Maxim Power reports fire incident at Milner 2, The Canadian Business Journal

CALGARY, Alberta, Oct. 2, 2022 (GLOBE NEWSWIRE)—Maxim Power Corporation (“Maxim” or “Corporation”) (TSX: MXG) is responding to a fire at its 204 MW Milner 2 (“M2”) facility. did. Near Grande Cache, Alberta.

On the afternoon of September 30, 2022, a fire broke out at the M2 facility. An ambulance was dispatched and quickly extinguished the fire. MAXIM has made the safety of its employees, community and first responders a top priority and reports that all personnel involved in the incident are safe. Appropriate authorities have been notified and an investigation into the cause of the fire and extent of damage is currently underway. MAXIM is also considering insurance claims for damages and future lost earnings.

As previously reported, the M2 facility has been offline since early September due to cold commissioning activities related to M2’s combined cycle gas turbine (“CCGT”) expansion. As a result of this incident, MAXIM expects the timing and commercial operation date of his CCGT expansion hot commissioning activity of M2 to be affected. The damage could significantly delay the commissioning and operation of the M2’s CCGT extension. MAXIM currently has no futures financial or physical power positions in Alberta and its futures financial natural gas long positions will not extend beyond the current month. Further information will be provided as it 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 contains forward-looking information regarding the timing of hot commissioning activities, commercial operation dates for M2’s CCGT expansion, and insurance claims and damages to the M2 facility, including the CCGT expansion.

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 hot commissioning activities, M2’s commercial operation date for his CCGT expansion, and assumptions regarding insurance claims and damages to M2 facilities containing the CCGT expansion.

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 MAXIM will derive from it. and whether it will deliver the expected benefits, as well as the cost and availability of labor, equipment and materials. 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 MAXIM’s 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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