Primary Energy Recycling Corporation Announces Meeting Date for Recapitalization

    OAK BROOK, IL, June 26 /CNW/ - Primary Energy Recycling Corporation (TSX:
PRI.UN) (the "Company") announces today that the Supreme Court of British
Columbia has issued an interim order providing for the calling and holding of
a special meeting of the holders of the Company's subordinated notes (the
"Noteholders") and holders of the Company's common shares (the
"Shareholders"), at which Noteholders and Shareholders will be asked to
approve a proposed plan of arrangement involving the recapitalization of the
Company (the "Recapitalization"), which was announced on June 19, 2009.
    The meeting will be held on July 30, 2009 at 10:00 a.m. (Toronto Time) at
the TSX Broadcast Centre, Main Floor, The Exchange Centre, 130 King Street
West, Toronto, Ontario, Canada. A proxy circular containing details of the
Recapitalization is expected to be distributed to Noteholders and Shareholders
in early July. The record date for determining the Noteholders and
Shareholders entitled to receive notice of and to vote at the meeting is June
24, 2009.
    The Recapitalization is subject to the approval of: (i) at least a
majority in number of Noteholders holding not less than 75% of the aggregate
principal amount of the Company's subordinated notes present in person or by
proxy at the meeting and (ii) at least two-thirds of votes cast by
Shareholders present in person or represented by proxy at the meeting. In
addition, the Recapitalization will only be implemented concurrently with the
completion of the refinancing of the Company's $135 term loan credit facility.
Assuming that all required Noteholder and Shareholder approvals are obtained,
the Company is expected to apply to the court on or about August 4, 2009 for a
final order in respect of the Recapitalization.

    Forward-Looking Statements

    When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar expressions are
intended to identify forward-looking statements. Such statements are subject
to certain risks, uncertainties and assumptions pertaining, but not limited,
to the successful completion of the Recapitalization and refinancing of the
Credit Facility and the factors discussed in the Company's public filings
available on SEDAR at These forward-looking statements are made
as of the date of this press release and, except as required by applicable
securities laws, the Company assumes no obligation to update or revise them to
reflect new events or circumstances.

    About Primary Energy Recycling Corporation

    The Company owns a majority interest in Primary Energy. Primary Energy,
headquartered in Oak Brook, Illinois, indirectly owns and operates four
recycled energy projects and a 50 per cent interest in a pulverized coal
facility (collectively, the "Projects"). The Projects have a combined
electrical generating capacity of 283 megawatts and a combined steam
generating capacity of 1.8 MMlbs/hour. Primary Energy creates value for its
customers by capturing and recycling waste energy from industrial and electric
generation processes and converting it into reliable and economical
electricity and thermal energy for its customers' use. For more information,
please see

For further information:

For further information: V. Michael Alverson, Chief Financial Officer,
Primary Energy Recycling Corporation, (630) 371-0639,

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Primary Energy Recycling Corporation

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