Just Energy Announces Closing of the Acquisition of its Shares of ecobee Inc.
December 01 2021 - 5:00PM
Just Energy Group Inc. (“
Just Energy” or the
“
Company”) (TSXV:JE; OTC:JENGQ), a retail energy
provider specializing in electricity and natural gas commodities
and bringing energy efficient solutions, carbon offsets and
renewable energy options to customers, announced today that Generac
Holdings Inc. (“
Generac”) has closed its
acquisition of ecobee Inc. (“
ecobee”), including
all of the ecobee shares held by Just Energy. Terms of the
acquisition were first announced November 1, 2021.
On closing, the Company received approximately
CAD $15 million in cash and 80,281 common shares of Generac (NYSE:
GNRC).
For further information regarding the
acquisition of ecobee by Generac, please see Generac’s press
release at http://investors.generac.com/news-releases.
As previously reported, FTI Consulting Canada
Inc. (the “Monitor”) is overseeing the proceedings
of Just Energy under the CCAA as the court-appointed Monitor.
Further information regarding the CCAA proceedings is available at
the Monitor’s website
at http://cfcanada.fticonsulting.com/justenergy. Information
regarding the CCAA proceedings can also be obtained by calling the
Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by email
at justenergy@fticonsulting.com.
About Just Energy Group
Inc.
Just Energy is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions, carbon offsets and renewable
energy options to customers. Currently operating in the United
States and Canada, Just Energy serves residential and commercial
customers. Just Energy is the parent company of Amigo Energy,
Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy,
and terrapass. Visit https://investors.justenergy.com to learn
more.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements, including with respect to the value of the
consideration received for the Company’s shares of ecobee. These
statements are based on current expectations that involve several
risks and uncertainties which could cause actual results to differ
from those anticipated. These risks include, but are not limited
to, risks with respect to: the ability of the Company to sell the
Generac shares and the price received for the sale of such shares;
the ability of the Company to continue as a going concern; the
outcome of proceedings under the CCAA proceedings and similar
legislation in the United States; the outcome of any potential
litigation with respect to the February 2021 extreme weather event
in Texas (the “Weather Event”), the final amount
received by the Company with respect to the financing mechanisms to
recover certain costs incurred during the Weather Event, the
outcome of any invoice dispute with the Electric Reliability
Council of Texas; the Company’s discussions with key stakeholders
regarding the CCAA proceedings and the outcome thereof; the impact
of the evolving COVID-19 pandemic on the Company’s business,
operations and sales; 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 Company’s ability to access
sufficient capital to provide liquidity to manage its cash flow
requirements; general economic, business and market conditions; the
ability of management to execute its business plan; levels of
customer natural gas and electricity consumption; extreme weather
conditions; rates of customer additions and renewals; customer
credit risk; rates of customer attrition; fluctuations in natural
gas and electricity prices; interest and exchange rates; actions
taken by governmental authorities including energy marketing
regulation; increases in taxes and changes in government
regulations and incentive programs; 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 or financial results 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 on the U.S.
Securities and Exchange Commission’s website at www.sec.gov or
through Just Energy’s website at
https://investors.justenergy.com/.
Any forward-looking statement made by Just
Energy in this press release speaks only as of the date on which it
is made. Just Energy undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FOR FURTHER INFORMATION PLEASE
CONTACT: InvestorsMichael
CummingsAlpha IRPhone: (617) 982-0475 JE@alpha-ir.com
MonitorFTI Consulting
Inc.Phone: 416-649-8127 or
1-844-669-6340justenergy@fticonsulting.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group
Inc.
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