A conference call with Management will be held on Monday, February 10,
2014 at 8:30 a.m. ET
Call in number: 1-888-231-8191 or 647-427-7450
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, Feb. 10, 2014 /CNW/ - Crius Energy Trust (TSX: KWH.UN) ("Crius
Energy" or the "Trust"), announced today that it has confirmed its
February 2014 distribution of $0.0583 per unit, a 30% reduction from
that paid in previous months. The distribution will be paid on March
17, 2014, in respect of the period from and including February 1, 2014
to February 28, 2014, to unitholders of record on February 28, 2014.
The ex-distribution date will be February 26, 2014.
The Trust expects to maintain the monthly distribution level of $0.0583
per unit throughout 2014, which will be reviewed by the Board of
Trustees at year end. The distribution reduction applies to both
unitholders of Crius Energy Trust and Crius Energy LLC.
"Reducing the distribution is a difficult choice but we feel that this
action must be taken to strengthen our business for the long-term
benefit of our unitholders," said Michael Fallquist, President and CEO
of Crius Energy Trust. "Record-breaking energy prices and volatility
in the first quarter, driven by historic cold temperatures and natural
gas supply constraints, have made this decision necessary."
"The reduction will enable us to rebuild the capital required for the
Trust's long-term success and manage through the temporary slowdown in
net customer growth as the Company passes through higher variable rates
to customers," commented Mr. Fallquist. "Concurrently we will redouble
our focus on controlling expenses and maintaining lean, efficient
operations while continuing to diversify our business geographically
and by expanding solar and natural gas sales. Furthermore, we will also
consider ways to enhance unitholder value, including unit buybacks."
A conference call will be held with management at 8:30 am today, Monday
February 10. 2014. Call-in numbers are 1-888-231-8191 (North America
toll-free) or 647-427-7450 (Toronto local).
A replay of the conference call may be accessed from 11:30 a.m. today
until Monday February 17, 2014 at midnight. Call-in number is
1-855-859-2056 and password is 81338141.
About Crius Energy
Crius Energy has a 26.8% ownership interest in Crius Energy LLC. With
approximately 610,000 residential customer equivalents, Crius Energy
LLC is one of the largest independent energy retailers operating in the
United States, serves residential and small to medium-size commercial
customers and markets its products through a variety of sales channels
and brand names. Crius Energy LLC currently sells electricity in 11
states and the District of Columbia, natural gas in seven states and
the District of Columbia and solar energy products and services in six
Crius Energy intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as
defined in the Tax Act), provided that the Trust complies at all times
with its investment restriction which precludes the Trust from holding
any "non-portfolio property" (as defined in the Tax Act). Material
information pertaining to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
This news release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of Crius Energy, including, without limitation,
those listed under "Risk Factors" and "Forward-Looking Statements" in
Crius Energy's Annual Information Form dated March 28, 2013
(collectively, "forward-looking information"). Forward-looking
information in this news release includes, but is not limited to, Crius
Energy's objectives and status as a mutual fund trust and not a SIFT
trust, results of operations, financial position or cash flows,
customer revenues and margins, customer additions and renewals,
customer attrition, customer consumption levels, general and
administrative expenses, treatment under governmental regulatory
regimes, distributable cash and Crius Energy's expectations and
estimates regarding the payment of distributions to unitholders. Crius
Energy cautions investors of Crius Energy's securities about important
factors that could cause Crius Energy's actual results to differ
materially from those projected in any forward-looking statements
included in this news release. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance are not historical facts
and may be forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to differ
materially from those expressed in such forward-looking statements. No
assurance can be given that the expectations set out in this news
release will prove to be correct and accordingly, prospective investors
should not place undue reliance on these forward-looking statements.
These statements speak only as of the date of this news release and
Crius Energy does not assume any obligation to update or revise them to
reflect new events or circumstances.
SOURCE: Crius Energy Trust
For further information:
Chief Executive Officer
Chief Financial Officer
(416) 815-0700 ext. 290