OAKVILLE, ONTARIO — August 4, 2020 — Spark Power Group Inc. (TSX: SPG), parent company of Spark Power Corp. (“Spark Power” or the “Company”), is pleased to announce that the Special Committee (“Special Committee”) of the Board of Directors (the “Board”) will resume the strategic review process effective August 4, 2020.
The Company initially announced the formation of the Special Committee and launched the strategic review process on February 4, 2020 to identify, evaluate, and consider alternatives available to the Company to acquire the capital required to execute the Company’s strategic plan. It was later paused on May 4, 2020, due to the COVID-19 pandemic crisis. Today, the Company formally announces the Special Committee has decided to restart this process. The Special Committee is comprised of Larry Taylor (Chair), Mr. Lucio Di Clemente, and Mr. Joe Quarin, all of whom are independent directors of the Board. There is currently no timeline for completion of the review and there is no assurance that these efforts will be successful or that the review process will result in pursuing or completing any transaction.
“Over the past month, Spark Power has continued to see both positive traction in the business and interest among investors,” said Larry Taylor, Chair of the Board and Chair of the Special Committee. “The Special Committee has decided that now is the right time to restart the strategic review process,” Taylor continued.
“I am proud of how well our team and Company have weathered this pandemic,” said Jason Sparaga, co-CEO, Spark Power Corp. “We believe that there are outstanding opportunities for further growth, both via acquisition and organically, and we are keen to find a partner that shares our vision,” added Sparaga.
About Spark Power
Spark Power is the leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers’ Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers’ operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. The forward-looking statements in this press release include the Special Committee’s intention to resume the strategic review process, statements regarding the Company’s opportunities for future growth, and other statements that are not historical fact.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Such factors include, among others: the ability of the Company to find a suitable strategic partner, potential buyer or participants for a financing; currency fluctuations; disruptions or changes in the credit or security markets; results of operations; and general developments, market and industry conditions. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Kim Samlall, Director, Marketing Communications
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Dan Ardila, Chief Financial Officer
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