CALGARY, Aug. 4 /CNW/ - Pristine Power Inc. (TSX: PPX) ("Pristine" or the "Company"), an independent Canadian developer and operator of electricity and steam generation facilities, today announced that the Company has received its Development Permit from the local Conservation Authority ("CA"). YEC has now acquired all of the necessary permits required for its long term debt financing.
"We have worked diligently with the CA over the past year to ensure that all their requirements have been met. The YEC is located beyond both the 100 year and 350 year floodplain, with the exception of our driveway (representing 3% of the facility) which has been designed to withstand flooding. As an environmental improvement, YEC will be reconstructing an on-site wetland that reestablishes a linkage between two adjacent wetlands", says Jeffry M. Myers President and Chief Executive Officer of Pristine.
As previously announced by Pristine on July 29, 2010, the Province of Ontario enacted a regulation exempting the York Energy Centre project site from the requirements of the Planning Act (Ontario). With the enactment of the regulation and the receipt of its Development Permit, the Company is working with its lenders to complete negotiations for its non-recourse debt financing, which is targeted to close during the third week of August, 2010. Construction is expected to commence shortly thereafter. Prior to closing such financing, the Company expects to commence site investigative technical work activities in anticipation of construction.
The York Energy Centre is a (nominal) 400 MW natural gas fired peaking facility to be located in the Township of King under the terms of a 20 year peaking generation contract with the Ontario Power Authority. The Company holds a 50% interest in the Project.
Pristine (TSX: PPX) is in the business of developing, owning and operating independent power plants that produce and sell electricity and in some cases, sell process steam to industrial users. Pristine capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities utilizing technology with proven past performance. Pristine pursues a mix of large gas-fired, bioenergy and hydroelectric projects, and smaller replicable waste heat recovery ERG(R) and bioenergy projects. Pristine currently has three projects in operation, and two under contract and in advanced development. Pristine is developing projects in strategic regions of North America. Visit www.pristinepower.ca for more information.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events, including the development, financing, construction and operation of the York Energy Centre project. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
SOURCE PRISTINE POWER INC.
For further information: For further information: Pristine Power Inc., Geoffrey D. Krause, CA CPA, Chief Financial Officer, (403) 444-6405, firstname.lastname@example.org