Just Energy Announces Sale of Japanese Business
April 13 2020 - 5:00PM
Just Energy Group Inc. (“
Just Energy” or the
“
Company”) today announced that it has sold all of
the shares of Just Energy Japan KK (“
Just Energy
Japan”) to Astmax Trading, Inc. The purchase price
was nominal, as the business was still in its start-up phase with
more liabilities than assets and had fewer than 1,000 customers.
“The sale of Just Energy Japan further
exemplifies the Company’s commitment and focus to optimize the
organization and concentrate on its North American operations,”
said Scott Gahn, President and Chief Executive Officer of Just
Energy. “The sale eliminates ongoing funding requirements for
the Japanese business, as we continue to focus on our business
continuity plans during these unprecedented times and on the health
and safety of our employees, customers and communities.”
About Just Energy Group Inc.
Just Energy is a consumer company focused
on essential needs, including electricity and natural gas health
and well-being, such as water quality and filtration devices; and
utility conservation, bringing energy efficient solutions and
renewable energy options to consumers. Currently operating
in the United States and Canada, Just
Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, EdgePower
Inc., Filter Group Inc., Hudson Energy, Interactive
Energy Group, Tara Energy, and TerraPass.
Visit https://investors.justenergy.com to learn more.
Also, find us on Facebook and follow us
on Twitter.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements including, but not limited to, statements and
information regarding the impact of COVID-19 pandemic on the
Company’s business and the ability of the Company to optimize its
organization. These statements are based on current expectations
that involve a number of risks and uncertainties which could cause
actual results to differ from those anticipated, and the Company
undertakes no obligation to update or revise any forward-looking
statement. These risks include, but are not limited to, the impact
of the evolving COVID-19 pandemic on the Company’s business and
sales including risks associated with reliance on suppliers,
uncertainties relating to the ultimate spread, severity and
duration of COVID-19 and related adverse effects on the economies
and financial markets of countries in which the Company operates,
the ability of the Company to successfully implement its business
continuity plans with respect to the COVID-19 pandemic, the ability
of the Company to extend its credit facility, the results of
strategic review process, the ability of the Company to reduce
selling, marketing and general and administrative expenses and the
quantum of such reductions and the impact thereof on the Company’s
current fiscal year, the Company’s ability to identify
further opportunities to improve its cost structure, general
economic and market conditions, levels of customer natural gas and
electricity consumption, rates of customer additions and renewals,
rates of customer attrition, fluctuations in natural gas and
electricity prices, changes in regulatory regimes, results of
litigation and decisions by regulatory authorities, competition and
dependence on certain suppliers. Additional information on these
and other factors that could affect Just Energy’s operations,
financial results or dividend levels are included in Just Energy’s
annual information form and other reports on file with Canadian
securities regulatory authorities which can be accessed
through the SEDAR website at www.sedar.com and
the U.S. Securities and Exchange Commission’s website
at www.sec.gov or through Just Energy’s website
at www.justenergygroup.com.
Neither the Toronto Stock Exchange nor
the New York Stock Exchange has approved nor disapproved
of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jim Brown Chief Financial Officer Just Energy Phone:
713-544-8191 jbrown@justenergy.com
or
Investors Michael Cummings Alpha IR Phone:
617-982-0475 michael.cummings@alpha-ir.com
Media Boyd Erman Longview Communications Phone:
416-523-5885 berman@longviewcomms.ca
Source: Just Energy Group Inc.
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