GRAND CAYMAN, Cayman Islands, March 16, 2020 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC" or the "Company") announced today its response to the coronavirus pandemic in line with its pandemic preparedness and response plan. The Company assures the Cayman community that it has plans in place to ensure that electricity service will continue to be available.
In an effort to reduce interactions at Company headquarters, employees have been released to work from home where possible and customers have been encouraged to limit their social interaction by using online and other remote service options. The Company is encouraging customers who are experiencing financial difficulties, or who have already been disconnected for non-payment, to contact Customer Service proactively to arrange alternative payment terms.
President and CEO of CUC, Mr. Richard Hew, says, "CUC's priority is the health and safety of our employees and the public, and to maintain a continuous electricity supply to the island throughout this coronavirus crisis. In that regard, we are focusing on preventing transmission of the virus within the company, in particular for the critical operations staff that work directly on the generation, transmission and distribution of electricity. We will maintain critical supplies and services such as fuel, lubricating oil and engine maintenance. We understand that many of our customers will face financial hardship in the short to medium term and we will be flexible in our payment policies for those in need to assist them to maintain their electricity service."
To date, the Cayman Islands has experienced one confirmed case of COVID-19 related to a cruise ship passenger who was hospitalized on Grand Cayman following a medical emergency. The Cayman Islands Government ("Government") has since stopped all cruise ship visits, banned local gatherings of over 50 persons and closed local schools. The Government also announced that the airports in Grand Cayman and Cayman Brac would be closed to international traffic for a period of three weeks beginning on Sunday, March 22, 2020. Effective immediately, all persons arriving on the Islands will be placed in isolation for 14 days. While the Company anticipates that with reduced tourism there will be a negative impact on the local economy, it is not possible to quantify the effect on the Company at this time.
CUC provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2039 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
Caribbean Utilities Company, Ltd. ("CUC" or the "Company"), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forward-looking statements are based on underlying assumptions by their very nature and are subject to certain risks and uncertainties that may cause actual results to vary from plans, targets and estimates. Such risks and uncertainties include but are not limited to operational, regulation, general economic, market and business conditions and weather. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Caribbean Utilities Company, Ltd.
For further information: Letitia Lawrence, Vice President Finance, Corporate Services and Chief Financial Officer, Phone: (345) 914-1124, E-Mail: [email protected]