TORONTO, May 4, 2020 /PRNewswire/ - Polaris Infrastructure
Inc. (TSX: PIF) ("Polaris Infrastructure" or the "Company"), a
Toronto-based company engaged in
the operation, acquisition and development of renewable energy
projects in Latin America, today
announced that, as a result of its leadership's continued focus on
protecting the health and safety of its employees and other delays
caused by the COVID-19 pandemic, it is relying on the temporary
blanket relief granted by the Ontario Securities Commission in
Ontario Instrument 51-502 – Temporary Exemption from Certain
Corporate Finance Requirements (and similar exemptions
provided by the other Canadian securities regulators) to postpone
the filing of the following continuous disclosure documents
(collectively, the "Documents") due on May 15, 2020, pursuant to National Instrument
51-102 – Continuous Disclosure Obligations: (i) the
Company's unaudited interim condensed consolidated
financial statements for the quarter ended March 31, 2020; and (ii) the associated
management's discussion & analysis. The Company expects to file
the Documents on or about Wednesday May
20th following close of Markets and on
Thursday May 21st, 2020
the Company will hold an earnings call Further details
regarding the earnings call will be provided on the Company's
website.
During the quarter ended March 31,
2020, the Company announced that two of its run-of-river
hydro projects in Peru, 8 de
Agosto and El Carmen, achieved their respective commercial
operation dates and received official extensions of their
respective power purchase agreements. There are no other
material business developments to report since December 31, 2019.
Until the Company has filed the Documents, the Company's
officers, directors and other insiders remain in a trading blackout
pursuant to the Company's insider trading policy, which reflects
the principles in section 9 of National Policy 11-207
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions
Cautionary Statements
This news release contains certain "forward-looking information"
which may include, but is not limited to, statements with respect
to future events or future performance of the Company. Such
forward-looking information reflects management's current beliefs
and is based on information currently available to management.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "predicts",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. A number of known and
unknown risks, uncertainties and other factors may cause the actual
results or performance to materially differ from any future results
or performance expressed or implied by the forward-looking
information. Such factors include, among others, the impact of the
COVID-19 pandemic, general business, economic, competitive,
political and social uncertainties; the actual results of current
geothermal energy production, development and/or exploration
activities and the accuracy of probability simulations prepared to
predict prospective geothermal resources; changes in project
parameters as plans continue to be refined; possible variations of
production rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labor disputes and other risks
of the geothermal industry; political instability or insurrection
or war; labor force availability and turnover; delays in obtaining
governmental approvals or in the completion of development or
construction activities, or in the commencement of operations; the
ability of the Company to continue as a going concern and general
economic conditions, as well as those factors discussed in the
section entitled "Risk Factors" in the Company's Annual Information
Form dated March 5, 2020 which is
available on www.SEDAR.com. These factors should be considered
carefully, and readers of this news release should not place undue
reliance on forward-looking information. Although the
forward-looking information contained in this news release is based
upon what management believes to be reasonable assumptions, there
can be no assurance that such forward-looking information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. The information in this news release,
including such forward-looking information, is made as of the date
of this news release and, other than as required by applicable
securities laws, Polaris Infrastructure assumes no obligation to
update or revise such information to reflect new events or
circumstances.
About Polaris Infrastructure
Polaris Infrastructure is a Toronto-based company engaged in the
operation, acquisition and development of renewable energy projects
in Latin America. Currently, the Company operates a 72MW
geothermal project located in Nicaragua and three hydroelectric facilities
in Peru, with approximately 20 MW
average (net), 8 MW average (net), and 5 MW average (net) capacity
of run-of-river facilities.
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SOURCE Polaris Infrastructure Inc.