Great Lakes Hydro Income Fund Announces Filing of Audited Annual Financial Statements and Restatement
The restatement relates to the legal transfer of an unused substation. While arranging the transfer in early 2008, it was realized that the commitment to transfer the asset arose in a prior period. As a result, a long-term liability has been retroactively recorded in 2006 to recognize the liability which had not been properly recorded at the time. The net impact on the Fund’s 2007 and 2006 financial statements is an increase in liabilities of approximately $4.7 million and an approximate $4.4 million reduction in Unitholders’ Equity.
The restatement is a non-cash event and does not impact the Fund’s Consolidated Statements of Cash Flows.
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About Great Lakes Hydro Income Fund
Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income fund. We are the largest power income fund in North America with 1,015 megawatts of power generating capacity and an average annual production of 3,875 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly hydroelectric resources. The Fund owns, operates and manages 26 high quality hydroelectric generating stations located on eight river systems in four distinct geographic regions across North America: Quebec, Ontario, British Columbia and New England.
Brookfield Power, which comprises all the power operations of Brookfield Asset Management, owns 50.1% of the Fund’s outstanding units.
Great Lakes Hydro Income Fund units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN.
Web Site: www.greatlakeshydro.com
For further information:
Zev Korman
Director, Investor Relations and Communications
(416) 359-1955, unitholderenquiries@greatlakeshydro.com