Tricap Announces Launch of Hammerstone Corporation and Appointment of Its President
03 April 2009 - 3:00PM
Marketwired
Tricap Partners II LP ("Tricap"), part of the Brookfield Asset
Management Inc. (TSX: BAM.A)(NYSE: BAM)(EURONEXT: BAMA) group of
companies, is pleased to announce that its newly established
subsidiary, Hammerstone Corporation ("Hammerstone" or the
"Company"), has successfully purchased the assets of Birch Mountain
Resources Ltd. from PricewaterhouseCoopers Inc. as Interim
Receiver.
Hammerstone's assets include approximately 1 billion tonnes of
limestone reserves within the Athabasca oil sands of Alberta to the
north of Fort McMurray. These reserves are located in the existing
Muskeg Valley Quarry and related "Hammerstone Project" which
collectively encompass over 50 years of production life within its
3,600 acres. The Hammerstone Project, which is subject to
regulatory approval, contemplates expanded quarry operations
together with lime and cement plants. The Company also acquired
permits and leases for limestone and other minerals covering over
700,000 additional acres in the surrounding region.
Tricap is also pleased to announce that Terry Owen has been
appointed President of Hammerstone. Prior to joining the Company,
Mr. Owen was the President of Trimac Transportation Services Inc.,
the leading provider of bulk trucking and logistics services in
North America.
In commenting on the completion of the purchase Mr. Owen said:
"I am very pleased to be associated with Hammerstone and Brookfield
Asset Management. Brookfield has a long and successful history in
the mining industry and we are excited about the opportunity to
work together with Tricap in launching a new, well-capitalized
company and establishing ourselves as a leading supplier of high
quality crushed limestone products in Western Canada. The vast
limestone reserves acquired by Hammerstone are in the heart of the
oil sands area of Alberta where the long-term prospects for growth
remain very positive".
Mr. Owen also added: "Our new management team and dedicated
group of employees in place at our quarry look forward to working
with the First Nations communities and providing our 'Limestone
Advantage' products to our customers."
Brookfield Asset Management Inc., focused on property, power and
infrastructure assets, has approximately US$80 billion of assets
under management and is co-listed on the New York and Toronto Stock
Exchanges under the symbol BAM and BAM.A, respectively and on NYSE
Euronext under the symbol BAMA. For more information, please visit
the company's web site at www.brookfield.com.
Tricap was established by Brookfield Asset Management to provide
a source of patient, long-term capital and strategic assistance to
mid-market companies based in North America. With strong industry
and financial management expertise, Tricap is well positioned to
assist companies in building value over the long-term.
This press release contains forward-looking information and
other "forward-looking statements" within the meaning of certain
securities laws including Section 27A of the Securities Act of
1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended, the "safe harbour" provisions of the United
States Private Securities Litigation Reform Act of 1995 and in any
applicable Canadian securities regulations. The words "will" and
"expected" and other expressions which are predictions of or
indicate future events, trends or prospects and which do not relate
to historical matters identify forward-looking statements. Although
Tricap believes that the anticipated actions expressed or implied
by the forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors which may cause the actual outcome to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information. Factors that could cause actual results to differ
materially from those contemplated or implied by forward-looking
statements include: economic and financial conditions; the
behaviour of financial markets including fluctuations in interest
and exchange rates. We caution that the foregoing list of important
factors that may affect future results is not exhaustive. The
company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
Contacts: Hammerstone Corporation Terry Owen President (403)
297-1679 TerryOwen@hammerstonecorp.com
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