The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Malaga Sells Its Hydro Electric Power Plant

Tuesday, April 09, 2013

Malaga Sells Its Hydro Electric Power Plant

07:00 EDT Tuesday, April 09, 2013

MONTREAL, QUEBEC--(Marketwired - April 9, 2013) - Malaga Inc. ("MLG") (TSX:MLG) reports that it has reached an agreement to sell all of its shares in Hidroeléctrica Pelagatos S.A.C. ("Hidropesac") for cash proceeds of $650,000. Hidropesac owned and operated the 600kW hydro electric power plant. MLG has received a deposit of $325,000 and the balance will be received on closing which should occur within the coming weeks. All amounts are in US dollars unless otherwise indicated.

Finally Malaga cancelled its office operating lease in Canada reducing its operating lease commitments by $550,000.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2012 and dated March 28, 2013. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of tungsten, that the Pasto Bueno property is a technical viable and economic operation and that the Corporation can access financing. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Malaga Inc.
Pierre Monet
President & CEO
514 288-3224

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections