OAKVILLE, ON – February 6, 2020 – Spark Power Group Inc. (TSX: SPG), (“Spark Power” or the “Corporation”), today announced that its Board of Directors (the “Board”) has initiated a strategic review process with a view to enhancing shareholder value. The review will be conducted by a special committee (the “Special Committee”) comprised solely of independent directors of the Board, consisting of Mr. Larry Taylor (Chair), Mr. Lucio Di Clemente and Mr. Joe Quarin.
The Special Committee has been authorized to identify, evaluate and consider a broad range of alternatives available to the Company, focused on providing the necessary capital to execute on the Company’s strategic plan. In connection with the strategic review process, KeyBanc Capital Markets has been engaged as sole and exclusive financial advisor to the Special Committee, Cassels Brock & Blackwell LLP has been engaged as legal advisor to the Corporation and Bennett Jones LLP has been engaged as legal advisor to the Special Committee.
“As executives, major shareholders and members of the Board of Directors of Spark Power, Andrew Clark and I strongly support the formation of the independent Special Committee, and respect its mandate,” said Co-CEO and Co-Founder Jason Sparaga. “We are looking forward to exploring options that are brought forward by the Special Committee and its financial advisors at KeyBanc Capital Markets, to support the company’s continued growth and enhance shareholder value”, he added.
The review has not been initiated in response to any proposal received by the Company. The Corporation, with the assistance of the Special Committee and its advisors, intends to complete the review process in a timely fashion, however, there is no assurance that these efforts will be successful or that the review process will result in pursuing or completing any transaction and no timetable has been set for the completion of the review process. The Corporation will update the market when it determines that further disclosure on the review process is appropriate or required.
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 contains forward-looking information and forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power’s current expectations regarding future events. Forward-looking information and forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “could”, “estimate” and other similar expressions. These statements are based on Spark Power’s expectations, and include, without limitation, statements regarding the strategic review process, the timing therefore and the outcome thereof.
The forward-looking information and forward-looking statements in this news release is not a guarantee 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 information and forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking information and forward-looking statements. By their very nature, forward-looking information and forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that results will not be achieved or that assumptions do not reflect future experience. Readers are cautioned not to place undue reliance on the forward-looking information and forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from plans, objectives, expectations, and intentions expressed in such forward-looking information and forward-looking statements. All of the forward-looking information and forward-looking statements made in this press release are qualified by these cautionary statements, the forward-looking information and 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 information or forward-looking statements, whether as a result of new information, future events or otherwise.
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