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Great Lakes Hydro Income Fund Announces Filing of Audited Annual Financial Statements and Restatement
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, March 31 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Incom...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, March 31 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income\nFund (the "Fund") today announced that it has filed with the regulatory\nauthorities its audited annual consolidated financial statements and\nmanagement's discussion and analysis for the fiscal year ended December 31,\n2007.\n\n\nThe restatement relates to the legal transfer of an unused substation.\nWhile arranging the transfer in early 2008, it was realized that the\ncommitment to transfer the asset arose in a prior period. As a result, a\nlong-term liability has been retroactively recorded in 2006 to recognize the\nliability which had not been properly recorded at the time. The net impact on\nthe Fund's 2007 and 2006 financial statements is an increase in liabilities of\napproximately $4.7 million and an approximate $4.4 million reduction in\nUnitholders' Equity.\n\n\nThe restatement is a non-cash event and does not impact the Fund's\nConsolidated Statements of Cash Flows.\n\n\nAbout Great Lakes Hydro Income Fund\n\n\nGreat Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income\nfund. We are the largest power income fund in North America with\n1,015 megawatts of power generating capacity and an average annual production\nof 3,875 gigawatt hours.\n\n\nGreat Lakes Hydro Income Fund produces electricity exclusively from\nenvironmentally friendly hydroelectric resources. The Fund owns, operates and\nmanages 26 high quality hydroelectric generating stations located on eight\nriver systems in four distinct geographic regions across North America:\nQuebec, Ontario, British Columbia and New England.\n\n\nBrookfield Power, which comprises all the power operations of Brookfield\nAsset Management, owns 50.1% of the Fund's outstanding units.\n\n\nGreat Lakes Hydro Income Fund units are listed for trading on the Toronto\nStock Exchange under the symbol GLH.UN.\n\n\nUnitholder enquiries should be directed to Zev Korman, Director, Investor\nRelations and Communications at (416) 359-1955 or\[email protected].\n\n\nWeb Site: www.greatlakeshydro.com\n\n\n%SEDAR: 00013106EF\n\n\n","length":2221,"tagName":"div"}]