/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Dec. 11 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the "Company") announced today that it has closed the previously announced sale of the Dokie Project. As a result of closing this transaction, EarthFirst expects to make an initial distribution to creditors next week. EarthFirst expects to make a second and final distribution to creditors shortly after the closing of its previously announced amalgamation with Maxim Power Corp. ("Maxim"), which is expected to occur prior to the end of the first quarter, 2010.
Consistent with prior announcements, there will not be any recovery for EarthFirst's shareholders arising out of the sale of the Dokie Project and the proposed amalgamation with Maxim, and EarthFirst does not expect its common shares to resume trading on the Toronto Stock Exchange.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing of distributions to creditors; the timing and continuance of CCAA protection and the timing of the proposed amalgamation with Maxim. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include the uncertainty involved in the Court proceedings and the implementation of a Plan under the CCAA, and the risks involved in completing the sale of the Dokie Project and the proposed amalgamation with Maxim.
The forward-looking information contained in this news release represents the expectations of EarthFirst as at December 11, 2009, and, accordingly, is subject to change after such date. However, EarthFirst expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE EARTHFIRST CANADA INC.
For further information: For further information: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1-877-513-0777, E-mail: email@example.com; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1-877-513-0777, E-mail: firstname.lastname@example.org