Manning REA Members Vote to Sell to ATCO Electric
03 Maggio 2012 - 6:09PM
Marketwired
At a special general meeting held on April 26, 2012 at the Ag Hall,
members of the Manning Rural Electrification Association (REA)
voted 93 per cent in favour of a motion to sell their electric
system assets to ATCO Electric, pending approval by the Alberta
Utilities Commission. As a result of the sale, each of the members
will receive just over $18,000. The vote followed an earlier
request to ATCO Electric from the REA Board of Directors to provide
a purchase proposal.
"The Manning REA has been serving our members for almost 60
years; however, with the increasing complexity of the electric
utility industry and costs required to continue to upgrade our
system, the members felt it was appropriate for us to explore a
sale option," said Curt Fazikos, Chair of the Manning REA. "ATCO
Electric has over 80 years of experience in the electric utility
industry and is currently operating and maintaining our system, so
we thought it made sense for us to discuss the option of sale with
them. Despite efforts to remain competitive, our location and small
size was a big obstacle in maintaining value for our
membership."
"We are pleased with the outcome of the vote and believe that it
speaks to the confidence that the Manning REA membership has in
ATCO Electric's operations and customer service," said Barry Goy,
Vice President, Distribution Operations, ATCO Electric. "I would
like to recognize the REA Board and members for all of their hard
work and dedication, and would like to thank them for entrusting us
with their legacy."
A rural electrification association is a not-for-profit
cooperative that owns an electric distribution system and supplies
electric energy to members in a rural region of Alberta.
ATCO Electric provides safe, reliable delivery of electricity to
nearly 213,000 customers in 245 communities across Alberta and is
part of the ATCO Group of Companies. ATCO Group, with more than
8,800 employees and assets of approximately $13 billion, delivers
service excellence and innovative business solutions worldwide with
leading companies engaged in structures & logistics
(manufacturing, logistics and noise abatement), utilities
(pipelines, natural gas and electricity transmission and
distribution), energy (power generation, natural gas gathering,
processing, storage and liquids extraction) and technologies
(business systems solutions). More information can be found at
www.atco.com.
Forward-Looking Information:
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forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "plan", "expect", "may", "will", "intend", "should",
and similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. The Corporation believes that the
expectations reflected in the forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
The Corporation's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of regulatory decisions, competitive factors in the industries in
which the Corporation operates, prevailing economic conditions, and
other factors, many of which are beyond the control of the
Corporation.
The forward-looking statements contained in this news release
represent the Corporation's expectations as of the date hereof, and
are subject to change after such date. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
regulations.
Contacts: ATCO Electric Corporate Communications 780-288-7621
(24 hours) www.atco.com Contacts: Manning REA Curt Fazikos Chair
780-836-0055
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