Press release from CNW Group
Crius Energy Brands Expand Offerings, Add Markets
Wednesday, July 10, 2013
Crius Energy Brands Expand Offerings, Add Markets17:00 EDT Wednesday, July 10, 2013
- Viridian Energy Offers Natural Gas in DC, VA and MD for the First Time -
- Public Power Expanding Throughout Pennsylvania -
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, July 10, 2013 /CNW/ - Crius Energy Trust (TSX: KWH.UN) ("Crius Energy" or the "Trust"), is pleased to announce that two members of Crius Energy's family of brands marked significant expansions of service and reach this month.
Viridian Energy customers can now choose to receive natural gas in select markets in Maryland, Virginia and the District of Columbia. This is in addition to Viridian's affordable, green electricity offering in Maryland and DC. The natural gas offering is Viridian's first foray into Virginia.
At the same time, Public Power is expanding its electricity presence throughout Pennsylvania with agreements to serve in three new utility service areas. This expansion represents a significant opportunity for Public Power as nearly two-thirds of Pennsylvania's six million electricity customers don't currently have an independent energy supplier, according to the Pennsylvania Public Utility Commission.
"This expansion marks a continuation of Crius Energy's ambitious plan for growth in 2013, which began with the acquisition of a book of customers from PNE Energy Supply earlier this year," said Michael Fallquist, CEO of Crius Energy. "The company will continue to increase market share by executing its multi-pronged growth strategy that includes rolling out Crius brand energy products in new markets, extending the reach of Crius brands in markets where it currently operates, cross-selling electricity and gas to both new and existing customers, and exploring opportunities for accretive acquisitions."
About Crius Energy Trust
Crius Energy Trust has been established to provide investors with a stable and consistent distribution-producing investment through the acquisition of a 26.8% ownership interest in Crius Energy LLC (the "Company"). The Company is one of the largest independent energy retailers operating in the United States, with approximately 580,000 residential customer equivalents.The Company serves residential and small to medium-size commercial customers in the United States and markets its products through a variety of sales channels and brand names. The Company currently sells electricity in 11 states and the District of Columbia and natural gas in seven states and the District of Columbia.
Crius Energy Trust intends 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 Energy may be found on www.sedar.com or www.criusenergytrust.ca.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Crius Energy, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Crius Energy's Annual Information Form dated March 28, 2013 (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Crius Energy's objectives and status as a mutual fund trust and not a SIFT trust, results of operations, financial position or cash flows, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, treatment under governmental regulatory regimes, distributable cash and Crius Energy's expectations and estimates regarding the payment of distributions to unitholders. Crius Energy cautions investors of Crius Energy's securities about important factors that could cause Crius Energy's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in this news release will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this news release and Crius Energy does not assume any obligation to update or revise them to reflect new events or circumstances.
SOURCE: Crius Energy Trust
For further information:
Chief Executive Officer
Chief Financial Officer
(416) 815-0700 ext. 233