Catamount Energy Announces the Sale of its Interest in a U.K. Power Plant.Business Editors/Energy Editors RUTLAND, Vt.--(BUSINESS WIRE)--Nov. 8, 2002 Catamount catamount: see puma. Energy Corporation (Catamount) announced today that it has completed the sale of its 50-percent interest in the Heartlands power plant, located in the United Kingdom, to its partner in the facility, Rolls-Royce Power Ventures. "This was a good investment for Catamount," noted Bruce Peacock peacock or peafowl, large bird of the genus Pavo, in the pheasant family, native to E Asia. There are two main species, the common (Pavo cristatus), and the Javanese (P. , a managing director of Catamount. "The proceeds will be used to reduce Catamount's outstanding corporate debt and to continue to focus on our wind business going forward." "In line with our previously announced direction, this transaction allows us to continue to rebalance our portfolio toward wind and at the same time reduces our debt levels," added Joseph Cofelice, president of Catamount. "We have been very transparent in our accounting and at the same time we want to conservatively finance the business, so the sale of Heartlands fits with our financial objectives as well as our strategic direction." Catamount, the independent subsidiary of Central Vermont Public Service (NYSE NYSE See: New York Stock Exchange : CV), has been in the business of providing clean, cost-competitive electricity in the U.S. and Europe for over 15 years. In response to opportunities in the renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. sector, Catamount has refocused its strategy toward becoming a developer, owner, and operator of wind energy projects. More information on Catamount Energy Corporation is available on the Internet at www.catenergy.com. This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in wind and other projects, acceptance of the Companies products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Companies undertake no obligation to update these statements for revision or changes after the date of this release. |
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