Financial information

Maxim Power Corp. announces the new filing of 2021 Second

CALGARY, Alberta, Sep 20, 2021 (GLOBE NEWSWIRE) – Maxim Power Corp. (“MAXIM” or the “Company”) (TSX: MXG) today announced the re-filing of the unaudited condensed consolidated interim note of June 30, 2021 financial statements and management report (“management report”). The re-filed financial statements and MD&A supersede and replace the original financial statements and MD&A previously filed on August 11, 2021 and will be available on SEDAR and on the MAXIM website on September 20, 2021. All figures shown herein are in Canadian dollars, unless otherwise indicated. declared.

The unaudited condensed consolidated interim financial statements and the management report as at June 30, 2021 have been prepared by management and reviewed by the auditors of MAXIM. They were re-filed to incorporate the convertible loan facility into diluted earnings per share. The results of this change are as follows:

Three months ended
June 30, 2021
Six months ended
June 30, 2021
(Amounts per share not audited)As reportedAmendedAs reportedAmended
Net earnings per share – diluted0.590.481.110.91

The foregoing change relates to a non-cash item and has no impact on the business or financial condition of the Company.

M2 CCGT PROJECT UPDATE

MAXIM is pleased to report that the Milner 2 (“M2”) Combined Cycle Gas Turbine (“CCGT”) expansion is progressing on schedule and on budget. Recent milestones include the completion of the pilings and the successful casting of the foundation for the heat recovery boiler. At this time, the Company continues to forecast an estimated project cost of $ 125 million before financing costs and expects the TGCC M2 expansion to begin commercial operation in December 2022.

DEERLAND DEVELOPMENT PROJECT

During the second quarter of 2021, MAXIM was denied an extension of Deerland’s 190 MW license by the Alberta Utilities Commission (“AUC”). After June 30, 2021, MAXIM appealed this AUC decision and the AUC dismissed the appeal. As a result, MAXIM elected to terminate the project and will write off the full value of assets under construction totaling $ 5 million that will be recognized in the third quarter of 2021.

About MAXIM

Based in Calgary, Alberta, MAXIM is one of the largest truly independent power producers in Canada. MAXIM is now fully focused on energy projects in Alberta. Its core asset – the 204 MW, M2 HR Milner plant in Grande Cache, Alta. – is a state-of-the-art natural gas-fired power plant that was commissioned in the second quarter of 2020. MAXIM is currently increasing the production capacity. capacity of M2 for around 300 MW and simultaneously achieve improved plant efficiency by investing in combined cycle heat recovery technology. In addition, MAXIM continues to explore other development options in Alberta, including its currently licensed gas-fired power generation projects and the authorization of its wind power generation project. MAXIM trades on the TSX under the symbol “MXG”. For more information about MAXIM, visit our website at www.maximpowercorp.com.

For more information, please contact:

Bob Emmott, President and Chief Operating Officer, (403) 263-3021

Kyle Mitton, Chief Financial Officer and Vice President, Corporate Development, (403) 263-3021

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to MAXIM’s plans and other aspects of MAXIM’s planned future operations, guidance direction, objectives, strategies, operating and production results. Forward-looking information typically uses words such as “anticipate”, “believe”, “plan”, “expect”, “objective”, “plan”, “intend”, “might”, “would” , “might” or “will” or similar words suggesting future results, events or performance. The forward-looking statements contained in this press release speak only as of the date and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking information regarding, among other things, the expected completion date of the CCGT M2 expansion, cost estimates and current estimates for the commencement of business operations for the expansion of CCGT M2 and MAXIM’s intention to recognize an impairment charge on its Deerland project.

A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document, including, but not limited to, accounting rules and standards; weather conditions, regulatory approvals, liquidity, interest rates, availability and cost of financing, labor and services (including costs), impact of increasing competition, that the costs to complete the expansion of TGCC M2 will be higher than expected, and the Company’s ability to access capital, including under its current credit facilities or otherwise. With regard to the forward-looking information contained in this document, the Company has made assumptions concerning, among others: the current accounting treatments with regard to Deerland; that MAXIM will have continued access to funding for the financing of the completion of the extension of the TGCC M2; the scope and design of the CCGT M2 expansion, that no change orders will be issued with respect to the CCGT M2 expansion, timely receipt of all regulatory approvals required for the expansion CCGT M2 and the ability of contractors for CCGT M2 expansion to secure qualified personnel, equipment and services in a timely and cost effective manner to achieve the expansion of CCGT M2 within the timeframe envisioned by its contracts governing them (including due to COVID-19 or otherwise).

Management has included the above forward-looking statements and a summary of the assumptions and risks associated with the forward-looking statements provided in this press release in order to provide readers with a more complete perspective on MAXIM’s future plans and operations and such information may not not be appropriate for other purposes.

MAXIM’s actual results, performance or achievements could differ materially from those expressed or implied by these forward-looking statements and, therefore, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur. , or if one of them does, what benefits will MAXIM derive from it. Readers are cautioned that the above lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and MAXIM disclaims any intention or obligation to publicly update the forward-looking statements, whether as a result of new information, future events or results or otherwise, otherwise. as required. by applicable securities laws.


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