OAK BROOK, IL, Dec. 9, 2014 /CNW/ - Primary Energy Recycling Corporation (TSX: PRI) ("Primary Energy" or the "Company"), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, announced today that its shareholders have approved the previously announced arrangement of the Company under the Business Corporations Act (British Columbia) (the "Arrangement"), pursuant to which a new company formed by a consortium led by Fortistar LLC will indirectly acquire all of the outstanding common shares of Primary Energy for cash at a price of US$5.40 per common share.
Shareholders were overwhelmingly supportive of the Arrangement with approximately 99.97 percent of the votes cast at a special meeting of the shareholders held today being voted in favour.
Primary Energy is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement which is expected to be granted on December 11, 2014. Once the final order is received and the remaining conditions to the completion of the Arrangement are satisfied or waived, Primary Energy expects that the Arrangement will be completed prior to the end of this year.
About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50 percent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 298 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation 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 resale back to its customers. For more information, please see www.primaryenergy.com.
This press release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities laws, including statements regarding the expected timing and completion of the Arrangement, which forward-looking statements may use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential", or the negative thereof or other variations thereof or comparable terminology. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to the fact that the expected completion of the Arrangement is subject to closing conditions and termination rights in favour of the purchaser, many of which are beyond the Company's control, the purchaser's inability to complete the anticipated financing as contemplated by applicable commitment letters prior to the contractually required time for closing of the Arrangement or otherwise secure favourable terms for such financing, necessary court approvals, the satisfaction or waiver of certain other conditions contemplated by the Arrangement agreement, disruptions resulting from the transaction making it more difficult to maintain business relationships, and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements.
As a result of these risks and uncertainties, the Arrangement could be modified, restructured or may not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
SOURCE: Primary Energy Recycling Corporation