Transeastern Power Trust Reports First Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 06/01/15 -- Transeastern Power Trust ("Transeastern" or the "Trust") (TSX VENTURE: TEP.UN)(TSX VENTURE: TEP.DB) has released its unaudited financial results for the first quarter ended March 31, 2015. All amounts in this release are expressed in Canadian dollars unless otherwise indicated.
Q1 Highlights
J. Colter Eadie, Chief Executive Officer of Transeastern commented, "We are encouraged by the performance of our hydro projects during the first quarter of 2015. We have faced some challenges with sustaining grid connectivity, but we plan to acquire and implement monitoring software to measure river flows in real time and improve plant availability.
"We are nearing completion of our previously announced acquisition of a solar portfolio and the associated financing. This transaction is a key milestone in the development of Transeastern as a platform for the acquisition, integration, and operation of profitable power generation assets. Adding this portfolio of solar assets to our current operations will materially increase our generation capacity, diversify our generation sources, and reduce overall risk consistent with the long-term strategy of the Trust."
Note:
(1) Operating loss is a non-GAAP measure. Refer to "Review of Operations" in the Trust''s Management''s Discussion and Analysis for the three month period ended March 31, 2015.
About Transeastern
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on hydroelectric power. The Trust intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). All material information about the Trust may be found under Transeastern''s issuer profile at .
Forward-Looking Statements Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the energy law, expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, high inflation rates, failure to obtain bank financing, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), risks related to seasonality (including adverse weather conditions, shifting weather patterns, and global warming), a shift in energy trends and demands, a shift in energy generation in the European Union, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility. Details of the risk factors relating to Transeastern and its business are discussed under the heading "Risks and Uncertainties" in Transeastern''s annual management discussion and analysis dated April 30, 2015, a copy of which is available on Transeastern''s SEDAR profile at . Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Transeastern expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Transeastern Power Trust
Ravi Sood
Chairman
+1 (647) 987-7663
Transeastern Power Trust
J. Colter Eadie
Chief Executive Officer
+40 736 372 724
Transeastern Power Trust
Mike Murphy
Chief Financial Officer
+1 (416) 625-5064
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Datum: 01.06.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 1362849
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