Maine International Trade Center Honors Brascan Corporation with
Foreign Investor of the Year Award
TORONTO, June 9 /PRNewswire-FirstCall/ -- The Maine International Trade Center
today announced that Brascan Corporation (NYSE:BNNNYSE:TSX:NYSE:BNN.A) will
receive the 2004 Foreign Investor of the Year Award. Maine Governor John
Baldacci will present the award during Maine International Trade Day, June 10,
at a 5:30 p.m. ceremony, Portland Marriott-Sable Oaks.
The Foreign Investor of the Year Award was created to recognize foreign owned
companies that have made a strategic decision to invest in Maine by either
opening a plant or enhancing their existing operations.
"We are very proud to congratulate Brascan Corporation on this achievement,"
said Richard Coyle, president of the Maine International Trade Center. "I can
think of no other foreign investment in this state that has had such a dramatic
impact in the past year as Brascan's purchase of the Great Northern mills and
woodlands in Millinocket. It demonstrates Brascan's belief in the Maine
workforces and business environment. We believe their decisions will serve as
an excellent example for other foreign companies to similarly invest in Maine." "We are very humbled by this great honor," said Richard Legault, president and
chief operating officer of Brascan Power Corporation, who will be accepting the
award. "Our guiding principles of investment include acquiring assets on a
value basis, attracting and retaining high-caliber, local people for the long
haul, and building relationships based on honesty and integrity. Maine is a
perfect fit for us." Highlights of Brascan's investments in Maine include: - January 2002--Acquisition of six hydroelectric generating facilities
in Maine from Great Northern Paper Company for US $160 million. Now
operated by Brascan's Great Lakes Hydro America operation.
- April 2003--Purchase of Great Northern Paper Company and its woodlands
for approximately US $100 million. Now operated by Brascan affiliates
Katahdin Paper Company, LLC, and Katahdin Timberlands, LLC, this
acquisition represented an excellent opportunity to expand Brascan's
market presence in the Northeast; leverage its operating and financial
expertise to return the company to financial stability; meet the needs
of the region; and provide strong returns for respective shareholders.
- May 2003--Expansion of transmission capacity for Brascan's northern
Maine power operations, a US $17-million project. Constructed by Great
Lakes Hydro America, this project expanded transmission capability,
fueled the area's economy, and strengthened the flexibility,
reliability of energy for the region's industrial base.
- Recently Approved--A US $14-million overhaul of Brascan's 18-megawatt
Weldon Generating Facility, on the Penobscot River, south of
Millinocket. Two Maine-based engineering firms and one Maine general
contractor are involved with construction scheduled to begin this
summer and completed in 2005.
- June 2004 Completion--A US $0.8-million rebuild of Abol Bridge by
Katahdin Forest Management, LLC (Owned by Katahdin Timberlands, LLC).
As a responsible corporate citizen, Brascan strongly supports various civic and
non-profit organizations and community activities in the Katahdin Region
including an annual $25,000 contribution to the Millinocket Area Growth and
Investment Council and a $50,000 corporate gift to the United Way of Eastern
Maine earmarked to benefit the people of the region. Both financial commitments
are shared and supported by active, local leadership provided by Great Lakes
Hydro America. Great Lakes Hydro America also supports the Annual Wooden Canoe
Festival in Millinocket, the Bangor YMCA, and a children's reading program
sponsored by the Millinocket Memorial Library, among other charitable
initiatives.
During the summer of 2002, Brascan made a major investment in Maine's outdoor
heritage, granting the state of Maine a renewable conservation easement on
2,365 acres of land and 80 miles of shorefront on four lakes and ponds in
Piscataquis County in northern Maine.
Other examples of Brascan's environmental commitment in Maine include
monitoring and maintaining a 2,300-acre wildlife management area, stocking
brook trout for anglers, deploying floating nest platforms for loons,
monitoring and maintaining a 1,600-acre wetland area, operating and maintaining
an artificially-created spawning and nursery habitat area for salmon and brook
trout, and operating and monitoring upstream and downstream fishways for
Atlantic salmon.
Brascan's long-term commitment to sustainable hydroelectric power is evident in
Maine. Brascan intends to invest US $92 million in hydro facility upgrades over
the next 20 years, recognizing hydropower as a diverse, clean, renewable
energy.
"To be chosen as Foreign Investor of the Year by the Maine International Trade
Center-an organization that demonstrates the leadership it takes to create
positive, sustainable economic growth and development-is among the highest
honors we have received," said Legault.
(x) (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) Maine International Trade Center is a dues-based membership organization, with
offices in Portland, Lewiston and Bangor, providing international trade
development assistance to Maine businesses through individual counseling, an
ongoing educational seminar series, and coordinated trade missions. For more
information, visit their website at http://www.mitc.com/ .
Brascan Corporation is an asset management company. With a focus on real estate
and power generation, the company has direct investments of $17 billion and a
further $7 billion of assets under management. These include 55 premier office
properties and upon completion of the recently announced acquisition of a
portfolio of New York assets, a total of 120 power generating plants. The
company is listed on the New York and Toronto stock exchanges under the symbol
BNN and BNN.a, respectively. DATASOURCE: BRASCAN CORPORATION CONTACT: Richard Legault, President and Chief Operating Officer, Brascan Power Corporation, (819) 561-8677, ; please visit our web site at http://www.brascancorp.com/
|