Atlantic Power Announces Cash Distribution Increase.BOSTON -- Atlantic Power Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. .UN) ("Atlantic Power") - announced today that it will increase its annual distribution to shareholders by Cdn$ 0.03 per share commencing with the September 2005 distribution. "We are very pleased to announce this increase in annual cash distributions, the first since our initial public offering in November 2004," commented Barry Welch, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The increase is primarily due to our accretive acquisition Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. of an interest in the Chambers power facility, demonstrating the ongoing execution of our strategy to support and grow distributions over time." Atlantic Power also announced today that it had completed the previously announced acquisition by Atlantic Power Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Holdings") of Epsilon Power Partners, LLC ("Epsilon"). Epsilon owns a 40% equity interest in Chambers in chambers adj. referring to discussions or hearings held in the judge's office, called his chambers. It is also called "in camera." (See: in camera) Cogeneration LP ("Chambers"), the owner and operator of a net 262 MW pulverized pul·ver·ize v. pul·ver·ized, pul·ver·iz·ing, pul·ver·iz·es v.tr. 1. To pound, crush, or grind to a powder or dust. 2. To demolish. v.intr. coal-fired cogeneration facility located at E.I. DuPont de Nemours & Company's Chambers Works complex in southwestern New Jersey. The equity purchase price was approximately US $62.75 million and was funded by cash and a draw on Holdings' revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. Epsilon has approximately $43 million of debt outstanding that is non-recourse to Holdings, making the total purchase price approximately $105.75 million. About Atlantic Power Atlantic Power Corporation owns interests in a diversified portfolio of 16 power generation projects located primarily in major markets in the United States. Atlantic Power's objectives are to sustain and grow its cash distributions over the long term by enhancing the performance of its existing assets and by making accretive acquisitions. When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forward-looking statements, which include statements relating to pending and proposed projects. Such statements are subject to certain risks, uncertainties and assumptions pertaining to operating performance, regulatory parameters, weather and economic conditions and, in the case of pending and proposed projects, risks relating to design and construction, regulatory processes, obtaining financing and performance of other parties, including partners, contractors and suppliers. Atlantic Power Management (TSX:ATP.UN) |
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