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Press release from Marketwire

Manning REA Members Vote to Sell to ATCO Electric

Thursday, May 03, 2012

Manning REA Members Vote to Sell to ATCO Electric12:09 EDT Thursday, May 03, 2012MANNING, ALBERTA--(Marketwire - May 3, 2012) - At a special general meeting held on April 26, 2012 at the Ag Hall, members of the Manning Rural Electrification Association (REA) voted 93 per cent in favour of a motion to sell their electric system assets to ATCO Electric, pending approval by the Alberta Utilities Commission. As a result of the sale, each of the members will receive just over $18,000. The vote followed an earlier request to ATCO Electric from the REA Board of Directors to provide a purchase proposal. "The Manning REA has been serving our members for almost 60 years; however, with the increasing complexity of the electric utility industry and costs required to continue to upgrade our system, the members felt it was appropriate for us to explore a sale option," said Curt Fazikos, Chair of the Manning REA. "ATCO Electric has over 80 years of experience in the electric utility industry and is currently operating and maintaining our system, so we thought it made sense for us to discuss the option of sale with them. Despite efforts to remain competitive, our location and small size was a big obstacle in maintaining value for our membership." "We are pleased with the outcome of the vote and believe that it speaks to the confidence that the Manning REA membership has in ATCO Electric's operations and customer service," said Barry Goy, Vice President, Distribution Operations, ATCO Electric. "I would like to recognize the REA Board and members for all of their hard work and dedication, and would like to thank them for entrusting us with their legacy." A rural electrification association is a not-for-profit cooperative that owns an electric distribution system and supplies electric energy to members in a rural region of Alberta. ATCO Electric provides safe, reliable delivery of electricity to nearly 213,000 customers in 245 communities across Alberta and is part of the ATCO Group of Companies. ATCO Group, with more than 8,800 employees and assets of approximately $13 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in structures & logistics (manufacturing, logistics and noise abatement), utilities (pipelines, natural gas and electricity transmission and distribution), energy (power generation, natural gas gathering, processing, storage and liquids extraction) and technologies (business systems solutions). More information can be found at www.atco.com. Forward-Looking Information:Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation. The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.FOR FURTHER INFORMATION PLEASE CONTACT: Corporate CommunicationsATCO Electric780-288-7621 (24 hours)www.atco.comORCurt FazikosManning REAChair780-836-0055