Kingstown Capital Funds acquires common shares of Primary Energy Recycling Corporation

    NEW YORK, April 16 /CNW/ - Kingstown Capital Management LP ("Kingstown
Capital") announced today that on April 15, 2009, Absolute Opportunities Fund
LP (the "Fund") acquired ownership of 333,334 common shares of Primary Energy
Recycling Corporation ("Primary Energy") representing 1.08% of the outstanding
common shares. The common shares were acquired from two selling
securityholders in a private transaction in which the Fund acquired 333,334
enhanced income securities ("EISs") of Primary Energy for $2.45 per EIS. Each
EIS is comprised of one common share and $2.50 aggregate principal amount of
Primary Energy's subordinated notes. As a result of the acquisition, the Fund,
together with its joint actors, collectively own 3,969,234 (12.80%) of the
outstanding common shares of Primary Energy. Kingstown Capital is the
investment manager of the Fund and exercises control and direction over the
securities directly acquired by it.
    The common shares were acquired for investment purposes only. The Fund
and Kingstown Capital, on behalf of the Fund and the other funds managed by
it, may acquire additional common shares of Primary Energy or dispose of some
or all of the common shares of Primary Energy currently held by the Fund or
such other funds.

For further information:

For further information: Michael Blitzer, Kingstown Capital Management,
1270 Broadway, Suite 1009, New York, NY 10001, (212) 319-1309

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