Crius Issues Statement Regarding Announcement by JCP
March 27, 2018 - 8:00 AM EDT
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Crius Issues Statement Regarding Announcement by JCP
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, March 27, 2018 (GLOBE NEWSWIRE) -- Crius Energy Trust (TSX:KWH.UN) (the "Trust", "Crius" or the "Company") today confirms it has received the announcement by JCP Investment Management, LLC regarding its intention to nominate its hand-picked nominees to the Board of Directors of Crius Energy Administrator Inc. (the "Board"), the administrator of the Trust, at the Trust's upcoming 2018 Annual and Special Meeting of Unitholders.
While the announcement contains a number of inaccuracies, the Board is reviewing the announcement and will respond in due course. Unitholders are not required to take any action at this time.
Despite the unnecessary time and money that JCP's action will require, the Board remains focused on continuing to deliver on its plan to maximize value for all unitholders.
Advisors
Laurel Hill is acting as proxy advisor and Bennett Jones LLP is acting as legal advisor to Crius.
About Crius Energy Trust
With over 1.4 million residential customer equivalents, the Company provides innovative electricity, natural gas and solar products to residential and commercial customers through exclusive partnerships, direct-to-consumer, digital, and broker marketing channels. Our unique brands offer consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility. Company growth is achieved organically with customers acquired through our diversified marketing channels and through accretive acquisitions in the deregulated energy and solar industries, where there is a significant opportunity to participate in the consolidation of market participants. The Company currently sells energy products in 19 states and the District of Columbia with plans to continue expanding its geographic reach. The Company is well-positioned to deliver capital appreciation and stable distributions to investors.
The Trust intends to continue to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to Crius may be found on SEDAR under the Trust's issuer profile at www.sedar.com or on the Trust's website at www.criusenergytrust.ca.
For further information, please contact:
Michael Fallquist Chief Executive Officer, Crius Energy Trust (203) 663-7545
Roop Bhullar Chief Financial Officer, Crius Energy Trust (203) 883-9900
Kelly Castledine Investor Relations, Crius Energy Trust (416) 644-1753
Source: Crius Energy Trust
Source: GlobeNewswire
(March 27, 2018 - 8:00 AM EDT)
