ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Aug. 1, 2007) -
Fortis Properties Corporation, a wholly owned subsidiary of Fortis Inc. (TSX:FTS), announced today that it has completed the purchase of the Delta Regina in Regina, Saskatchewan from Remai Investment Corporation for a purchase price of $49.95 million.
The acquisition expands the hospitality operations of Fortis Properties by 274 rooms. The complex is comprised of the four-star Delta Regina hotel, the Saskatchewan Trade and Convention Centre, 52,000 square feet of Class A commercial office space and a parking garage.
With the addition of this hotel, Fortis Properties owns and operates 19 hotels, representing over 3,500 rooms, in 8 Canadian provinces; 2.8 million square feet of office and retail space primarily in Atlantic Canada; and 12 hydroelectric generating plants in Newfoundland and Ontario, Canada and upstate New York, USA. Fortis Properties employs more than 1,700 people. Visit www.fortisproperties.com for additional information about Fortis Properties.
Fortis Inc., the largest investor-owned distribution utility in Canada, serves almost two million gas and electric customers and has approximately $10 billion of assets. Its regulated holdings include a natural gas utility in British Columbia and electric utilities in five Canadian provinces and three Caribbean countries. Fortis Inc. owns non-regulated hydroelectric generation assets across Canada and in Belize and upper New York State. It also owns hotels and commercial real estate in Canada. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com or www.sedar.com.
Fortis Inc. may include forward-looking statements in this release which reflect management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" and similar expressions have been used to identify the forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to the Corporation's management. By their very nature, forward-looking statements are based on underlying factors or assumptions which are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, regulation, the integration of Terasen Gas, energy prices, general economic conditions, weather and seasonality, natural gas distribution operating risks, natural gas supply, derivatives and hedging, capital resources, loss of service area, licences and permits, environment, insurance, labour relations, human resources and liquidity risk. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities including those factors described under the heading "Business Risk Management" in the Management Discussion and Analysis for the year ended December 31, 2006 and in the Management Discussion and Analysis for the three months ended March 31, 2007. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Inquiries
Fortis Inc.
Barry V. Perry
Vice-President, Finance and Chief Financial Officer
709-737-2822
Fortis Properties Corporation
Neal J. Jackman
Vice-President, Finance and Chief Financial Officer
709-737-2800
Media Inquiries
Fortis Properties Corporation
Gail Tucker
Manager, Corporate Communications
709-737-2927
