CALGARY, July 29 /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 Ontario Government has enacted a regulation under the Planning Act (the "Act"). The effect of the regulation is to exempt the York Energy Centre ("YEC" or the "Project") from the requirements of the Act, including the need to obtain Site Plan approval and comply with the Township of King's Interim Control Bylaw for electricity projects.
"We are pleased with the provincial government's support for this grid critical project," said Jeffry M. Myers, President and Chief Executive Officer of Pristine. "This regulation facilitates the completion of our financing and commencement of construction. We expect the Project to reach commercial operations in the second quarter of 2012."
The York Energy Centre is a (nominal) 400 MW natural gas fired peaking facility to be located in the Township of King under the terms of a 20 year peaking generation contract with the Ontario Power Authority. The Company holds a 50% interest in the Project.
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.
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 the York Energy Centre project. 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.
SOURCE PRISTINE POWER INC.
For further information: For further information: Pristine Power Inc., Geoffrey D. Krause, CA CPA, Chief Financial Officer, (403) 444-6405, firstname.lastname@example.org