/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
CALGARY, July 4 /CNW/ - Creststreet Power & Income Fund LP (the
"Partnership") (TSX: CRS.UN, CRS.DB, CRS.DB.A) announced that it will redeem
all of its outstanding 7% and 8% convertible debentures and distribute the
remaining net assets of the Partnership to unitholders on July 11, 2008.
These payments to securityholders follow the sale to a Canadian affiliate
of FPL Energy, LLC, of the shares of the Partnership's two operating
subsidiaries, Mount Copper Wind Power Energy Inc. (54MW) and Pubnico Point
Wind Farm Inc. (30.6MW), for $121.6 million on June 27, 2008. The redemption
of the debentures and distribution to unitholders are in accordance with the
amendments to the Partnership's trust indenture approved by debentureholders,
and the extraordinary resolution approved by unitholders at meetings of these
securityholders held on June 23, 2008, in connection with the sale.
Unitholders will receive an amount equal to $6.9150 per unit on the
distribution of the Partnership's net assets. Holders of 7% debentures will
receive $1,032.44 per $1,000 principal amount upon redemption, being 101% of
the principal amount plus accrued and unpaid interest. Holders of 8%
debentures will receive $1,062.33 per $1,000 principal amount upon redemption,
representing the amount they would have received had they converted their
debentures into units at the conversion price for those debentures of $6.65
per unit, and had then received the distribution paid to unitholders.
Robert Toole, President and Chief Executive Officer of Creststreet Power
& Income General Partner Limited, the General Partner of the Partnership,
said, "With the distribution and wind-up of the Partnership, this brings to a
close Creststreet's direct participation in the Canadian windpower industry.
We established an early leadership position in this exciting sector in Canada
and achieved many firsts along the way, for which all involved should be very
proud. I would like to thank all those who contributed to the success
Creststreet achieved over the years in the windpower sector, including our
investors, partners, suppliers, contractors, municipal, provincial and federal
government agencies and finally our employees, officers and directors."
As the debentures are in book-entry only form, payments to
debentureholders will be made through CDS & Co. The last day on which interest
will accrue on the debentures will be July 10, 2008. The Partnership expects
that the 7% and 8% debentures and the units will be delisted from the Toronto
Stock Exchange at the close of business on that date. In connection with the
debenture redemptions, the Partnership will be released and discharged from
all its obligations under the trust indenture governing the debentures.
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 ANTICIPATED OUTCOME OF THE TRANSACTION AND THE AMOUNTS
EXPECTED TO BE DISTRIBUTED TO UNITHOLDERS AND PAID 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, INCLUDING THOSE FACTORS
REFERRED TO IN THIS NEWS RELEASE, WHICH MAY CAUSE THE ACTUAL OUTCOME OF THE
TRANSACTION AND 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