Maxim Power Corporation provides an update on the intact fire incident in Canadian business journal M2.

CALGARY, Alberta, OCTOBER 5, 2022 (GLOBE NEWSWIRE) — Maxim Power Corporation (“Maxim” or “Corporation”) (TSX: MXG) announces the latest release of an undamaged fire incident at Milner 2 (“M2”). provide information. ) occurred on September 30, 2022.

As previously reported, a fire incident occurred at the M2 facility on September 30, 2022. After a preliminary assessment, MAXIM reports that the damage was contained in the air inlet filter house of his M2 power plant. Maxim confirms that no one was injured in connection with the fire. The accident did not damage the M2 gas turbine, generator, heat recovery steam generator, balance of plant and associated auxiliary systems. Fire damage currently prevents the implementation of hot commissioning activities related to the expansion of M2’s combined cycle gas turbines, preventing M2 from operating as a simple cycle facility.

Subject to ongoing condition assessment, work will begin as soon as possible to return the unit to service. At this time, MAXIM does not plan to generate electricity from the Milner site for the remainder of his 2022. The company is in the process of initiating insurance claims for damages and future lost earnings.

MAXIM will continue to provide updates as more information becomes available.

About Maxim

Based in Calgary, Alberta, MAXIM is one of Canada’s largest truly independent power generation companies. MAXIM is currently focused on power projects in Alberta. Its core asset, the 204 MW HR Milner Plant M2, located in Grande Cache, Alberta, is a state-of-the-art natural gas-fired power plant that was commissioned in Q2 2020. MAXIM now has approximately 300 MW of M2 capacity, while investments in heat recovery combined cycle technology will increase the efficiency of the plant. In addition, MAXIM continues to explore additional development options in Alberta, including currently licensed gas-fired and wind project permits. MAXIM is trading on his TSX under the symbol ‘MXG’. For more information on MAXIM, please visit his website at www.maximpowercorp.com. For more information, please contact:

Bob Emott, President and COO, (403) 263-3021

Kyle Mitton, CFO and Vice President of Corporate Development, (403) 263-3021

This press release contains forward-looking statements within the meaning of applicable securities laws relating to Maxim’s plans and its anticipated future operations, operational focus, objectives, strategy, financial and other aspects. and forward-looking information (collectively, “forward-looking information”). Operation performance and production performance. Forward-looking information is typically “expect,” “believe,” “forecast,” “expect,” “goal,” “plan,” “intend,” “could,” Use words like “deaf”, “could”, “could”. will” or similar words that suggest future results, events, or performances. Any forward-looking statements contained in this press release speak only as of the date of their release and are expressly qualified by this cautionary statement. Specifically, this press release includes, among other things, the timing of resuming simple cycle operations and repairs, the timing of hot commissioning activities and damage to the M2 facility, and the current forecast (and associated earnings) for MAXIM’s inability to generate electricity. its Milner business from and related claims of MAXIM.

Forward-looking information is based on our experience and Maxim’s perception of historical trends, current conditions, expected future developments, and other factors that Maxim believes are appropriate under the circumstances. Based on certain assumptions and analysis made by Maxim. These include, among others, the timing of the resumption of simple cycle operations and repairs, the timing of hot commissioning activities, MAXIM’s current assessment of damage to the M2 facility, and MAXIM’s current projections for power failure (and associated revenue). Contains assumptions. From Operation Milner.

MAXIM’s actual results, performance or achievements could differ materially from those expressed or implied by these forward-looking statements and, therefore, any of the events anticipated by the forward-looking statements. There is no guarantee that will occur or will occur. Or, if any of them do, what benefit will MAXIM derive from it? This includes Maxim’s continued inability to access or default on the credit facility and the inability of Maxim to repair it. the resumption of power generation (and related revenue-generating) activities on the timelines set forth herein; the unavailability of the labor, equipment, and materials necessary for MAXIM to make all necessary repairs; That the covered damage may not be covered by insurance. Readers should note that the above list of factors is not exhaustive. Additional information regarding these and other factors that may affect MAXIM’s business, operations or financial results is contained in reports filed with applicable securities regulators. It can be accessed through his MAXIM SEDAR profile at www.sedar.com. These forward-looking statements are made as of the date of this press release and Maxim does not make any forward-looking statements, whether as a result of new information, future events, results or otherwise, unless necessary. Disclaims any intent or obligation to publicly update any forward-looking statements. Subject to applicable securities laws.

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