/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
SERVICES/
TORONTO, Feb. 11, 2013 /CNW/ - Crius Energy Trust ("Crius Energy" or the "Trust") (TSX:KWH.UN) announced that Crius Energy, LLC (the "Company"), through its wholly-owned subsidiary FairPoint Energy LLC, has
entered into an agreement with PNE Energy Supply LLC to acquire a
portfolio consisting of approximately 8,500 residential and small
commercial customer accounts in New Hampshire (the "NH Acquisition"). FairPoint Energy is currently licenced to sell and market
electricity in New Hampshire. The NH Acquisition closed on February 6,
2013. The Trust indirectly owns a 26.8% ownership interest in the
Company.
Commenting on the NH Acquisition, Chief Executive Officer Michael
Fallquist stated "this transaction represents an excellent opportunity
to acquire customer accounts in a highly attractive market at accretive
valuations. This acquisition demonstrates our ability to execute on our
growth initiatives through opportunistic acquisitions and going forward
we expect to see a strong pipeline of M&A activity in the retail energy
industry."
This press release contains statements that are forward looking.
Investors should read the section Forward-Looking Statements at the end
of this news release. In this news release, references to "Crius
Energy" or the "Trust" include the Trust and its operating
subsidiaries.
About Crius Energy
Crius Energy has been established to provide investors with a stable and
consistent distribution-producing investment through the acquisition of
an ownership interest in the Company by an indirect wholly-owned
subsidiary of Crius Energy. The Company is one of the largest
independent energy retailers operating in the United States, with more
than 500,000 residential customer equivalents. The Company serves residential and small to medium-size commercial
customers in the United States and markets its products through a
variety of sales channels and brand names. The Company currently sells
electricity in 11 states and the District of Columbia and natural gas
in five states.
Crius Energy is 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). Material information pertaining
to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
About FairPoint Energy
FairPoint Energy, LLC is a subsidiary of the Crius Energy, LLC, a
competitive energy provider that is unaffiliated with FairPoint
Communications or its subsidiaries. FairPoint Energy is a local
provider of affordable, retail energy that offers 100% green energy
options to customers in Maine and New Hampshire. FairPoint Energy was
created through a strategic relationship between Crius Energy, LLC and
FairPoint Communications and uses the FairPoint Energy name under a
license agreement with FairPoint Communications, Inc. FairPoint
EnergySM is a service mark of FairPoint Communications, registration
pending.
Forward-Looking Statements
This news release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of Crius Energy, including, without limitation,
those listed under "Risk Factors" and "Forward-Looking Statements" in
Crius Energy's final prospectus (collectively, "forward-looking
information"). Forward-looking information in this news release
includes, but is not limited to, Crius Energy's objectives and status
as a mutual fund trust and not a SIFT trust, results of operations,
financial position or cash flows, customer revenues and margins,
customer additions and renewals, customer attrition, customer
consumption levels, general and administrative expenses, treatment
under governmental regulatory regimes, distributable cash and Crius
Energy's expectations and estimates regarding the payment of
distributions to unitholders. Crius Energy cautions investors of Crius
Energy's securities about important factors that could cause Crius
Energy's actual results to differ materially from those projected in
any forward-looking statements included in this news release. Any
statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or performance
are not historical facts and may be forward-looking and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that the
expectations set out in this news release will prove to be correct and
accordingly, prospective investors should not place undue reliance on
these forward-looking statements. These statements speak only as of the
date of this news release and Crius Energy does not assume any
obligation to update or revise them to reflect new events or
circumstances.
SOURCE: Crius Energy Trust
