MMC Energy Inc.
MMC Energy, Inc. Executes Asset Optimization Services Agreement with Bear Energy L.P.
Corporate News transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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MMC Energy, Inc. Executes Asset Optimization Services Agreement with Bear
Energy L.P.
New York, November 28, 2006 — MMC Energy, Inc. (NASDAQ OTC: MMCN) today
announced that it has executed an Energy Management Agreement with Bear
Energy L.P., an affiliate of The Bear Stearns Companies Inc.
Bear Energy will provide Energy Management Services starting January 1,
2007 for MMC’s natural gas fired power plants located in San Diego and
Bakersfield, California. Under the terms of the Agreement, Bear Energy has
the exclusive agency right to purchase fuel, and sell energy and ancillary
services for MMC.
Bear Energy will also act as MMC’s Scheduling Coordinator with the
California Independents System Operator and the Contract Marketer with San
Diego Gas and Electric Company, the local natural gas distribution company.
Bear Energy will receive a fixed monthly fee and a performance incentive
for revenues generated in excess of MMC’s annual approved budget for the
facilities.
‘MMC management has a long standing professional relationship with the
principals of Bear Energy, said Karl Miller, MMC’s Chairman and Chief
Executive Officer’.
‘We believe this energy management agreement with Bear Energy properly
aligns the economic interest of both parties and is scalable as MMC
continues to acquire and expand its power assets in California’, Miller
added.
About MMC Energy, Inc.
The Company is an energy acquisition company, which primarily acquires
and operates critical power generation and associated energy infrastructure
assets. The company is headquartered in New York City and traded on the
NASDAQ Exchange in the United States and the Deutsche Bourse in Germany.
The Company creates long-term value for its shareholders through deep
value asset acquisitions and hands on post- acquisition asset management.
The Company currently owns power generation assets in Southern California
and is pursuing a disciplined portfolio acquisition and growth strategy
targeting power generation facilities and energy infrastructure assets
primarily in California, Texas, Mid-Atlantic, and the Northeastern U.S.
Additional information concerning MMC Energy is available at
http://www.mmcenergy.com
About Bear Energy L.P.
With a focus on creating and providing value in the physical and financial
energy markets, Bear Energy provides flexible, comprehensive energy
solutions to its customers. Bear Energy’s team is comprised of experienced
energy professionals with extensive physical market knowledge, financial
risk management expertise, and the capital resources inherent within Bear
Stearns. As a wholly owned subsidiary of The Bear Stearns Companies Inc.,
all transactions are guaranteed by the A1/A+/A+ rated parent, offering
customers the credit quality now required in the volatile energy markets.
About The Bear Stearns Companies Inc.
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent
company of Bear, Stearns & Co. Inc., a leading investment banking and
securities trading and brokerage firm. With approximately $61.9 billion in
total capital, Bear Stearns serves governments, corporations, institutions
and individuals worldwide. The company’s business includes corporate
finance and mergers and acquisitions, institutional equities and fixed
income sales and trading, securities research, private client services,
derivatives, foreign exchange and metals, and futures sales and trading,
asset management and custody services. Through Bear, Stearns Securities
Corp., it offers financing, securities lending, clearing and technology
solutions to hedge funds, broker-dealers and investment advisors.
Headquartered in New York City, the company has approximately 13,000
employees worldwide. For additional information about Bear Stearns, please
visit the firm’s website at www.bearstearns.com.
Value Relations GmbH
Tel. +49 69 959246-16
MMC@ir-services.de
(c)DGAP 29.11.2006
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Language: English
Issuer: MMC Energy Inc.
26 Broadway, Suite 907
NY 10004 New York Vereinigte Staaten von Amerika
Phone: +1 212 977 0900
Fax: +1 917 591 6906
E-mail: miller@mmcenergy.com
WWW: www.mmcenergy.com
ISIN: US55312Q1094
WKN: A0J2L0
Indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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