NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, July 17, 2018 (GLOBE NEWSWIRE) -- Crius Energy Trust ("Crius Energy" or the "Trust") (TSX:KWH.UN) is issuing this news release in light of unusual trading activity related to the trust units of Crius Energy ("Units") on the Toronto Stock Exchange.
While the Trust does not normally comment on market activity, Crius Energy confirms that it is not aware of any undisclosed material change in the business, operations or affairs of Crius Energy that would account for the recent increase in trading activity, and related decrease in trading price, of the Units on the Toronto Stock Exchange.
"The recent decline in our Unit price does not reflect the underlying fundamentals of the business and we are confident that our strategy to focus on our deregulated energy business will maximize long-term investor value," commented Michael Fallquist, Chief Executive Officer of Crius Energy. "We recently announced several important initiatives that we are confident will significantly enhance investor value which included conducting a strategic review of our solar business and increasing our cost reduction target to US$20 to US$25 million per year. We have made substantial progress to date and expect to announce positive developments and more information on both initiatives with our second quarter results in August."
About Crius Energy Trust
With approximately 1.4 million residential customer equivalents, the Trust provides innovative electricity, natural gas and solar products to residential and commercial customers through exclusive partnerships, direct-to-consumer, digital, and broker marketing channels. Our unique brands offer consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility. Company growth is achieved organically with customers acquired through our diversified marketing channels and through accretive acquisitions. The Trust currently sells energy products in 19 states and the District of Columbia with plans to continue expanding its geographic reach. The Trust is well-positioned to deliver capital appreciation and stable distributions to investors.
The Trust intends to continue to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to Crius Energy may be found on SEDAR under the Trust's issuer profile at www.sedar.com or on the Trust's website at www.criusenergytrust.ca.
For further information please contact:
Michael Fallquist
Chief Executive Officer
mfallquist@criusenergy.com
(203) 663-7545
Roop Bhullar
Chief Financial Officer
rbhullar@criusenergy.com
(203) 883-9900
Kelly Castledine
Investor Relations
kcastledine@criusenergy.com
(416) 644-1753
Source: Crius Energy Trust