/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, June 24 /CNW/ - Creststreet Power & Income Fund LP (the
"Partnership") (TSX: CRS.UN, CRS.DB, CRS.DB.A) announced the approval by
holders of its 7% convertible debentures, 8% convertible debentures and
unitholders of the previously announced a sale transaction with an affiliate
of FPL Energy, LLC to sell all 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. The holders of the
Partnership's convertible debentures also approved the amendment of the trust
indenture to permit the redemption of all the debentures following closing.
The distribution of the remaining net assets of the Partnership to the
unitholders following closing and subsequent wind-up of the Partnership were
also approved by unitholders.
The Partnership expects the sale transaction with FPL to close the sale
within the next week upon the satisfaction of all closing conditions,
including the sale of subordinated notes of Kettles Hill Wind Energy Inc. held
by the Partnership.
The redemption of the Partnership's outstanding convertible debentures
will happen as soon as possible following closing, as will the distribution of
all remaining net assets to unitholders of the Partnership.
About Creststreet Power & Income Fund LP
Creststreet Power & Income Fund LP owns and operates two wind energy
projects in Quebec and Nova Scotia with a total of 47 wind turbines and power
generating capacity of 84.6 megawatts. All electricity generated by these wind
energy projects is being sold pursuant to long-term power purchase agreements
with provincial electricity utilities.
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:
email@example.com; Derren Newell, VP, Finance and CFO, Tel: (403)
513-0766, E-mail: firstname.lastname@example.org