PowerComm Forms New Joint Venture
EDMONTON, June 19 – PowerComm Inc. (PCG:TSX) today announced that it has entered into a joint venture agreement with Tron Power Inc. The new entity will be called PowerComm-Tron Electric Joint Venture.
Tron Power Inc. an English River First Nation Company, is based in Saskatoon, Saskatchewan and supplies civil, mechanical, and electrical services to industry across northern Saskatchewan. “It has a proven track record of partnering successfully” said Wayne Rutherford, PowerComm’s President and CEO, “we are very pleased to be able to partner with Tron to expedite our expansion into the province of Saskatchewan.” he continued. Tron Power Inc. will own 51% of the entity while PowerComm will own 49%. The majority position of Tron Power allows the joint venture to qualify as Aboriginal content when supplying products and services to its customers.
The structure of the joint venture allows it to bid as an Aboriginal company for projects in the rapidly expanding resource industries of Saskatchewan. There has already been a project identified and mobilization is expected to commence in the near future. The agreement will allow the pursuit of other opportunities in western Canada. “We are very excited about the future potential this new joint venture offers our companies”, Mr. Rutherford concluded.
Mr. Al Riddell, Tron Power’s Senior Vice President stated “while Tron Power has concentrated its efforts in Northern Saskatchewan, the new joint venture offers opportunities with other First Nations in western Canada. The opportunities are endless for an Aboriginal based company working with an established company such as PowerComm.”
Reader Advisory
The news release contains certain forward-looking statements, including management’s assessment of future plans and operations and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond PowerComm Inc.’s control. Such risks and uncertainties include, without limitation, risks associated with the Corporation’s ability to market successfully to current and new customers; supply and demand for PowerComm Inc.’s services and products and industry activity levels; capital expenditure programs; projections of commodity prices and costs; the Corporation’s ability to obtain material and equipment from suppliers; operating risk liability; expansion of services and products by internal growth or acquisition; the Corporation’s ability to obtain additional financing on satisfactory terms; the impact of general economic and industry conditions; changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced; competitive conditions; the lack of availability of qualified personnel or management; fluctuations in foreign exchange or interest rates, stock market volatility; and obtaining required approvals of regulatory authorities. PowerComm Inc.’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that PowerComm Inc. will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to PowerComm Inc. or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release and PowerComm Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
For further information: Wayne Rutherford or Jim Snowdon at PowerComm Inc., (780) 465-7038, or Al Riddell at Tron Power Inc., (306) 652-4989. Further information can be viewed at www.powercomm.ca or www.tronpower.com
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