CALGARY, Oct. 9 /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 it has acquired all of the shares of ANE Power Holdings Inc, which owns a 47% interest in 0755748 BC Ltd., the holding company which owns the Kleana run-of-river power project and fractional interests in several early stage hydroelectric development projects in British Columbia, including the 300 MW Machmell River project. Together with its existing 10% interest in 0755748 BC Ltd, Pristine now owns 57% of the Kleana project. This acquisition closes the previously announced purchase of a 37% interest in 0755748 BC Inc, as well as an additional approximately 10% indirect interest in 0755748 BC Ltd., held by Colmac Power Inc on similar terms to the previously announced acquisition. The President of Colmac Power Inc., Robert McLeese, is a Director of Pristine.
"We continue to execute on our strategy of targeting high quality projects", said Jeff Myers, President and CEO of Pristine. "In addition, this project will help British Columbia meet its goal of energy self sufficiency and deliver on the BC Government Energy Plan."
The Kleana project is a 600 MW run-of-river hydroelectric project located on the Klinaklini River in western British Columbia. As currently envisioned, the project would operate at a capacity factor of approximately 50% and would include the construction of a 180 km 2x230 kV transmission line with connection into the Campbell River substation on Vancouver Island. Total project costs are expected to be approximately $3-$4,000 per kW. In November 2008, the project was submitted into the BC Hydro 2008 Clean Power Call with awards expected in the fourth quarter of 2009.
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 Kleana 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.
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 two projects in operation, one under construction, 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.
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