SAN FRANCISCO, March 2, 2018 /CNW/ -- Pattern Energy Group Inc. (NASDAQ andTSX: PEGI) ("Pattern Energy") today announced it has remediated the weakness on its internal control over financial reporting that was stated in its 2016 third quarter earnings press release, effective today with its filing of the 10-K for Dec 31, 2017.
"We have successfully remediated the material weakness of our internal controls as of the end of 2017," said Mike Garland, CEO of Pattern Energy. "I'm proud of our team members that were instrumental in achieving the remediation and the focus and skills they brought to this work. These efforts have laid the foundation for improvements including opportunities to automate and streamline our back-office processes which we will be actively working on this year."
About Pattern Energy Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 25 wind and solar power facilities, including six projects it has agreed to acquire, with a total owned interest of 2,942 MW in the United States, Canada, Japan and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding opportunities to automate and streamline bac-office processes. These forward-looking statements represent Pattern Energy's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Pattern Energy's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Pattern Energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Pattern Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Pattern Energy's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or Pattern Energy's actual results to differ materially from those contained in any forward-looking statement.