ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Aug. 3, 2007) - Newfoundland Power Inc. (TSX:FTS) has declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:
1. a dividend of $0.1375 per share on the issued and outstanding 5 1/2 % Cumulative Redeemable First Preference Share Series A of the Company for the quarter ending October 31st, 2007, be and it is hereby declared payable November 1st, 2007 to the Series A First Preference Shareholders of Record at the close of business October 12th, 2007;
2. a dividend of $0.13125 per share on the issued and outstanding 5 1/4 % Cumulative Redeemable First Preference Share Series B of the Company for the quarter ending October 31st, 2007, be and it is hereby declared payable November 1st, 2007 to the Series B First Preference Shareholders of Record at the close of business October 12th, 2007;
3. a dividend of $0.18125 per share on the issued and outstanding 7 1/4 % Cumulative Redeemable First Preference Share Series D of the Company for the quarter ending November 30th, 2007, be and it is hereby declared payable December 1st, 2007 to the Series D First Preference Shareholders of Record at the close of business November 16th, 2007; and,
4. a dividend of $0.19 per share on the issued and outstanding 7.60% Cumulative Redeemable First Preference Share Series G of the Company for the quarter ending September 30th, 2007, be and it is hereby declared payable October 1st, 2007 to the Series G First Preference Shareholders of Record at the close of business September 14th, 2007.
5. the dividends hereby declared payable be and are hereby designated as eligible dividends within the meaning of s.89(1) of the Income Tax Act (Canada).
With a customer base of over 230,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability in the most cost-efficient manner possible. All the common shares of Newfoundland Power are owned by Fortis Inc., the largest investor-owned distribution utility in Canada, which 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. For more information on Newfoundland Power's programs and services, visit www.newfoundlandpower.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Ms. Jocelyn Perry
Vice President, Finance & Chief Financial Officer
Office: 709-737-2812
709-737-5300 (FAX)
