CALGARY, ALBERTA--(Marketwired - Mar 18, 2014) - Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") announced today the release of its financial and operating results for the fourth quarter and year ended December 31, 2013. The audited financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on March 18, 2014. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS

Three Months Ended
December 31,		Twelve Months Ended
December 31,
($ in thousands except per share amounts and as noted)2013201220132012
Net revenue (1)36,80751,155173,740156,609
Adjusted EBITDA (1)(3,633)9,64239,59934,901
Adjusted net income (loss) (1)(9,812)56610,58310,513
Per share - basic and diluted$ (0.18)$ 0.01$ 0.20$ 0.19
Net income (loss) attributable to shareholders(9,082)1,3729,5903,625
Per share - basic and diluted$ (0.17)$ 0.03$ 0.18$ 0.07
Funds from operating activities before changes in working capital ("FFO") (2)(3,867)8,30437,26633,970
Per share - basic and diluted$ (0.07)$ 0.15$ 0.69$ 0.63
Electricity Deliveries (MWh)257,025321,5301,091,0531,156,522
Average Power Prices:
Alberta Pool ($ per MWh)$ 48.60$ 78.70$ 80.19$ 64.31
Milner Realized ($ per MWh)$ 50.30$ 98.21$ 106.92$ 90.78
Northeast U.S. Realized (US$ per MWh)$ 150.62$ 162.72$ 136.30$ 91.76
(1) Select financial information was derived from the audited consolidated financial statements and is prepared in accordance with IFRS, except net revenue, adjusted EBITDA, and adjusted net income. Net revenue is provided to highlight revenue net of any gains or losses realized on commodity swaps. Adjusted EBITDA is provided to assist management and investors in determining the Corporation's approximate operating cash flows before interest, income taxes, and depreciation and amortization and certain other income and expenses. Adjusted net income is used to compare MAXIM's results among reporting periods without consideration of unrealized gains and losses and to evaluate MAXIM's performance. Net revenue, adjusted EBITDA, and adjusted net income do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
(2) Funds from operating activities before changes in working capital ("FFO") is an Additional GAAP measure provided to assist management and investors in determining the Corporation's cash flows generated by operations before the cash impact of working capital fluctuations.
(3) Generation capacity is manufacturer's nameplate capacity net of minority ownership interests of third parties.

OPERATING RESULTS

During the fourth quarter of 2013, net revenue decreased primarily due to a decline in the Alberta pool price, which led to a corresponding decline in generation at Milner. Adjusted EBITDA and FFO decreased by a similar amount as fuel savings from lower generation were offset by higher operating costs, primarily due to costs related to an inquiry by the Federal Energy Regulatory Commission, as well as losses on MAXIM's financial power swaps. Net income (loss) attributable to shareholders and adjusted net income (loss) decreased to a lesser extent as a result of tax recoveries on lower taxable income.

On a year-to-date basis, net revenue improved in 2013 when compared to 2012. The increase in this financial measure is primarily due to higher electricity prices in Alberta and the Northeast U.S. in the first three quarters of the year.

On a year-to-date basis, adjusted EBITDA, FFO, adjusted net income and net income attributable to shareholders all improved in 2013 when compared to 2012. The increase in these financial measures is primarily due to the same factors impacting net revenue and gains on MAXIM's financial power swaps, partially offset by higher operating costs. Net income attributable to shareholders further increased primarily due to recognizing a smaller unrealized loss on the derivative coal contract in 2013 as opposed to 2012.

STRATEGIC REVIEW

During the fourth quarter of 2012, MAXIM appointed financial advisors to review the Corporation's investments in the United States and France in order to identify options to maximize shareholder value. Several offers were received for both of these investments that were not compelling. MAXIM will continue to operate these businesses as usual, work to bring the previously reported FERC Inquiry in the United States to resolution, and investigate further sales opportunities as they arise.

GROWTH INITIATIVES

Summit Coal Limited Partnership ("SUMMIT")

SUMMIT is MAXIM's development initiative located north of Grande Cache, Alberta that owns metallurgical coal leases for Mine 14 ("M14") and Mine 16S ("M16S"). This initiative is construction ready and is the most advanced metallurgical coal mine development project in North America.

