OAK BROOK, IL, Dec. 12 /CNW/ - Primary Energy Recycling Corporation (TSX:
PRI.UN) announced today that a cash distribution of Cdn$ 0.06667 per enhanced
income security ("EIS") of the Issuer will be paid on January 31, 2008 to
holders of record on December 31, 2007. The distribution previously announced
on December 6, 2007 is scheduled for payment on December 31, 2007 and marks
the reinstatement of dividend payments on common shares after a two month
Each EIS consists of one common share of the Issuer (a "Common Share")
and Cdn$ 2.50 principal amount of 11.75% subordinated note of the Issuer (the
"Subordinated Note"). The EISs trade on the Toronto Stock Exchange under the
symbol PRI.UN. The total distribution of Cdn$ 0.06667 per EIS reflects a cash
distribution of Cdn$ 0.04219 per Common Share and an interest payment of Cdn$
0.02448 per Cdn$ 2.50 principal amount of Subordinated Note for the period
from December 1 to December 31, 2007.
Michel Lavigne, Chair of the Board said "Today's declaration marks the
return to the previous distribution practice of making monthly declarations at
the Cdn$ 0.80 annualized rate. While 2007 has been challenging, total
distributions declared for the year will amount to Cdn$ 0.834 per unit. The
Company remains focused on stability and growth of results for the future."
The Issuer owns a majority interest in Primary Energy Recycling Holdings
LLC ("Primary Energy"). Primary Energy, headquartered in Oak Brook, Illinois,
indirectly owns and operates four recycled energy projects and a 50% interest
in a pulverized coal facility (collectively, the "Projects"). The Projects
have a combined electrical generating capacity of 283 megawatts and a combined
steam generating capacity of 1.8 MMlbs/hour. Primary Energy creates value for
its customers by capturing and recycling waste energy from industrial and
electric generation processes and converting it into reliable and economical
electricity and thermal energy for its customers' use.
For more information, please visit us at www.primaryenergyrecycling.com.
For further information:
For further information: V. Michael Alverson, Chief Financial Officer,
Primary Energy Ventures, (630) 371-0639, firstname.lastname@example.org