EDMONTON, June 19 /CNW/ - PowerComm Inc. (PCG:TSX) today announced that
it has entered into a joint venture agreement with Tron Power Inc. The new
entity will be called PowerComm-Tron Electric Joint Venture.
Tron Power Inc. an English River First Nation Company, is based in
Saskatoon, Saskatchewan and supplies civil, mechanical, and electrical
services to industry across northern Saskatchewan. "It has a proven track
record of partnering successfully" said Wayne Rutherford, PowerComm's
President and CEO, "we are very pleased to be able to partner with Tron to
expedite our expansion into the province of Saskatchewan." he continued.
Tron Power Inc. will own 51% of the entity while PowerComm will own 49%.
The majority position of Tron Power allows the joint venture to qualify as
Aboriginal content when supplying products and services to its customers.
The structure of the joint venture allows it to bid as an Aboriginal
company for projects in the rapidly expanding resource industries of
Saskatchewan. There has already been a project identified and mobilization is
expected to commence in the near future. The agreement will allow the pursuit
of other opportunities in western Canada. "We are very excited about the
future potential this new joint venture offers our companies", Mr. Rutherford
Mr. Al Riddell, Tron Power's Senior Vice President stated "while Tron
Power has concentrated its efforts in Northern Saskatchewan, the new joint
venture offers opportunities with other First Nations in western Canada. The
opportunities are endless for an Aboriginal based company working with an
established company such as PowerComm."
The news release contains certain forward-looking statements, including
management's assessment of future plans and operations and capital
expenditures and the timing thereof, that involve substantial known and
unknown risks and uncertainties, certain of which are beyond PowerComm Inc.'s
control. Such risks and uncertainties include, without limitation, risks
associated with the Corporation's ability to market successfully to current
and new customers; supply and demand for PowerComm Inc.'s services and
products and industry activity levels; capital expenditure programs;
projections of commodity prices and costs; the Corporation's ability to obtain
material and equipment from suppliers; operating risk liability; expansion of
services and products by internal growth or acquisition; the Corporation's
ability to obtain additional financing on satisfactory terms; the impact of
general economic and industry conditions; changes in laws and regulations
(including the adoption of new environmental laws and regulations) and changes
in how they are interpreted and enforced; competitive conditions; the lack of
availability of qualified personnel or management; fluctuations in foreign
exchange or interest rates, stock market volatility; and obtaining required
approvals of regulatory authorities. PowerComm Inc.'s actual results,
performance or achievements could differ materially from those expressed in,
or implied by, these forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds, that PowerComm Inc. will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to PowerComm Inc. or persons acting on its behalf are
expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are
made as of the date of this news release and PowerComm Inc. does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
For further information:
For further information: Wayne Rutherford or Jim Snowdon at PowerComm
Inc., (780) 465-7038, or Al Riddell at Tron Power Inc., (306) 652-4989.
Further information can be viewed at www.powercomm.ca or www.tronpower.com