TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) today announces that is has completed the sale of its Vistea (Suha) hydro project.
As provided in the Trust’s public filings, Suha ceased operations in the second quarter of 2018 and has been classified as a discontinued operation for the purposes of the Trust’s financial statements. The purchase price for the sale is an amount equal to 20% of the annual free cash, if any, generated by the hydro project for a period of five years.
Mr. J. Colter Eadie, Chief Executive Officer of Jade Power, commented: “We are pleased to have disposed of the Suha hydro project as it has been a money losing operation and a cash and management drain for almost two years. The savings will be better utilized in the Trust’s ongoing operations and allows us to better focus management time on positive cash flow and revenue generating assets with long-term upside.”
For further information please contact:
| Ravi Sood Chairman +1 647-987-7663 rsood@jadepower.com | J. Colter Eadie Chief Executive Officer +40 736-372-724 jceadie@jadepower.com | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
About Jade Power
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 solar and hydro 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 Jade Power’s issuer profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2019, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. 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, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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