/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE
CALGARY, Sept. 23 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the "Company") is pleased to report that GE Energy Financial Services ("GE") and Plutonic Power Corporation ("Plutonic") have completed their initial due diligence on the Dokie project. As such, GE and Plutonic have waived initial due diligence conditions and have committed to purchase the Dokie project subject to satisfaction or waiver of closing conditions. Among other conditions, the transaction is subject to the BC Utilities Commission's acceptance of the amended and restated electricity purchase agreement, an agreement to obtain renewable energy incentives in Canada's ecoENERGY program and arrangement of debt financing. The acquisition is expected to be completed in early November.
EarthFirst also announces that is has closed the previously announced sale of its Wartenbe project in British Columbia to Avro Wind Energy Inc. for gross proceeds of $440,000.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and continuance of CCAA protection. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include the uncertainty involved in the Court proceedings and the implementation of a Plan under the CCAA.
The forward-looking information contained in this news release represents the expectations of EarthFirst as at September 23, 2009, and, accordingly, is subject to change after such date. However, EarthFirst 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.
SOURCE EARTHFIRST CANADA INC.
For further information: For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1-877-513-0777, E-mail: email@example.com; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1-877-513-0777, E-mail: firstname.lastname@example.org