Message #48 From:
Stock News Bot Date: March 26, 2008 09:59:32 AM
Calpine Initial Market Capitalization Value Determined
Calpine Corporation (NYSE:CPN) announced today that its “Emergence
Date Market Capitalization,” calculated
pursuant to its amended and restated certificate of incorporation, was
approximately $8.6 billion. If, prior to February 1, 2013, Calpine’s
Market Capitalization declines 35 percent from the Emergence Date Market
Capitalization and 25 percentage points of ownership change has occurred
(for the purposes of Section 382 of the Internal Revenue Code), Calpine’s
Board shall meet to determine whether to impose trading restrictions in
accordance with Article VII of the amended and restated certificate of
incorporation. The trading restrictions are designed to provide Calpine
with the ability to preserve its net operating losses for tax purposes.
If Calpine’s Board of Directors determines to
impose such trading restrictions, Calpine is required pursuant to the
amended and restated certificate of incorporation to promptly announce
the imposition and terms of such trading restrictions.
Calpine Corporation is helping meet the needs of an economy that demands
more and cleaner sources of electricity. Founded in 1984, Calpine is a
major U.S. power company, currently capable of delivering approximately
24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient
electricity to customers and communities in 18 states in the United
States. Calpine owns, leases, and operates low-carbon, natural
gas-fired, and renewable geothermal power plants. Using advanced
technologies, Calpine generates electricity in a reliable and
environmentally responsible manner for the customers and communities it
serves. Please visit http://www.calpine.com
for more information.
Forward-Looking Statement
In addition to historical information, this release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Words such as
"believe," "intend," "expect," "anticipate," "plan," "may," "will" and
similar expressions identify forward-looking statements. Such statements
include, among others, those concerning expected financial performance
and strategic and operational plans, as well as all assumptions,
expectations, predictions, intentions or beliefs about future events.
You are cautioned that any such forward-looking statements are not
guarantees of future performance and that a number of risks and
uncertainties could cause actual results to differ materially from those
anticipated in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: (i) Calpine’s
ability to implement its business plan; (ii) financial results that may
be volatile and may not reflect historical trends; (iii) seasonal
fluctuations ofresult and exposure to variations in weather
patterns; (iv) potential volatility in earnings associated with
fluctuations in prices for commodities such as natural gas and power;
(v) Calpine’s ability to manage liquidity
needs and comply with covenants related to the Exit Facilities and other
existing financing obligations; (vi) Calpine’s
ability to complete the implementation of its Plan of Reorganization and
the discharge of its chapter 11 cases, including successfully resolving
any remaining claims: (vii) disruptions in or limitations on the
transportation of natural gas and transmission of electricity; (viii)
the expiration or termination of power purchase agreements and the
related results on revenues; (ix) risks associated with the operation of
power plants including unscheduled outages; (x) factors that impact the
output of Calpine’sgeothermal
resources and generation facilities, including unusual or unexpected
steam field well and pipeline maintenance and variables associated with
the waste water injection projects that supply added water to the steam
reservoir; (xi) risks associated with power project development and
construction activities; (xii) our ability to attract, retain and
motivate key employees including filling certain significant positions
within Calpine’s management team; (xiii) our
ability to attract and retain customers and counterparties; (xiv)
competition; (xv) risks associated with marketing and selling power from
plants in the evolving energy markets; (xvi) present and possible future
claims, litigation and enforcement actions; (xvii) effects of the
application of laws or regulations, including changes in laws or
regulations or the interpretation thereof; and (xviii) other risks
identified from time-to-time in Calpine's reports and registration
statements filed with the Securities and Exchange Commission, including,
without limitation, the risk factors identified in its Annual Report on
Form 10-K for the year ended December 31, 2007. Actual results or
developments may differ materially from the expectations expressed or
implied in the forward-looking statements and Calpine undertakes no
obligation to update any such statements. Unless specified otherwise,
all information set forth in this release is as of today's date.
