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Abstract
MAXIM (TSX:MXG) is pleased to announce that COMAX France S.A.S., the Corporation's wholly-owned French subsidiary, has entered into an agreement for the acquisition of six cogeneration plants in France, for a total consideration of Cdn$29.2 million (EUR 19.1 million). The total purchase consideration includes Cdn$20.5 million (EUR 12.1 million) in cash plus the assumption of Cdn$9.3 million (EUR 6.1 million) in capital leases. The total capacity of the plants is 36.9 MW electrical and 27.2 MW Thermal. This acquisition, which is expected to close on February 6, 2007, is subject to the satisfaction of certain conditions precedent. Under the purchase agreement, MAXIM is entitled to the benefits of the 2006/07 cogen season, which commenced November 1, 2006 and concludes on March 31, 2007. It is anticipated that this acquisition will result in additional EBITDA of Cdn$5.5 - $6.0 million on an annual basis. Upon closing, MAXIM's generation portfolio in France will grow to 18 power plants with a total of 113.7 MW electric and 65.2 MW thermal installed generating capacity.