TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) announces that the special committee comprised of certain independent directors of the administrator of the Trust (the “Committee”) struck to explore strategic alternatives for the Trust has been disbanded. The formation of the Committee was first announced by the Trust on May 15, 2020. Further, the Trust announces that it has terminated the mandate of the Trust’s financial advisor BAC IP EAD (BAC Securities) to support the evaluation of potential alternatives.
J. Colter Eadie, Chief Executive Officer of Jade Power commented, “We thank the Committee members for their work during the tenure of the Committee’s mandate. As noted from our Q2 2020 financial results, the Trust has been achieving record energy generation and profit levels, our operations continue to perform to expectations and our balance sheet continues to strengthen. With the completion of the strategic review, management can now further focus on seeking growth and acquisition opportunities that are accretive to the Trust’s unitholders.”
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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