CALGARY, Aug. 21 /CNW/ --
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CALGARY, Aug. 21 /CNW/ - EarthFirst Canada Inc. (EarthFirst) (TSX:EF, EF.WT) announced today that the Board of Directors has decided to commence a formal review of the Company's strategic alternatives in order to maximize shareholder value.
The Board of Directors has appointed a Special Committee of the Board to oversee the strategic review process. Blair Franklin Capital Partners Inc. of Toronto, Ontario, together with GMP Securities Ltd., are being engaged to provide independent strategic advice to the Special Committee and independent legal counsel has been retained to provide independent legal advice to the Special Committee.
EarthFirst is a leading Canadian developer of wind energy projects with a portfolio of over 2,500 MW of potential renewable generating capacity. This includes the Company's 144 MW Dokie I project in British Columbia which has commenced construction and is due to be completed in 2009. An additional 226 MW of fully permitted projects that are expected to be tendered into the recently announced BC Clean Power Call. Common Shares and Warrants of EarthFirst Canada Inc. are listed on the TSX under the symbol EF and EF.WT, respectively.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Specifically, some of the material risks include not being able to acquire required permits, delays in construction timing or turbine delivery and not being able to complete the financing for Dokie I Project. In providing such forward-looking information we have made various assumptions regarding, among other things, turbine availability, timing of the receipt of permits, interest rates, foreign currency exchange, projected construction costs, timeframes and the costs of and availability of skilled labour.
The forward-looking information contained in this news release represents the expectations of EarthFirst as of August 21, 2008 and, accordingly, is subject to change after such date. EarthFirst expressly disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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