TAMPA, FLORIDA--(Marketwired - March 6, 2017) - Robert D. Gries, Jr. ("Mr. Gries") and certain entities over which he has direction and control, GF Power I, LLC (a Florida limited liability company), GRM Family Limited Partnership (a Florida limited partnership), and GF Factoring, L.P. (a Florida limited partnership) (collectively, and together with Mr. Gries, referred to as the "Gries Entities"), announce beneficial ownership, direction and/or control over trust units ("Trust Units") of Crius Energy Trust (the "Trust").
This news release supersedes the prior news release dated March 3, 2017 with respect to the equity interest held by Robert D. Gries, Jr. in the Trust.
On June 23, 2016, the Trust completed an acquisition of the remaining membership units of Crius Energy, LLC, a portion of which were held by the Gries Entities, in a private transaction (the "Transaction"). Pursuant to the Transaction, and in exchange for the membership units of Crius Energy, LLC held by the Gries Entities, GF Power I, LLC was issued 4,670,000 Trust Units, GRM Family Limited Partnership was issued 3,350,000 Trust Units, and GF Factoring, L.P. was issued 200,000 Trust Units.
Prior to giving effect to the Transaction, Mr. Gries owned 4,264 Trust Units and the Gries Entities did not own any of the Trust Units in the capital of the Trust. After giving effect to the Transaction on June 23, 2016, and as of the date hereof, Mr. Gries beneficially owned 4,264 Trust Units and controlled and directed 8,220,000 Trust Units through the Gries Entities, which in the aggregate amounts to 8,224,264 Trust Units and represents approximately 20.43% of the Issuer's Trust Units as of June 23, 2016, and as of the date hereof.
The Trust Units acquired are being held for investment purposes only and, depending on market and other conditions, Mr. Gries and the Gries Entities may from time to time in the future increase or decrease their ownership, control or direction over Trust Units of the Trust through market transactions, private agreements, or otherwise.
As the number of Trust Units owned or controlled, directly or indirectly by Mr. Gries after the Transaction exceeds 10% of the then issued and outstanding Trust Units, in satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids And Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an Early Warning Report respecting the acquisitions of Trust Units by Mr. Gries will be filed under the Trust's SEDAR Profile at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.