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MOU Signed With Canadian Imperial Venture Corp.
HALIFAX, Nova Scotia, June 26, 2001, (TSE:EMA): Emera Inc. has signed a Memorandum of Understanding with Canadian Imperial Venture Corp. to determine the feasibility of certain energy related projects in Newfoundland. Specifically the parties have agreed to collaborate in the assessment of businesses related to Canadian Imperial’s production activities in Western Newfoundland; energy industrial parks in Newfoundland; and the application of ship-based compressed natural gas transportation systems in Atlantic Canada.
“The development of natural gas is bringing many interesting opportunities to Atlantic Canada,” said Wayne Rousch, Senior Vice-President of Emera. “We are pleased to be working with a Newfoundland-based company to study the potential of projects in that region.”
About Emera Inc
Emera Inc. (TSE-EMA) is a diversified energy and services company, with 440,000 customers and $2.9 billion in assets. Its wholly-owned operating subsidiary, Nova Scotia Power Inc., is a regulated electric utility that supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries. The company has a 12.5 % interest in the Maritimes & Northeast Pipeline, which delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States, and an 8.4% interest in the Sable Offshore Energy Project (SOEP) offshore platforms and field gathering lines. Emera is in the process of gaining final regulatory approvals for the acquisition of all of the common shares of Bangor Hydro-Electric Company (NYSE:BGR), a regulated electric transmission and distribution business serving 110,000 customers in Maine. Bangor shareholders have approved the transaction.
About Canadian Imperial Venture Corp
Canadian Imperial Venture Corp. (CQV:CDNX) is an independent Newfoundland-based energy company with interests in petroleum exploration and production in Western Newfoundland, a natural gas-based industrial park in Argentia, Newfoundland and ship-based natural gas transportation.