OAKVILLE, ON, Feb. 6, 2020 /CNW/ - Spark Power Group Inc. (TSX:
SPG), ("Spark Power" or
the "Corporation"), today announced that its Board
of Directors (the "Board") has initiated a strategic review
process with a view to enhancing shareholder value. The
review will be conducted by a special committee (the "Special
Committee") comprised solely of independent directors of the
Board, consisting of Mr. Larry
Taylor (Chair), Mr. Lucio Di
Clemente and Mr. Joe
Quarin.
The Special Committee has been authorized to identify, evaluate
and consider a broad range of alternatives available to the
Company, focused on providing the necessary capital to execute on
the Company's strategic plan. In connection with the
strategic review process, KeyBanc Capital Markets has been
engaged as sole and exclusive financial advisor to the Special
Committee, Cassels Brock &
Blackwell LLP has been engaged as legal advisor to the Corporation
and Bennett Jones LLP has been engaged as legal advisor to the
Special Committee.
"As executives, major shareholders and members of the Board of
Directors of Spark Power, Andrew
Clark and I strongly support the formation of the
independent Special Committee, and respect its mandate," said
Co-CEO and Co-Founder Jason
Sparaga. "We are looking forward to exploring options
that are brought forward by the Special Committee and its financial
advisors at KeyBanc Capital Markets, to support the company's
continued growth and enhance shareholder value", he added.
The review has not been initiated in response to any proposal
received by the Company. The Corporation, with the assistance of
the Special Committee and its advisors, intends to complete the
review process in a timely fashion, however, there is no assurance
that these efforts will be successful or that the review process
will result in pursuing or completing any transaction and no
timetable has been set for the completion of the review process.
The Corporation will update the market when it determines that
further disclosure on the review process is appropriate or
required.
About Spark Power
Spark Power is the leading independent provider of end-to-end
electrical contracting, operations and maintenance services, and
energy sustainability solutions to the industrial, commercial,
utility, and renewable asset markets in North America. We work to earn the right to be
our customers' Trusted Partner in Power™. Our highly skilled and
dedicated people, located in the communities we serve, combined
with our knowledge of the power industry, technology expertise, and
commitment to safety, ensures we deliver the right solutions that
keep our customers' operations up and running today and better
equipped for tomorrow. Learn more at
www.sparkpowercorp.com.
Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements (within the meaning of applicable
securities laws) which reflect Spark Power's current expectations
regarding future events. Forward-looking information and
forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "could", "estimate" and other similar expressions.
These statements are based on Spark Power's expectations, and
include, without limitation, statements regarding the strategic
review process, the timing therefore and the outcome
thereof.
The forward-looking information and forward-looking
statements in this news release is not a guarantee of future
performance and involve risks and uncertainties that are difficult
to control or predict. Several factors could cause actual results
to differ materially from the results discussed in the
forward-looking information and forward-looking
statements. Readers, therefore, should not place undue
reliance on any such forward-looking information and
forward-looking statements. By their very nature,
forward-looking information and forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that results will not be achieved or that assumptions
do not reflect future experience. Readers are cautioned not to
place undue reliance on the forward-looking information and
forward-looking statements as a number of important risk factors
and future events could cause the actual outcomes to differ
materially from plans, objectives, expectations, and intentions
expressed in such forward-looking information and forward-looking
statements. All of the forward-looking information and
forward-looking statements made in this press release are qualified
by these cautionary statements, the forward-looking
information and forward-looking statements are made as of
the date of this news release and, except as expressly required by
applicable law, Spark Power assumes no obligation to publicly
update or revise any forward-looking information or
forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Spark Power Group Inc.