CALGARY, May 6 /CNW/ - Pristine Power Inc. (TSX: PPX) ("Pristine" or the "Company"), an independent Canadian developer and operator of electricity and steam generation facilities, today announced that the Kleana Power Project is no longer being considered in BC Hydro's Clean Power Call.
"Although we are disappointed that the Kleana Power Project was not awarded an electricity purchase agreement under the current Clean Power Call, we remain confident in the long-term viability of the project and continue to believe that it is amongst the cleanest, most environmentally sound and cost effective resources available to the province," said Jeff Myers, President and CEO of Pristine. "Pristine remains committed to expanding its power assets in British Columbia and the Company expects the new Clean Energy Act to create increased opportunities for independent power production in the province."
The Kleana Power Project is a 600 MW run-of-river hydroelectric project located on the Klinaklini River in western British Columbia, with connection into the Campbell River substation on Vancouver Island. Pristine has a 57% interest in 0755748 BC Ltd., the holding company which owns the Kleana Power Project. Pristine's interest is subject to certain voting trust arrangements with the original owner of the interest.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events, including the development, construction and operation of its development projects, including, but not limited, the Kleana run-of-river project and speaks only as of the date of this news release. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
Pristine (TSX: PPX) is in the business of developing, owning and operating independent power plants that produce and sell electricity and in some cases, sell process steam to industrial users. Pristine capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities utilizing technology with proven past performance. Pristine pursues a mix of large gas-fired, bioenergy and hydroelectric projects, and smaller replicable waste heat recovery ERG(R) and bioenergy projects. Pristine currently has three projects in operation, and two under contract and in advanced development. Pristine is developing projects in strategic regions of North America. Visit www.pristinepower.ca for more information.
SOURCE PRISTINE POWER INC.
For further information: For further information: Geoffrey D. Krause, CA, Chief Financial Officer, Pristine Power Inc., (403) 444-6405