TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) — Simply Power Group Inc. (TSX:JE; NYSE:JE) (“Simply Power” or the “Firm”), a retail vitality supplier specializing in electrical energy and pure fuel commodities, renewable vitality choices and carbon offsets, introduced right now that it’ll miss its submitting deadline of February 16, 2021 to file its unaudited interim condensed consolidated monetary statements for the three and 9 months ended December 31, 2020 (the “Interim Monetary Statements”), its administration dialogue and evaluation on the Interim Monetary Statements, and the CEO and CFO certificates in respect of the Interim Monetary Statements (collectively, the “Reporting Paperwork”) as required by relevant Canadian securities legal guidelines.
The acute chilly temperatures all through the State of Texas commencing on or about February 13, 2021, persevering with by the previous few days and forecast to proceed all through the upcoming week, have prompted will increase in energy demand and rolling blackouts (the “Climate Occasion”). The elevated demand and rolling blackouts ensuing from the Climate Occasion has prompted the Firm to need to steadiness energy provide at very excessive clearing costs by the Electrical Reliability Council of Texas (ERCOT), the impartial system operator which manages the stream of electrical energy to many of the State. The impression of the Climate Occasion could end in a constructive or destructive monetary impression to the Firm, which could possibly be substantial. Administration is at present assessing the impression of the Climate Occasion on the Firm, and can’t finalize the Reporting Paperwork till its evaluate and understanding of the Climate Occasion and its impression on the Firm’s monetary situation will be moderately estimated. On account of the foregoing, the Firm won’t be able to file the Reporting Paperwork on or earlier than the deadline for such filings of February 16, 2021. As well as, because of the uncertainty, the Firm is withdrawing its beforehand offered steering for Base EBITDA and unlevered free money stream for Fiscal 2021 as a result of the Climate Occasion could end in a constructive or destructive monetary impression to the Firm.
The Firm has filed an utility with the Ontario Securities Fee, its principal regulator, for a administration stop commerce order, in accordance with Nationwide Coverage 12-203 – Administration Stop Commerce Orders (“NP 12-203”). If permitted, this utility would give the Firm additional time of as much as one month after February 16, 2021 to file the Reporting Paperwork. There will be no certainty {that a} administration stop commerce order shall be granted. The relevant regulatory authorities could as a substitute decide to subject a full stop commerce order in opposition to the Firm. The Firm intends to file the Reporting Paperwork on or about February 22, 2021 following the anticipated completion of the Climate Occasion.
The Firm has established a blackout on buying and selling of the Firm’s securities by administrators and officers, and intends to proceed the blackout till such time because the Reporting Paperwork have been filed.
The Firm confirms that it intends to fulfill the provisions of the choice info tips present in Part 9 and 10 of NP 12-203 for as long as it’s delayed in submitting the Reporting Paperwork.
ABOUT JUST ENERGY
Simply Power is a retail vitality supplier specializing in electrical energy and pure fuel commodities and bringing vitality environment friendly options and renewable vitality choices to prospects. At present working in the USA and Canada, Simply Power serves residential and business prospects. Simply Power is the dad or mum firm of Amigo Power, Filter Group Inc., Hudson Power, Interactive Power Group, Tara Power, and terrapass. Go to https://traders.justenergy.com/ to study extra.
FORWARD-LOOKING STATEMENTS
This press launch could include forward-looking statements, together with with respect to the length and monetary impression of the Climate Occasion and the timing by which the Firm will file the Reporting Paperwork. These statements are based mostly on present expectations that contain a number of dangers and uncertainties which may trigger precise outcomes to vary from these anticipated. These dangers embody, however aren’t restricted to, dangers with respect to the impression of the Climate Occasion within the State of Texas commencing on or about February 13, 2021; the impression of the evolving COVID-19 pandemic on the Firm’s enterprise, operations and gross sales; reliance on suppliers; uncertainties regarding the final word unfold, severity and length of COVID-19 and associated adversarial results on the economies and monetary markets of nations during which the Firm operates; the flexibility of the Firm to efficiently implement its enterprise continuity plans with respect to the COVID-19 pandemic; the Firm’s potential to entry adequate capital to offer liquidity to handle its money stream necessities; common financial, enterprise and market circumstances; the flexibility of administration to execute its marketing strategy; ranges of buyer pure fuel and electrical energy consumption; excessive climate circumstances; charges of buyer additions and renewals; buyer credit score threat; charges of buyer attrition; fluctuations in pure fuel and electrical energy costs; curiosity and change charges; actions taken by governmental authorities together with vitality advertising regulation; will increase in taxes and modifications in authorities laws and incentive packages; modifications in regulatory regimes; outcomes of litigation and choices by regulatory authorities; competitors; dependence on sure suppliers. Further info on these and different components that might have an effect on Simply Power’s operations or monetary outcomes are included in Simply Power’s annual info type and different experiences on file with Canadian securities regulatory authorities which will be accessed by the SEDAR web site at www.sedar.com on the U.S. Securities and Change Fee’s web site at www.sec.gov or by Simply Power’s web site at www.justenergygroup.com.
Neither the Toronto Inventory Change nor the New York Inventory Change has permitted nor disapproved of the knowledge contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Michael Carter
Chief Monetary Officer
Simply Power
mcarter@justenergy.com
or
Buyers
Michael Cummings
Alpha IR
Telephone: (617) 982-0475
JE@alpha-ir.com
Media
Boyd Erman
Longview Communications
Telephone: 416-523-5885
berman@longviewcomms.ca
Supply: Simply Power Group Inc
