentures will be redeemed and the final
distribution will be paid five days thereafter.
About Creststreet Power & Income Fund LP
THE PARTNERSHIP IS ORGANIZED IN ACCORDANCE WITH THE TERMS AND CONDITIONS
OF A LIMITED PARTNERSHIP AGREEMENT WHICH PROVIDES THAT NO UNITS MAY BE OWNED
BY, AMONG OTHER THINGS, A PERSON WHO IS A "NON-RESIDENT" OF CANADA FOR
PURPOSES OF THE INCOME TAX ACT (CANADA) OR A PARTNERSHIP.
CERTAIN STATEMENTS INCLUDED IN THIS NEWS RELEASE, INCLUDING STATEMENTS
RELATING TO THE DISTRIBUTIONS TO UNITHOLDERS AND PAYMENTS TO DEBENTUREHOLDERS
OF THE PARTNERSHIP, CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING
OF THE SECURITIES ACT (ONTARIO). SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN
AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL
AMOUNTS DISTRIBUTED BY THE PARTNERSHIP TO BE MATERIALLY DIFFERENT FROM THOSE
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF CRESTSTREET POWER & INCOME FUND LP AS AT THE DATE HEREOF
AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. HOWEVER, CRESTSTREET
POWER & INCOME FUND LP EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO
UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
For further information:
For further information: Creststreet Power & Income General Partner
Limited, Robert Toole, President and CEO, Tel: (416) 862-7018, E-mail:
firstname.lastname@example.org; Derren Newell, VP, Finance and CFO, Tel: (403)
513-0766, E-mail: email@example.com