/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
CALGARY, March 2 /CNW/ - EarthFirst Canada Inc. ("EarthFirst" or the "Company") announced today that it has concluded its previously announced amalgamation with Maxim Power Corp. ("MAXIM") through a plan of arrangement under the Business Corporations Act (Alberta). As a result of closing this transaction, EarthFirst expects to make a second distribution to creditors this week. EarthFirst expects to make a third and final distribution to creditors of any residual cash resulting from the collection of outstanding GST remittances and release of indemnities by the end of the first quarter of 2011.
Consistent with prior announcements, there will not be any recovery for EarthFirst's shareholders arising out of the amalgamation with Maxim.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the anticipated timing of the distributions to creditors. 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. The forward-looking information contained in this news release represents the expectations of EarthFirst as at March 2, 2010, 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: firstname.lastname@example.org; Derren Newell, VP, Finance and Chief Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1-877-513-0777, E-mail: email@example.com