Fortis Provides Update on Arizona Corporation Commission Approval Process Regarding UNS Energy Corporation Acquisition Application
Fortis Inc. (TSX:FTS) ("Fortis" or the "Corporation") announced that the Arizona Corporation Commission (the "ACC") has issued a procedural order adopting the schedule to be followed in connection with the joint application filed by Fortis and UNS Energy Corporation ("UNS Energy") (NYSE:UNS) on January 10, 2014 requesting that the ACC approve the proposed acquisition in which UNS Energy would become an indirect wholly owned subsidiary of Fortis.
On January 24, 2014, UNS Energy and Fortis filed testimony with the ACC in support of the application. On January 28, 2014, the ACC administrative law judge ("ALJ") assigned to this matter issued a procedural order adopting the following schedule:
- ACC Staff / Intervenor Testimony - April 22, 2014
- Settlement Discussions Begin - April 28, 2014
- Settlement Agreement Filed - May 12, 2014
- Testimony in Support of/Opposition to Settlement Agreement - May 30, 2014
- Settlement Agreement Responsive Testimony - June 13, 2014
- Rebuttal Testimony (if No Settlement) - May 7, 2014
- ACC Staff / Intervenor Rebuttal Testimony (if No Settlement) - May 30, 2014
- UNS Energy and Fortis Rejoinder Testimony (if No Settlement) - June 13, 2014
- ALJ Hearing Commences - June 16, 2014
The acquisition is subject to: the approval of UNS Energy shareholders and regulators, including the ACC and the Federal Energy Regulatory Commission; the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; review of the Acquisition by the Committee on Foreign Investment in the United States; and the satisfaction of other customary closing conditions.
Fortis includes forward-looking statements in media releases which reflect management's expectations regarding the Corporation's future growth, results of operations, performance and 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 which, without limitation, include those statements related to the acquisition of UNS Energy, the expected timing and benefits thereof, the conditions precedent to the closing of such acquisition and the Corporation's future growth, results of operations, performance, business prospects and opportunities. These statements reflect management's current beliefs and are based on information currently available to the Corporation's management. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward'looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, the ability to obtain stockholder, regulatory and other approvals and to satisfy conditions to closing, the ability to realize the expected benefits of the acquisition, regulation, energy prices, general economic conditions, weather, 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. 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 more information:
139 Water St - Ste 120
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Mr. Barry Perry
Vice President, Finance & Chief Financial Officer
Ms. Donna Hynes
Manager, Investor & Public Relations