Joint statement from the City of Pickering and the Town of Ajax regarding Elexicon holdings

“Together, we have retained Borden Ladner Gervais LLP to undertake a confidential non-binding Request for Proposal (RFP) to explore the potential sale of our municipally-owned holdings in Elexicon Corporation. As the electricity landscape continues to evolve and transform, we believe the time is right to assess our role in the sector and explore the financial value of our investment in a competitive manner. This is a responsible step to ensure we secure optimum value of our investment for our long-term financial objectives and needs. Once the RFP process is complete, the City and Town will provide an update on any next steps.”

About Elexicon Energy

Elexicon Energy, a subsidiary of Elexicon Corporation, is the local distribution utility that delivers electricity to Pickering, Ajax, Clarington, Whitby, Belleville, Port Hope, Brock, Scugog, Uxbridge and Gravenhurst. Elexicon Corporation and its predecessor firm, Veridian Corporation, has existed since the Ontario electricity sector was restructured in 2000. As a regulated electricity distribution utility, Elexicon Energy’s rates are approved by the Ontario Energy Board.

Media Contacts

BLG - Mark Rodger, 416.367.6190, mrodger@blg.com

City of Pickering – Mark Guinto, 416.409.0559, mguinto@pickering.ca

Town of Ajax – Christie McLardie, 905.999.8254, christie.mclardie@ajax.ca