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The first line connected Bonneville Dam to Cascade Locks, just three miles from the dam. Major construction from the s through the s created networks and loops of high-voltage wire touching most parts of BPA's service territory. During that time, Congress authorized BPA to sell and deliver power from more federal dams on the Columbia and its tributaries. Northwest utilities and a few large industries buy BPA power; utilities resell it to homes, businesses, and other consumers.
BPA provides transmission to direct service industries and public and private utilities. This safe and reliable service provides low-cost power to markets throughout the west.
BPA's principals to retain ongoing ownership position in the business and together with BPA key management and staff will bring their significant experience and expertise providing for continuity in business operations. Established in , with offices located throughout Ontario and Eastern Canada, BPA Financial Group Limited provides group benefit and pension administration, consulting and claims management services to a number of major organizations in Canada.
Consistent with People Corporation's other partner companies, BPA will continue to operate on a stand-alone business basis, but will leverage the advantages of being part of the People Corporation family to enhance its client offerings.
The BPA principals, together with the management and staff that support them, will continue to be the primary operators of the business after the closing of the transaction.
Through this transaction, People Corporation is significantly enhancing its national footprint and capability, particularly in the Eastern Canadian market. BPA's principals, David Harvey, Joseph Jaseliunas, Jeffrey Baldwin, Christian McNeill and Leonard Tompkins the "Principals" , and their staff bring significant experience in the group benefits and pension sector, and have used their deep knowledge and expertise to grow BPA into one of the prominent benefit administration and consulting firms in the Canadian marketplace.
In addition to providing quality consulting advice, they have developed unique capabilities as a Third Party Administration service provider. As a result, BPA has established a reputation for excellence with its client base. Goldberg added, "The excellent reputation, deep capability and high quality of BPA's professional management and staff partnered with a large, well-capitalized, national organization such as ours provides the combined organizations with a significant competitive advantage.
We are very proud to be associated with such a highly respected and successful organization. David Harvey, CEO and President of BPA Financial Group Limited commented, "As one of Canada's well known and established benefits firms, we wanted to partner with a like-minded and client focused national benefits organization that shares our vision, values and commitment to providing exceptional products, services and advice to our clients. Working together with People Corporation ensures that our very capable management and staff will continue to manage and participate in the future success of the business and enhance our deep and long standing client relationships.
We look forward to continuing to provide our clients with superior advice and service, and access to an expanded array of solutions that best meets their needs. The special shares may, in the future, be acquired by the Company, or sold by the holders to the Company, on pre-negotiated terms. On a combined basis the People Corporation group of companies, through over professionals across Canada, now provides group benefit, group retirement and human resources consulting and administration services to approximately 1,, Canadians.
In conjunction with this acquisition, People Corporation's senior lender, Canadian Imperial Bank of Commerce, has expanded the size of the Company's credit facility and has extended its term, providing the Company with increased flexibility and positioning it to continue to execute on the transaction-based component of its growth strategy. In conjunction with the facility expansion, the term of the facility has also been extended to October 31, No funds have been drawn on the Revolving Credit Facility.
People Corporation is a national provider of group benefits, group retirement and human resource services. People has offices across Canada; each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V.
People's industry experts provide uniquely valuable insight while customizing People's innovative suite of services to the specific needs of its clients.
Whatever your sector, whatever your scale, putting our expertise and proven track record to work will make a difference to your people and your bottom line. Further information is available at www. This news release contains "forward-looking information" within the meaning of applicable securities laws, such as information concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.
Use of words such as "may", "will", "expect", "believe", or other words of similar effect may indicate forward-looking information including the impact of that transaction on the Company's earnings and cash flow, and the anticipated benefits of the transaction.
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