Canaccord Genuity Acquisition Corp. Announces Spark Power Acquisition of Bullfrog Power
TORONTO, July 4, 2018 /CNW/ - Canaccord Genuity Acquisition Corp. ("CGAC") is pleased to announce that Spark Power Corp. ("Spark Power"), a leading independent electrical power services and solutions company, has acquired Bullfrog Power ("Bullfrog"). On June 11, 2018, CGAC announced its proposed merger (the "Merger") with Spark Power. The Merger will constitute CGAC's qualifying acquisition.
Bullfrog, based in Toronto, Ontario, is Canada's leading green energy provider, offering renewable energy solutions that enable individuals and businesses to reduce their environmental impact, support the development of green energy projects in Canada and help create a cleaner, healthier world. Since inception, Bullfrog has put more than three million MWh of green electricity on the grid, injected more than six million GJ of green natural gas on the pipeline and put more than 700,000 litres of green fuel onto the Canadian fuel system. Bullfrog has supported more than 140 community-based green energy projects across Canada and has displaced more than one million tonnes of carbon dioxide from the environment.
"The race to develop both grid connected and 'behind-the-meter' distributed energy resources is gaining momentum," said Andrew Clark, co-CEO, Spark Power. "The addition of Bullfrog to the Spark Power Group of Companies gives us an integrated capability and depth of expertise to deliver affordable and sustainable power solutions to the largest power users and utilities markets in North America."
"By combining with Spark Power, we are able to expand and evolve our solutions offerings to now empower Canadians to conserve, generate or store energy at home or with their business – while helping to build a healthier energy system for future generations," said Ron Seftel, CEO, Bullfrog Power. "In addition to providing green electricity, green natural gas and green fuel – we will offer innovative solutions that leverage emerging markets and technologies. Consumers want it; the environment needs it; economic forces are driving it – we are pleased to be joining the Spark Power Group of Companies to continue to meet the needs of Canadians."
Spark Power, its subsidiaries, and Bullfrog will continue to operate under their respective brand names and Bullfrog's management team will remain as key members of the Spark Power team.
About Canaccord Genuity Acquisition Corp.
CGAC is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving CGAC.
Spark Power is a leading independent electrical power services and solutions company serving more than 4,500 industrial, commercial, institutional, renewable and agricultural customers, as well as utility markets including municipalities, universities, schools and hospitals across North America. For more information, visit us at www.sparkpower.ca.
Bullfrog Power, Canada's leading green energy provider, offers renewable energy solutions that enable individuals and businesses to reduce their environmental impact, support the development of green energy projects in Canada and help create a cleaner, healthier world. As a Certified B Corporation, Bullfrog Power meets higher standards of social and environmental performance, transparency, and accountability. Thousands of individuals and businesses in Canada are doing their part to address climate change and air pollution by choosing green energy with Bullfrog Power. For more information, visit www.bullfrogpower.com.
Caution Regarding Forward-Looking Statements
Certain statements in this news release are prospective in nature that constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning the completion and proposed terms of, and matters relating to, the Merger and the expected impact of the acquisition of Bullfrog on the business of Spark Power, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts.
Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. With respect to the forward-looking statements included in this news release, CGAC has made certain assumptions with respect to, among other things, that the acquisition of Bullfrog will have a positive effect on the business of Spark Power, as well as assumptions concerning general economic and market growth rates, and interest rates and competitive intensity.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include, but are not limited to: the potential benefits of the acquisition of Bullfrog not being realized; risks related to the achievement of Spark Power's business objectives; Spark Power not maintaining growth in the future; and unfavourable economic conditions adversely affecting Spark Power's operations. For a further description of these and other factors that could cause actual results to differ materially from the forward-looking statements included in this news release, see the risk factors discussed under the heading "Risk Factors" in CGAC's long form non-offering prospectus dated June 18, 2018 and as described from time to time in the reports and disclosure documents filed by CGAC with the Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the forward-looking statements in this news release. As a result of the foregoing and other factors, there can be no assurance that actual results will be consistent with these forward-looking statements.
All forward-looking statements included in and incorporated into this news release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this news release, and except as required by applicable law, CGAC does not undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Canaccord Genuity Acquisition Corp.
PLEASE CONTACT: Canaccord Genuity Acquisition Corp., Brad Cameron, Chairman and Chief Executive Officer, [email protected]; Spark Power Corp., Jason Sparaga, Co-CEO, [email protected]; Andrew Clark, Co-CEO, [email protected]
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