Current estimates for M14 are 18.9 million tonnes of low-mid volatile metallurgical coal reserves with a mine life of 17 years based on the NI 43-101 Technical Report filed on SEDAR on March 21, 2013. M16S is located 30 kilometers northwest of M14 and represents 1,792 hectares or 29% of SUMMIT's total area of coal leases. A NI 43-101 Technical Report has not been prepared for the Mine 16S property. The coal quality of M14 has been tested by numerous potential buyers and independent labs and is a very coveted mid to low volume coking coal with other attributes which are best in class.

The Corporation considers the advancement of the M14 and M16S development projects strategic for MAXIM primarily because of the value of metallurgical coal and partially due to Milner's ability to utilize tailings and lower quality fuels, which are by-products of the beneficiation of coal, to produce electricity. All monetization options including: i) construction, own and operate, ii) joint venture or iii) outright sale, have been preserved for SUMMIT and the evaluation of these options is ongoing.

Deerland Peaking Station ("D1")

MAXIM is actively pursuing commercial arrangements that will allow for the full-scale construction of the 190 MW D1 Station to commence during 2014. In 2012, MAXIM entered into an agreement to secure firm natural gas transportation services for D1. MAXIM had previously received regulatory approvals to construct and operate D1. The D1 site is located near Bruderheim in Alberta's Industrial Heartland, and it is in close proximity to the entry point of the proposed Gateway pipeline and adjacent to the existing Deerland high voltage substation. This area is expected to experience significant growth in electrical demand. D1 is the only permitted peaking development project in the province of Alberta as at the date of this press release. This project is attractive due to an anticipated contraction of reliable base load supply in the Alberta power market. The Corporation incurred costs in 2013 related to AESO studies, engineering and legal work. Additional costs will be incurred in 2014 for engineering and construction work in order to further develop the project. All monetization options including: i) construction, own and operate, ii) joint venture or iii) outright sale, have been preserved for D1 and the evaluation of these options is ongoing.

Milner Expansion ("M2")

The Alberta Utilities Commission ("AUC") has granted MAXIM approval to develop a 500 MW generating facility adjacent to the existing 150 MW generating facility ("M1"). A lengthy public consultation and regulatory process culminated in the project's final approval by the AUC on August 10, 2011. On September 12, 2012 the Government of Canada enacted new greenhouse gas legislation that limits the amount of carbon dioxide emitted by coal-fired generation facilities. As a result of the new greenhouse gas legislation, on November 15, 2013, MAXIM submitted amendments for the existing M2 permit that would convert the M2 fuel source from coal to natural gas. MAXIM expects approval of these submissions by the second quarter of 2014. The Corporation incurred costs in 2013 related to AESO studies and legal and consulting work associated with permit amendments. In 2014, MAXIM will incur further costs on the aforementioned permit amendments and engineering consultation.

Buffalo Atlee ("B1")

MAXIM acquired the B1 Power Project, situated near Brooks, Alberta, through an amalgamation with EarthFirst Canada Inc. This project has the potential for development of over 200 MW of wind generation capacity. Wind data has been collected on the site for approximately six years and supports project development based on expected new provincial greenhouse gas legislation and/or higher power prices than currently forecasted. MAXIM holds an exploratory Crown land permit with a term of five years, expiring on January 1, 2016. The addition of wind generation to MAXIM's existing portfolio of assets will diversify MAXIM's generation fuel types and provide the potential to offset the impact of expected new provincial greenhouse gas legislation.

CONFERENCE CALL FOR 2013 FOURTH QUARTER AND YEAR END RESULTS

MAXIM will host a conference call for analysts and investors on Thursday, March 20, 2014 at 11:00 am MDT. The call will be hosted by John Bobenic, MAXIM's President and Chief Executive Officer, and by Mike Mayder, Vice President, Finance and Chief Financial Officer. To participate in this conference call please dial (877) 223-4471 or (647) 788-4922 in the Toronto area. It is recommended that participants call at least ten minutes prior to start time.

A recording of the conference call will be available from March 20, 2014 to March 27, 2014. To access the replay, dial (800) 585-8367 or (416) 621-4642. In addition, the recording will be available commencing March 20, 2014 in the Investor Relations section of MAXIM's website at www.maximpowercorp.com.

About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, the United States and France, having 785 MW of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.