Pristine Power Inc. today announced its financial results for the quarter ending September 30, 2008 and provided updates to its operations, construction activities and development initiatives.
Pristine has filed with Canadian securities regulatory authorities its unaudited financial statements and related Management's Discussion and Analysis for the three and nine months ended September 30, 2008.
"The Company has achieved several notable accomplishments during the quarter," commented Mr. Jeffry M. Myers, President and Chief Executive Officer. "During the third quarter, the Company began to operate its first power plant, the 5 MW waste heat recovery plant at Savona. In October, the second 5 MW plant at 150 Mile House commenced commercial operations. The commercialization of the first two projects is a significant milestone for Pristine and will begin to generate cash flows for the Company. Furthermore, these projects were on budget, and provide a base to replicate our success with waste heat recovery technology in other locations.
The Company's remaining project under construction, the East Windsor Cogeneration Centre, also continues to progress as expected, and based on the current status of the project, is expected to be on budget and to achieve commercial operation by mid 2009. The Company is pursuing an unprecedented number of new growth opportunities, including a bid to the Ontario Power Authority's Request for Proposals for approximately 350 MW of Peaking Generation in the Northern York Region, and expect to submit its qualifications to the Ontario Power Authority's Request for Qualifications for up to approximately 850 MW of Generation the Southwest Greater Toronto Area.
Pristine has also submitted its qualifications to SaskPower's Requests for Qualifications for 100 MW of peaking generation and will make another submission for up to 400 MW of base load power. In addition, later this month the Company intends to submit projects for development under BC Hydro's Clean Power Call, including the up to 600 MW Klinaklini run-of-river project and up to four 5 MW EnPower ERG projects.
Lastly, and perhaps most notably, despite the recent turbulent times in the financial markets, EnPower Green Energy Generation Limited Partnership, a partnership in which, prior to completion of the financing, the Company had a 50% interest, completed a ten year, $24.6 million non-recourse loan at a fixed rate of 6.65%.
Concurrent with the close of the financing and under the terms of the equity contribution agreement with CFI Infrastructure Opportunities LP, the Company's interest was reduced to 25% in exchange for $3.7 million cash. As a result, funds previously invested in this project have been repaid to the partners and the Company currently has over $40 million of cash available to fund operations and future development activities." -- www.cnxmarketlink.com
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