Press release from Marketwire
Just Energy Board of Directors Responds to Article
Tuesday, June 04, 2013
Just Energy Board of Directors Responds to Article07:00 EDT Tuesday, June 04, 2013
TORONTO, ONTARIO--(Marketwired - June 4, 2013) - The Board of Directors of Just Energy Group Inc. (TSX:JE)(NYSE:JE), a competitive retailer of electricity and natural gas, today responded to an article published in the June 2013 edition of Report on Business magazine. In the article, ROB Magazine was critical of the business of our Company and its prospects.
The Board of Just Energy is compelled to respond in that most of the financial information quoted within the article on Just Energy is inaccurate, incomplete, and, in several cases, information has been selectively used in what can only be construed as an attempt to mislead readers. A detailed response addressing these numerous items can be found on the Company website at www.justenergygroup.com. The authors freely used information supplied by admitted "short sellers" of the stock and representatives of "research" houses who similarly have been active in promoting short sales. Much of this information is proved inaccurate through a simple reading of the Company's Annual Report and other filings.
In particular, the main source for the article, Al Rosen of Accountability Research Corporation (who has been actively promoting the short sale of Just Energy shares), has recently had his research work commented on by the Ontario Superior Court. In his 2012 ruling in Western Coal, Mr. Rosen's reports were singled out by Mr. Justice George Strathy who stated that they contain "exaggerated, inflammatory and pejorative comments". Justice Strathy concluded that he "has no confidence in [the report's] reliability." He further accused Mr. Rosen of exceeding "the bounds of his expertise", and that Mr. Rosen's assertions were "frequently based on suspicion and innuendo" or were "pure speculation." On the central point of the case, he finishes with this - "This is another example of Rosen's inclination to find a boogie man under every bed. When light is actually shone on the subject, it disappears." That is a Justice of the Ontario Superior Court opinion on the credibility of Mr. Rosen's reports.
Mr. Rosen and his "research" firm ARC have written numerous reports on Just Energy in the last seven years. During this period, to our knowledge, neither Mr. Rosen nor any members of his firm have ever met with or had any discussion with members of Just Energy management nor have they visited any Company facility. Given that this would be considered the most basic of due diligence by a professional research analyst, the Board urges caution in any reliance on Mr. Rosen's views.
About Just Energy Group Inc.
Established in 1997, Just Energy is primarily a competitive retailer of electricity and natural gas. With offices located across the United States, Canada and the United Kingdom, Just Energy serves close to 2 million residential, commercial and home services customers (4.46 million RCEs) through a wide range of energy programs and home comfort services, including fixed-price or price-protected energy program contracts, the rental of water heaters, furnaces and air conditioners and the installation of solar panels. The Company's JustGreen®products provide consumers with the ability to help them reduce the environmental impact of their everyday energy use. Just Energy is the parent to Amigo Energy, Commerce Energy, Hudson Energy, Hudson Energy Solar, National Home Services, Momentis, Tara Energy and Terra Grain Fuels.
Just Energy's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, dividends, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy's operations, financial results or dividend levels are included in Just Energy's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com, on the U.S. Securities Exchange Commission's website at www.sec.gov or through Just Energy's website at www.justenergygroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein.Contact Information:
Just Energy Group Inc.
Ms. Beth Summers, C.A.
Chief Financial Officer