OAK BROOK, Il, Dec. 11, 2014 /PRNewswire/ - 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 it has obtained a final order from the Supreme Court of British Columbia approving 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. As previously announced, the cash price will be paid in U.S. dollars at closing.
The Arrangement was approved by Primary Energy shareholders at a special meeting held on December 9, 2014. Subject to the satisfaction or waiver of the remaining conditions to the completion of the Arrangement, Primary Energy expects that the Arrangement will be completed prior to the end of this year.
Following completion of the Arrangement, it is anticipated that the Primary Energy shares will be delisted from the Toronto Stock Exchange and Primary Energy will apply to cease to be a reporting issuer in each of the provinces and territories of Canada.
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.
Forward-looking statements
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, the
satisfaction or waiver of certain other conditions contemplated by the
Arrangement agreement, disruptions resulting from the Arrangement
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