Brascan to Acquire Additional Hydroelectric Assets in Brazil.TORONTO -- Brascan Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) .LV.A)(NYSE NYSE See: New York Stock Exchange :BNN), through its subsidiary Brascan Energetica signed an agreement to acquire six hydroelectric power plants with a combined installed capacity of 76 MW, from Companhia de Forca e Luz Cataguazes Leopoldina (CFLCL) in Brazil for R$250.2 million, equivalent to approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $115 million. The six facilities will be operated by Brascan Energetica. All power generated by these facilities is under long-term contract with CFLCL with an average term exceeding 20 years. "The addition of these six facilities to our existing portfolio of five facilities in Brazil will provide a solid platform for continued growth of our power operations in this country," said Harry Goldgut, Co-Chair and Chief Executive Officer of Brascan Power. The transaction is expected to close by February 28, 2005, conditional to approvals by the regulatory authority and lenders. Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $19 billion and a further $7 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . This includes 70 premier office properties and 120 power generating plants. The company is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols BNN and BNN.LV.A respectively. For more information, please visit our web site at www.brascancorp.com Note: This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and other risks detailed from time to time in the companies' Annual Reports and Brascan's 40-F filed with the Securities and Exchange Commission. The companies undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Brascan Corporation (TSX:BNN.LV.A) (NYSE:BNN) |
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