July 18, 2008
Primary Energy Recycling Corporation Announces July Distribution
OAK BROOK, IL, July 18 /PRNewswire-FirstCall/ -- Primary Energy Recycling Corporation (TSX: PRI.UN) (the "Company") announced today that a cash distribution of Cdn$ 0.06667 per enhanced income security ("EIS") of the Company will be paid on August 29, 2008 to holders of record on July 31, 2008.
Each EIS consists of one common share (a "Common Share") and a subordinated note with par value of Cdn$ 2.50 which pays interest at a rate of 11.75% per annum (the "Subordinated Note"). The EISs trade on the Toronto Stock Exchange under the symbol PRI.UN. The total distribution of Cdn$ 0.06667 per EIS reflects a cash distribution of Cdn$ 0.04219 per Common Share and an interest payment of Cdn$ 0.02448 per Subordinated Note for the period from July 1 to July 31, 2008.
The Company owns a majority interest in Primary Energy Recycling Holdings LLC ("Primary Energy"). Primary Energy, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50% interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8 MMlbs/hour. Primary Energy creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for its customers' use. For more information, please visit us at http://www.primaryenergyrecycling.com/.
Primary Energy Recycling Corporation
CONTACT: V. Michael Alverson, Chief Financial Officer, Primary Energy,(630) 371-0639, [email protected]