Maxim Power Corp. Announces 2017 First Quarter Financial and Operating Results
Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX:MXG) announced today the release of financial and operating results for the first quarter ended March 31, 2017.
News Releases
Maxim Power Corp. Closes Sale of Maxim Power (USA), Inc. to Hull Street Energy
Maxim Power Corp. (“MAXIM”) (TSX:MXG) announced today that it has closed the sale of 100% of its ownership interest in its wholly-owned subsidiary Maxim Power (USA), Inc. (“MUSA”) to an affiliate of Hull Street Energy, LLC. The agreement to sell MUSA was previously announced on December 23, 2016. The implied enterprise value is approximately $106 million USD inclusive of working capital. Net proceeds to MAXIM after accounting for debt and transaction costs are approximately $84 million USD.
Maxim Power Corp. Announces 2016 Financial and Operating Results
During the fourth quarter of 2016, revenue decreased primarily as a result of the sale of COMAX closing on December 2, 2016. Adjusted EBITDA decreased primarily as a result of a prior year sale of SO2 environmental credits in the Canadian segment, which did not recur in 2016, and an increase in costs related to strategic alternatives in 2016 in addition to the lower revenues.
Maxim Power Corp. Announces the Voting Results of the Special Meeting of Shareholders held on February 6, 2017
Maxim Power Corp. (TSX:MXG) (“MAXIM” or the “Corporation”) announced today it received the approval of its shareholders for the previously announced sale (the “Transaction”) by MAXIM of its wholly-owned subsidiary, Maxim Power (USA), Inc., to an affiliate of Hull Street Energy, LLC (the “Purchaser”).
Maxim Power Corp. Enters Agreement to Sell Maxim Power (USA), Inc. to Hull Street Energy
Maxim Power Corp. (TSX:MXG) (“MAXIM” or the “Corporation”) announced today that it has entered into an agreement (the “Agreement”) to sell 100% of its ownership interest in its wholly-owned subsidiary Maxim Power (USA), Inc. (“MUSA”) to an affiliate of Hull Street Energy, LLC, (“Hull Street Energy”) for an implied enterprise value of $106 million USD inclusive of anticipated working capital. Net proceeds to MAXIM after accounting for debt and transaction costs are anticipated to be $84 million USD (the “Transaction”).
Maxim Power Corp. Closes Sale of Comax France S.A.S.
Maxim Power Corp. (TSX:MXG) (“MAXIM”) announced today that it has closed the sale of 100% of its ownership interest in Comax France S.A.S. and its parent, Maxim Power Europe B.V. (collectively “COMAX”), to Vine Luxembourg SARL (“Vine”), an affiliate of Basalt Infrastructure Partners LP.
Maxim Power Corp. Announces 2016 Third Quarter Financial and Operating Results
Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX:MXG) announced today the release of financial and operating results for the third quarter ended September 30, 2016.
Maxim Power Corp. Enters Into Settlement Agreement With the Federal Energy Regulatory Commission
Maxim Power Corp. (TSX:MXG) (“MAXIM” or the “Corporation”), announced today that the Federal Energy Regulatory Commission (“FERC”) issued an order approving a Stipulation and Consent Agreement (“Settlement Agreement”) that resolves and closes all matters alleged in the Staff Notice of Alleged Violations issued in November of 2014.
Maxim Power Corp. Enters Agreement to Sell Comax France S.A.S.
Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX:MXG) announced today that it has entered into an agreement to sell 100% of its ownership interest in Comax France S.A.S. (“COMAX”) and its parent, Maxim Power Europe B.V., to Vine Luxembourg SARL, an affiliate of Basalt Infrastructure Partners LP, for EUR47 million including the assumption of EUR23 million of net debt resulting in sales proceeds of approximately EUR24 million, EUR6 million of which is contingent on certain future events.
Maxim Power Corp. Announces 2016 Second Quarter Financial and Operating Results
Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX:MXG) announced today the release of financial and operating results for the second quarter ended June 30, 2016.