CALGARY, ALBERTA — (Marketwired) — 11/03/14 — Maxim Power Corp. (TSX: MXG) (“MAXIM” or the “Corporation”), as previously reported, has been responding to a FERC inquiry since the latter part of 2013 related to its offers to supply electricity in the ISO New England market. Throughout this process, MAXIM has continued to cooperate fully with FERC–s Office of Enforcement, including voluntarily making documents and witnesses available for examination. Although no formal proceedings or claims have been commenced or lodged against MAXIM, FERC today issued a Notice of Alleged Violations (“Notice”) concerning Enforcement Staff–s inquiry.
The Notice is not a determination by FERC that any violation has occurred and, to the knowledge of MAXIM, no such determination has been made. FERC–s regulations state that the “issuance of a Notice has no substantive legal effect, and does not conclusively or otherwise affect the rights of the subject. Issuance of a Notice is entirely separate and unrelated to any findings the Commission may or may not later make with regard to the investigation” (Enforcement of Statutes, Regulations and Orders, 134 FERC para 61,054 at P 11 (2011)).
The Notice was issued upon the direction of the Director of the Office of Enforcement and it reflects only the Enforcement Staff–s, and not FERC–s, assessment of what allegedly occurred (Enforcement of Statutes, Regulations and Orders, 129 FERC para 61,247 at P 1 (2009), reh–g denied, 134 FERC para 61,054 (2011)). MAXIM has not yet had any opportunity to take any formal discovery or otherwise defend itself concerning these alleged violations before FERC or in a Federal District Court.
Should the Notice culminate in the commencement of a formal proceeding, MAXIM intends to vigorously defend itself before FERC or a Federal District Court and is confident it can demonstrate that the conduct set forth in the Notice did not violate FERC–s anti-manipulation rule or any other rule.
About MAXIM
Based in Calgary, Alberta, MAXIM is an independent power producer which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 39 power plants in Alberta, the United States and France, having 777 MW of electric generating capacity. MAXIM trades on the TSX under the symbol “MXG”. For more information about MAXIM, visit our website at .
Statements in this release which describe MAXIM–s intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
Contacts:
Maxim Power Corp.
John R. Bobenic
President and CEO
(403) 750-9300
Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO
(403) 750-9311