Maxim Power Corp. Provides Update on Insurance Information
30 6월 2023 - 8:49AM
Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG)
provides an update on insurance information related to the
non-injury fire incident that occurred on September 30, 2022 (the
“Incident”) at the Milner 2 (“M2”) facility.
INSURANCE INFORMATION
UPDATE
As previously reported, MAXIM reaffirms
insurance coverage for the Incident, subject to the terms and
conditions of the Corporation’s Property Insurance (“PI”) policy,
including Business Interruption (“BI”) provisions. The Corporation
continues to successfully progress an insurance claim for property
damage and lost earnings under the PI policy. The PI policy
provides $200 million in total coverage, including BI. The PI
insurance coverage related to the property damage from the Incident
is subject to a customary deductible. The sub-limitations on the BI
provision of the PI policy include a 45-day deductible, a monthly
cap of $5.5 million gross margin (plus a monthly margin allowance
ranging from 10-15%), and a policy cap of $66 million total gross
margin. The Corporation is comfortable that the PI policy limit of
$200 million, less any coverage related to the BI provision, is
sufficient to cover the property damage related to the
Incident.
To date under the PI policy, MAXIM has submitted
claims for $66.4 million, of which $48.4 million relates to BI and
$18.0 million relates to property damage. To date, MAXIM has
received $40.2 million in payments from insurance companies in
relation to these claims. The Corporation continues to progress the
insurance claims for damages and future lost earnings.
As previously reported, MAXIM submitted an
additional insurance claim for a delay in start up related to the
Incident under its Course of Construction (“COC”) insurance policy,
which includes a provision for Delay in Start Up (“DSU”) coverage
relating to the Milner 2 Expansion project. The Corporation has
received a denial of coverage under this policy and is currently
evaluating its options in relation to this claim. The COC policy
continues to remain in effect during the construction and
commissioning of the Milner 2 Expansion project.
About MAXIM
Based in Calgary, Alberta, MAXIM is one of
Canada’s largest truly independent power producers. MAXIM is now
focused entirely on power projects in Alberta. Its core asset – the
204 MW H.R. Milner Plant, M2, in Grande Cache, AB – is a
state-of-the-art natural gas-fired power plant that commissioned in
Q2, 2020. MAXIM is currently increasing the capacity of M2 to
approximately 300 MW and concurrently will realize an improvement
in the efficiency of the plant by investing in heat recovery
combined cycle technology. In addition, MAXIM continues to explore
additional development options in Alberta including its currently
permitted gas-fired generation projects and the permitting of its
wind power generation project. MAXIM trades on the TSX under the
symbol “MXG”. For more information about MAXIM, visit our website
at www.maximpowercorp.com. For further information please
contact:
Bob Emmott, President and COO, (403)
263-3021
Kyle Mitton, CFO and Vice President, Corporate
Development, (403) 263-3021
Forward-looking statements
This press release contains forward-looking
statements and forward-looking information (collectively "forward
looking information") within the meaning of applicable securities
laws relating to MAXIM's plans and other aspects of MAXIM's
anticipated future operations, management focus, objectives,
strategies, financial, operating and production results.
Forward-looking information typically uses words such as
"anticipate", "believe", "project", "expect", "goal", "plan",
"intend", "may", "would", "could" or "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement. Specifically, this press release contains
forward-looking information concerning, among other things, MAXIM's
insurance claims related to the Incident at M2.
Forward-looking information is based on certain
assumptions and analysis made by MAXIM in light of our experience
and MAXIM’s perception of historical trends, current conditions,
expected future developments and other factors MAXIM believes
appropriate under the circumstances. These include, among other
things, assumptions regarding insurance coverage.
MAXIM's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance 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 that MAXIM will derive there from. Risk
factors include MAXIM’s coverage for damages and business
interruption. Readers are cautioned that the foregoing lists of
factors are not exhaustive. Additional information on these and
other factors that could affect MAXIM’s business, operations or
financial results are included in the reports on file with
applicable securities regulatory authorities, including but not
limited to MAXIM’s Annual Information Form for the year ended
December 31, 2022, which may be accessed on MAXIM’s SEDAR profile
at www.sedar.com. These forward-looking statements are made as of
the date of this press release and MAXIM disclaims any intent or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
Maxim Power (TSX:MXG)
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