CALGARY, Alberta, Nov. 24, 2025 (GLOBE NEWSWIRE) — Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX: MXG) announced today that it has successfully settled a portion of its previously disclosed third party compensation claim in connection with a non-personal injury fire that occurred on September 30, 2022, which caused damage to the Milner 2 air intake filtration station (“M2”). (“Claim”) The lawsuit was filed in 2024 against several third parties, and this settlement is with one of those parties. MAXIM's share of the settlement, less fees, is approximately $6.5 million. The amount represents the maximum net amount available under the insurance policy of a third party that has agreed to pay compensation. MAXIM expects to receive settlement funds in the fourth quarter of 2025.
In addition, MAXIM continues to file a claim against other third parties. The Corporation understands that the aggregate amount of the insurance policies for the remaining third parties involved in the Claim is equivalent to the amount paid in the settlement announced today. As of the date of this Agreement, the exact amount and timing of any additional compensation associated with the Claim, if any, cannot be determined.
ABOUT MAXIM
Based in Calgary, Alberta, MAXIM is one of the largest truly independent power producers in Canada. MAXIM is now entirely focused on energy projects in Alberta. Its primary asset is the 300 MW HR Milner Power Plant, M2 in Grande Cache, AB, a state-of-the-art gas-fired combined cycle power plant that came online in the fourth quarter of 2023. MAXIM continues to explore additional development options in Alberta, including a currently permitted gas-fired generation project and approval for a wind power generation project. MAXIM trades on the TSX under the symbol “MXG”. For more information about MAXIM, visit our website at www.maximpowercorp.com. For more information contact:
Bob Emmott, President and CEO, (403) 263-3021
Kyle Mitton, CFO and VP Corporate Development, (403) 263-3021
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws regarding MAXIM's plans and other aspects of MAXIM's expected future operations, management's guidance, objectives, strategies, financial, operating and operating results. Forward-looking information typically uses words such as “anticipate,” “believe,” “project,” “anticipate,” “target,” “plan,” “intend,” “may,” “will,” “could,” or “will” or similar words that suggest future results, events or results. The forward-looking statements contained in this press release speak only as of the date hereof and are expressly qualified by this cautionary statement. In particular, this press release contains forward-looking statements relating to, among other things, statements regarding the amount and timing of any compensation under this settlement and any remaining third parties with respect to the Claim.
Forward-looking information is based on certain assumptions and analyzes performed by MAXIM in light of our experience and MAXIM's perception of historical trends, current conditions, expected future events and other factors that MAXIM believes are appropriate in the circumstances. These include, but are not limited to, assumptions regarding the amount of insurance policies for the remaining third parties involved in the Claim, as well as the timing and amount of this settlement and any additional compensation associated with the Claim.
